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 boosted its position in Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 309.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 165,475 shares of the bank's stock after purchasing an additional 125,079 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.50% of Shore Bancshares worth $2,241,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Raymond James Financial Inc. bought a new stake in Shore Bancshares in the 4th quarter worth $279,000. Northern Trust Corp boosted its position in shares of Shore Bancshares by 2.3% in the fourth 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 during the period. Bank of America Corp DE lifted its holdings in shares of Shore Bancshares by 18.8% in the fourth quarter. Bank of America Corp DE now owns 47,663 shares of the bank's stock worth $755,000 after buying an additional 7,541 shares in the last quarter. Deutsche Bank AG increased its position in Shore Bancshares by 29.6% during the fourth 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 during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Shore Bancshares by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,446 shares of the bank's stock worth $277,000 after purchasing an additional 609 shares during the last quarter. Hedge funds and other institutional investors own 59.76% of the company's stock.

Shore Bancshares Stock Down 0.6%

Shore Bancshares stock traded down $0.10 during midday trading on Tuesday, hitting $16.90. 92,453 shares of the company were exchanged, compared to its average volume of 117,496. The company's fifty day moving average price is $16.33 and its 200-day moving average price is $14.84. Shore Bancshares Inc has a fifty-two week low of $11.47 and a fifty-two week high of $17.61. The company has a market cap of $564.80 million, a PE ratio of 10.50 and a beta of 1.05. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94.

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

Shore Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, August 11th. Shore Bancshares's dividend payout ratio is currently 29.81%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised 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, the stock presently has a consensus rating of "Buy" and a consensus price target of $20.00.

Insider Activity at Shore Bancshares

In other Shore Bancshares news, Director Michael Brian Adams purchased 10,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were purchased at an average cost of $15.00 per share, with a total value of $150,000.00. Following the completion of the transaction, the director owned 44,912 shares of the company's stock, valued at approximately $673,680. This represents a 28.64% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 8.57% of the stock is currently owned by corporate insiders.

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.