Goldman Sachs Group Inc. Boosts Stock Holdings in Shore Bancshares Inc $SHBI

Key Points

• Goldman Sachs Group Inc. increased its holdings in Shore Bancshares by 18.6%, now owning 219,494 shares valued at approximately $2.97 million.
• Shore Bancshares has received a consensus Buy rating from analysts, with a target price set at $20.00 per share.
• The company reported earnings of $0.51 per share in its latest quarterly results, surpassing estimates and reflecting a strong revenue of $56.57 million.

Goldman Sachs Group Inc. boosted its stake in Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 18.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 219,494 shares of the bank's stock after purchasing an additional 34,453 shares during the period. Goldman Sachs Group Inc. owned about 0.66% of Shore Bancshares worth $2,972,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SHBI. Nuveen LLC bought a new position in Shore Bancshares in the 1st quarter valued at approximately $3,716,000. Cubist Systematic Strategies LLC lifted its stake in Shore Bancshares by 309.6% in the 1st quarter. Cubist Systematic Strategies LLC now owns 165,475 shares of the bank's stock valued at $2,241,000 after purchasing an additional 125,079 shares during the last quarter. American Century Companies Inc. increased its position in Shore Bancshares by 26.6% in the 1st quarter. American Century Companies Inc. now owns 594,103 shares of the bank's stock valued at $8,044,000 after acquiring an additional 124,921 shares during the period. Segall Bryant & Hamill LLC acquired a new position in Shore Bancshares in the 1st quarter valued at approximately $1,644,000. Finally, AQR Capital Management LLC increased its position in Shore Bancshares by 599.2% in the 1st quarter. AQR Capital Management LLC now owns 112,259 shares of the bank's stock valued at $1,520,000 after acquiring an additional 96,204 shares during the period. Institutional investors own 59.76% of the company's stock.

Wall Street Analysts Forecast Growth

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 equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Shore Bancshares currently has an average rating of "Buy" and a consensus price target of $20.00.

Shore Bancshares Stock Performance

SHBI stock traded up $0.14 during mid-day trading on Tuesday, hitting $17.31. The company had a trading volume of 7,535 shares, compared to its average volume of 168,732. The firm has a market cap of $578.33 million, a PE ratio of 10.75 and a beta of 1.05. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94. Shore Bancshares Inc has a 12 month low of $11.47 and a 12 month high of $17.67. The stock's fifty day moving average price is $16.42 and its two-hundred day moving average price is $14.99.

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

Shore Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were paid a $0.12 dividend. The ex-dividend date was Monday, August 11th. This represents a $0.48 annualized dividend and a dividend yield of 2.8%. Shore Bancshares's dividend payout ratio (DPR) is presently 29.81%.

Insider Buying and Selling at Shore Bancshares

In other Shore Bancshares news, Director Michael Brian Adams bought 10,000 shares of Shore Bancshares stock in a transaction dated Friday, August 1st. The stock was purchased at an average price of $15.00 per share, for a total transaction of $150,000.00. Following the completion of the purchase, the director directly owned 44,912 shares of the company's stock, valued at approximately $673,680. This trade represents a 28.64% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 8.57% of the stock is owned by 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.