LSV Asset Management Has $3.25 Million Stock Holdings in Shore Bancshares Inc $SHBI

Key Points

• LSV Asset Management boosted its Shore Bancshares stake by 54.5% in the fourth quarter, ending with 183,777 shares valued at about $3.25 million.
• Shore Bancshares recently reported strong quarterly results, with EPS of $0.55 topping estimates of $0.45 and revenue of $59.89 million, while analysts now expect $2.12 EPS for the year.
• The bank also approved a $30 million share buyback and increased its quarterly dividend to $0.14 per share, lifting the annualized yield to about 2.7%.

LSV Asset Management increased its stake in shares of Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 54.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 183,777 shares of the bank's stock after purchasing an additional 64,806 shares during the quarter. LSV Asset Management owned approximately 0.55% of Shore Bancshares worth $3,249,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in SHBI. Royal Bank of Canada increased its position in Shore Bancshares by 21.8% during the 1st quarter. Royal Bank of Canada now owns 23,168 shares of the bank's stock worth $314,000 after purchasing an additional 4,154 shares in the last quarter. AQR Capital Management LLC increased its position in Shore Bancshares by 599.2% during the 1st quarter. AQR Capital Management LLC now owns 112,259 shares of the bank's stock worth $1,520,000 after purchasing an additional 96,204 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Shore Bancshares by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,226 shares of the bank's stock worth $247,000 after acquiring an additional 780 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Shore Bancshares by 18.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 219,494 shares of the bank's stock worth $2,972,000 after acquiring an additional 34,453 shares during the last quarter. Finally, Empowered Funds LLC grew its holdings in Shore Bancshares by 126.5% during the 1st quarter. Empowered Funds LLC now owns 78,095 shares of the bank's stock worth $1,057,000 after acquiring an additional 43,613 shares during the last quarter. 59.76% of the stock is currently owned by institutional investors and hedge funds.

Shore Bancshares Trading Up 1.2%

NASDAQ:SHBI opened at $20.47 on Wednesday. The firm's fifty day moving average is $19.12 and its 200-day moving average is $18.49. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.94 and a current ratio of 0.95. Shore Bancshares Inc has a 52 week low of $14.25 and a 52 week high of $20.69. The firm has a market cap of $684.93 million, a P/E ratio of 10.89 and a beta of 0.83.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $0.55 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.10. Shore Bancshares had a net margin of 18.20% and a return on equity of 11.84%. The company had revenue of $59.89 million for the quarter, compared to analyst estimates of $58.35 million. Equities analysts expect that Shore Bancshares Inc will post 2.12 earnings per share for the current year.

Shore Bancshares announced that its board has approved a share buyback plan on Thursday, May 21st that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 4.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Shore Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd will be paid a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, June 3rd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.7%. This is an increase from Shore Bancshares's previous quarterly dividend of $0.12. Shore Bancshares's payout ratio is currently 25.53%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SHBI. Piper Sandler boosted their target price on shares of Shore Bancshares from $21.00 to $22.00 and gave the stock an "overweight" rating in a report on Monday, May 4th. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $20.00 target price on shares of Shore Bancshares in a report on Thursday, April 9th. Zacks Research raised shares of Shore Bancshares from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 28th. Hovde Group boosted their target price on shares of Shore Bancshares from $19.00 to $22.00 and gave the stock an "outperform" rating in a report on Tuesday, February 3rd. Finally, Weiss Ratings raised shares of Shore Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Shore Bancshares currently has a consensus rating of "Buy" and a consensus target price of $21.33.

About Shore Bancshares

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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