Connor Clark & Lunn Investment Management Ltd. Has $2.35 Million Stake in Shore Bancshares Inc (NASDAQ:SHBI)

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. lifted its holdings in Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 25.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 173,285 shares of the bank's stock after acquiring an additional 35,686 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.52% of Shore Bancshares worth $2,346,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. CWM LLC raised its position in shares of Shore Bancshares by 1.4% in the 1st quarter. CWM LLC now owns 59,878 shares of the bank's stock worth $811,000 after acquiring an additional 843 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Shore Bancshares by 1,073.1% in the 1st quarter. GAMMA Investing LLC now owns 18,875 shares of the bank's stock worth $256,000 after acquiring an additional 17,266 shares in the last quarter. Nuveen Asset Management LLC raised its position in shares of Shore Bancshares by 67.8% in the 4th quarter. Nuveen Asset Management LLC now owns 116,031 shares of the bank's stock worth $1,839,000 after acquiring an additional 46,890 shares in the last quarter. Millennium Management LLC bought a new position in shares of Shore Bancshares in the 4th quarter worth about $802,000. Finally, Man Group plc bought a new position in shares of Shore Bancshares in the 4th quarter worth about $541,000. 59.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised Shore Bancshares from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th.

Shore Bancshares Stock Down 2.1%

Shore Bancshares stock traded down $0.33 during midday trading on Friday, reaching $15.73. The stock had a trading volume of 185,199 shares, compared to its average volume of 131,560. Shore Bancshares Inc has a 12 month low of $11.47 and a 12 month high of $17.61. The company has a market capitalization of $525.70 million, a P/E ratio of 9.77 and a beta of 1.04. The company has a fifty day moving average price of $15.77 and a two-hundred day moving average price of $14.78. 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 earnings results on Thursday, July 24th. The bank reported $0.51 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.10. Shore Bancshares had a return on equity of 10.98% and a net margin of 15.98%. The business had revenue of $56.57 million during the quarter, compared to analyst estimates of $53.77 million. As a group, equities analysts expect that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 25th. Investors of record on Monday, August 11th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Monday, August 11th. Shore Bancshares's payout ratio is presently 29.81%.

Insider Buying and Selling

In other news, Director Michael Brian Adams bought 10,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average cost of $15.00 per share, with a total value of $150,000.00. Following the transaction, the director directly owned 44,912 shares of the company's stock, valued at approximately $673,680. This represents a 28.64% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders bought 11,250 shares of company stock valued at $168,218. Insiders own 8.69% of the company's stock.

Shore Bancshares Company 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.