Cubist Systematic Strategies LLC Has $2.24 Million Position in Shore Bancshares Inc $SHBI

Key Points

• Cubist Systematic Strategies LLC significantly increased its stake in Shore Bancshares Inc by 309.6%, acquiring a total of 165,475 shares valued at approximately $2.24 million.
• Analysts have upgraded Shore Bancshares from a "hold" to a "buy" rating, with an average target price of $20.00.
• Shore Bancshares recently declared a quarterly dividend of $0.12 per share, yielding 2.8% annually, with a payout ratio of 29.81%.

Cubist Systematic Strategies LLC raised its stake in Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 309.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 165,475 shares of the bank's stock after buying an additional 125,079 shares during the quarter. Cubist Systematic Strategies LLC owned 0.50% of Shore Bancshares worth $2,241,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in SHBI. Raymond James Financial Inc. bought a new stake in Shore Bancshares in the fourth quarter worth approximately $279,000. Northern Trust Corp increased its position in shares of Shore Bancshares by 2.3% during the 4th quarter. Northern Trust Corp now owns 278,425 shares of the bank's stock worth $4,413,000 after purchasing an additional 6,335 shares in the last quarter. Bank of America Corp DE increased its position in shares of Shore Bancshares by 18.8% during the 4th quarter. Bank of America Corp DE now owns 47,663 shares of the bank's stock worth $755,000 after purchasing an additional 7,541 shares in the last quarter. Deutsche Bank AG increased its position in Shore Bancshares by 29.6% in the 4th quarter. Deutsche Bank AG now owns 30,302 shares of the bank's stock valued at $480,000 after acquiring an additional 6,929 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Shore Bancshares by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,446 shares of the bank's stock valued at $277,000 after acquiring an additional 609 shares in the last quarter. 59.76% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Michael Brian Adams bought 10,000 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average cost of $15.00 per share, for a total transaction of $150,000.00. Following the completion of the acquisition, the director owned 44,912 shares in the company, valued at approximately $673,680. This represents a 28.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 8.69% of the company's stock.

Analyst Upgrades and Downgrades

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, According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $20.00.

Shore Bancshares Stock Down 1.0%

Shares of NASDAQ SHBI traded down $0.17 during midday trading on Friday, reaching $17.03. The company's stock had a trading volume of 74,616 shares, compared to its average volume of 113,721. 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 Inc has a fifty-two week low of $11.47 and a fifty-two week high of $17.61. The stock has a market capitalization of $569.14 million, a price-to-earnings ratio of 10.58 and a beta of 1.05. The stock has a 50 day simple moving average of $16.36 and a 200-day simple moving average of $14.88.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last issued its earnings results on Thursday, July 24th. The bank reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.10. The business 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%. Equities research analysts predict that Shore Bancshares Inc will post 1.59 earnings per share for the current year.

Shore Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Monday, August 11th. Shore Bancshares's payout ratio is presently 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.