Empowered Funds LLC Acquires Shares of 183,176 Shore Bancshares Inc $SHBI

Key Points

• Empowered Funds LLC acquired 183,176 Shore Bancshares shares worth approximately $4.2 million, representing about 0.55% of the company. Institutional investors collectively own 59.76% of SHBI.
• Shore Bancshares exceeded quarterly expectations, reporting $0.60 earnings per share versus the $0.50 consensus estimate and revenue of $61.75 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $26.00.
• The bank announced a quarterly dividend of $0.14 per share, equivalent to a 2.4% yield, and authorized a $30 million share buyback covering up to 4.5% of outstanding shares.

Empowered Funds LLC bought a new stake in Shore Bancshares Inc (NASDAQ:SHBI - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 183,176 shares of the bank's stock, valued at approximately $4,204,000. Empowered Funds LLC owned about 0.55% of Shore Bancshares as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC purchased a new position in shares of Shore Bancshares during the second quarter worth about $31,000. Allworth Financial LP purchased a new stake in Shore Bancshares during the 2nd quarter valued at approximately $41,000. Legal & General Group Plc purchased a new stake in Shore Bancshares during the 2nd quarter valued at approximately $70,000. Tower Research Capital LLC TRC lifted its position in Shore Bancshares by 239.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,500 shares of the bank's stock worth $71,000 after acquiring an additional 3,173 shares during the period. Finally, State of Wyoming lifted its position in Shore Bancshares by 150.6% during the 2nd quarter. State of Wyoming now owns 4,682 shares of the bank's stock worth $74,000 after acquiring an additional 2,814 shares during the period. Institutional investors and hedge funds own 59.76% of the company's stock.

Shore Bancshares Stock Down 0.8%

SHBI opened at $22.96 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.94. The business has a 50 day simple moving average of $23.36 and a 200-day simple moving average of $20.88. The stock has a market capitalization of $766.22 million, a P/E ratio of 11.60 and a beta of 0.81. Shore Bancshares Inc has a 12 month low of $14.93 and a 12 month high of $24.89.

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

Shore Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Wednesday, September 2nd. Shore Bancshares's payout ratio is presently 28.28%.

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

Wall Street Analysts Forecast Growth

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

Shore Bancshares 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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