Hsbc Holdings PLC Increases Stake in Shore Bancshares Inc $SHBI

Key Points

• Hsbc Holdings PLC increased its stake in Shore Bancshares Inc by 40.3%, owning approximately 0.18% of the company worth $793,000.
• Shore Bancshares reported $0.51 earnings per share in its latest quarter, exceeding analyst expectations of $0.41, with total revenue of $56.57 million.
• The company recently announced a quarterly dividend of $0.12 per share, resulting in an annualized yield of 2.8%.

Hsbc Holdings PLC raised its position in shares of Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 40.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 58,549 shares of the bank's stock after purchasing an additional 16,806 shares during the quarter. Hsbc Holdings PLC owned 0.18% of Shore Bancshares worth $793,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Shore Bancshares by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,446 shares of the bank's stock valued at $277,000 after purchasing an additional 609 shares in the last quarter. CWM LLC lifted its holdings in Shore Bancshares by 1.4% during the first quarter. CWM LLC now owns 59,878 shares of the bank's stock valued at $811,000 after purchasing an additional 843 shares in the last quarter. Investment Management Corp VA ADV purchased a new position in Shore Bancshares during the fourth quarter valued at approximately $38,000. Invesco Ltd. lifted its holdings in Shore Bancshares by 9.1% during the fourth quarter. Invesco Ltd. now owns 50,622 shares of the bank's stock valued at $802,000 after purchasing an additional 4,230 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in Shore Bancshares by 29.0% during the fourth quarter. Wells Fargo & Company MN now owns 19,253 shares of the bank's stock valued at $305,000 after purchasing an additional 4,329 shares in the last quarter. Hedge funds and other institutional investors own 59.76% of the company's stock.

Insiders Place Their Bets

In other Shore Bancshares news, Director Michael Brian Adams purchased 10,000 shares of Shore Bancshares stock in a transaction that occurred on Friday, August 1st. The shares were bought at an average price of $15.00 per share, for a total transaction 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 trade represents a 28.64% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 8.57% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Shore Bancshares from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Shore Bancshares presently has an average rating of "Buy" and an average price target of $20.00.

Shore Bancshares Price Performance

Shares of SHBI stock traded down $0.10 during mid-day trading on Wednesday, hitting $16.92. The company had a trading volume of 150,238 shares, compared to its average volume of 170,604. Shore Bancshares Inc has a 52-week low of $11.47 and a 52-week high of $17.61. The stock's 50 day moving average price is $16.20 and its 200-day moving average price is $14.81. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $565.42 million, a P/E ratio of 10.51 and a beta of 1.05.

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

Shore Bancshares Announces Dividend

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

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.