Shore Bancshares Inc $SHBI Holdings Increased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Shore Bancshares Inc by 25.9%, owning approximately 173,285 shares worth $2,346,000 after purchasing an additional 35,686 shares in the first quarter.
• Insider Michael Brian Adams bought 10,000 shares of Shore Bancshares at $15.00 per share, raising his total holdings to 44,912 shares valued at approximately $673,680.
• The company declared a quarterly dividend of $0.12 per share, representing an annualized dividend of $0.48 and a yield of 3.1%, to be paid on August 25th.

Connor Clark & Lunn Investment Management Ltd. increased its holdings in Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 25.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 173,285 shares of the bank's stock after buying an additional 35,686 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.52% of Shore Bancshares worth $2,346,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of SHBI. Segall Bryant & Hamill LLC acquired a new position in shares of Shore Bancshares in the 1st quarter valued at about $1,644,000. JPMorgan Chase & Co. boosted its holdings in shares of Shore Bancshares by 394.2% in the 4th quarter. JPMorgan Chase & Co. now owns 104,174 shares of the bank's stock valued at $1,651,000 after buying an additional 83,096 shares during the period. Hoxton Planning & Management LLC acquired a new position in shares of Shore Bancshares in the 1st quarter valued at about $882,000. Wellington Management Group LLP boosted its holdings in shares of Shore Bancshares by 59.4% in the 4th quarter. Wellington Management Group LLP now owns 170,444 shares of the bank's stock valued at $2,702,000 after buying an additional 63,539 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Shore Bancshares by 4.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,346,364 shares of the bank's stock valued at $21,340,000 after buying an additional 57,115 shares during the period. 59.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Shore Bancshares

In related news, Director Michael Brian Adams purchased 10,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were bought at an average cost of $15.00 per share, for a total transaction of $150,000.00. Following the transaction, the director owned 44,912 shares of the company's stock, valued at $673,680. This represents a 28.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. In the last 90 days, insiders have bought 11,250 shares of company stock worth $168,218. 8.69% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of Shore Bancshares from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Shore Bancshares currently has a consensus rating of "Buy" and an average price target of $20.00.

Shore Bancshares Stock Performance

NASDAQ:SHBI traded up $0.0550 during mid-day trading on Tuesday, hitting $15.9750. The stock had a trading volume of 24,240 shares, compared to its average volume of 173,067. The stock has a market capitalization of $533.84 million, a price-to-earnings ratio of 9.92 and a beta of 1.04. The company has a 50 day simple moving average of $15.79 and a 200-day simple moving average of $14.77. Shore Bancshares Inc has a 52 week low of $11.47 and a 52 week high of $17.61. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The bank reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.10. The firm had revenue of $56.57 million for the quarter, compared to the consensus estimate of $53.77 million. Shore Bancshares had a net margin of 15.98% and a return on equity of 10.98%. On average, research analysts expect that Shore Bancshares Inc will post 1.59 earnings per share for the current fiscal year.

Shore Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Monday, August 11th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Monday, August 11th. Shore Bancshares's payout ratio is 29.81%.

Shore Bancshares Profile

Shore Bancshares, Inc operates as a bank holding company for the Shore United Bank, N.A. that provides various commercial and consumer banking products and services to individuals, businesses, and other organizations. It offers checking, savings, overnight investment sweep, and money market accounts; and regular and IRA certificates of deposit, as well as CDARS programs and cash management services.