Basswood Capital Management L.L.C. Makes New $6.87 Million Investment in Shore Bancshares Inc $SHBI

Basswood Capital Management L.L.C. bought a new position in shares of Shore Bancshares Inc (NASDAQ:SHBI - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 299,231 shares of the bank's stock, valued at approximately $6,867,000. Basswood Capital Management L.L.C. owned approximately 0.90% of Shore Bancshares at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of SHBI. LSV Asset Management raised its position in shares of Shore Bancshares by 54.5% during the fourth quarter. LSV Asset Management now owns 183,777 shares of the bank's stock worth $3,249,000 after acquiring an additional 64,806 shares during the last quarter. Lazard Asset Management LLC bought a new stake in Shore Bancshares during the 1st quarter worth about $1,635,000. Principal Financial Group Inc. acquired a new position in Shore Bancshares during the 1st quarter valued at about $834,000. Dimensional Fund Advisors LP boosted its stake in shares of Shore Bancshares by 3.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,683,403 shares of the bank's stock valued at $31,445,000 after purchasing an additional 53,381 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in shares of Shore Bancshares by 578.2% during the 1st quarter. Janus Henderson Group PLC now owns 380,283 shares of the bank's stock worth $7,104,000 after buying an additional 324,208 shares during the period. 59.76% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Piper Sandler increased their price objective on shares of Shore Bancshares from $24.00 to $26.50 and gave the company an "overweight" rating in a report on Monday, July 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of Shore Bancshares in a research report on Friday, July 17th. Keefe, Bruyette & Woods increased their price target on Shore Bancshares from $22.00 to $25.00 and gave the company a "market perform" rating in a research note on Tuesday, July 28th. Zacks Research lowered Shore Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 30th. Finally, Hovde Group lifted their price objective on Shore Bancshares from $23.50 to $26.50 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $26.00.

Shore Bancshares Stock Up 0.0%

Shore Bancshares stock opened at $23.11 on Thursday. The firm has a market capitalization of $771.18 million, a price-to-earnings ratio of 11.67 and a beta of 0.81. The company's 50 day simple moving average is $23.30 and its 200 day simple moving average is $20.82. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.94. Shore Bancshares Inc has a fifty-two week low of $14.93 and a fifty-two week high of $24.89.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last posted its earnings results on Thursday, July 23rd. The bank reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.10. The company had revenue of $61.75 million for the quarter, compared to analyst estimates of $60.42 million. Shore Bancshares had a net margin of 19.15% and a return on equity of 12.11%. As a group, sell-side analysts anticipate that Shore Bancshares Inc will post 2.26 EPS for the current year.

Shore Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be given a $0.14 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.4%. Shore Bancshares's dividend payout ratio is currently 28.28%.

Shore Bancshares declared that its board has authorized a share repurchase program on Thursday, May 21st that permits the company to buyback $30.00 million in shares. This buyback authorization permits the bank to buy up to 4.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Shore Bancshares Company Profile

Shore Bancshares, Inc NASDAQ: SHBI is the bank holding company for Shore Community Bank, a commercial bank headquartered in Mount Holly, New Jersey. The company provides a full suite of banking and financial services to individuals and businesses, including deposit accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Shore Bancshares focuses on delivering community-oriented banking services with an emphasis on personalized customer relationships.

Shore Community Bank's lending portfolio includes commercial real estate, construction loans, agricultural loans, small business loans under government-sponsored programs, and conventional residential mortgages.

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