Martingale Asset Management L P Increases Stake in Shore Bancshares Inc $SHBI

Key Points

• Martingale Asset Management L P increased its holdings in Shore Bancshares by 162.2% in Q1, acquiring 68,947 shares, bringing its total to 111,452 shares valued at approximately $1.51 million.
• Shore Bancshares recently reported earnings of $0.51 per share, surpassing analysts' expectations of $0.41, alongside a 15.98% net margin for the quarter.
• The company declared a quarterly dividend of $0.12 per share, with a yield of 2.9%, to be paid on August 25th, reflecting a payout ratio of 29.81%.

Martingale Asset Management L P boosted its holdings in shares of Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 162.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 111,452 shares of the bank's stock after buying an additional 68,947 shares during the quarter. Martingale Asset Management L P owned 0.33% of Shore Bancshares worth $1,509,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of SHBI. Nuveen LLC acquired a new stake in shares of Shore Bancshares during the 1st quarter worth approximately $3,716,000. American Century Companies Inc. grew its stake in shares of Shore Bancshares by 26.6% during the 1st quarter. American Century Companies Inc. now owns 594,103 shares of the bank's stock worth $8,044,000 after purchasing an additional 124,921 shares during the period. Segall Bryant & Hamill LLC acquired a new stake in shares of Shore Bancshares during the 1st quarter worth approximately $1,644,000. JPMorgan Chase & Co. grew its stake in shares of Shore Bancshares by 394.2% during the 4th quarter. JPMorgan Chase & Co. now owns 104,174 shares of the bank's stock worth $1,651,000 after purchasing an additional 83,096 shares during the period. Finally, Hoxton Planning & Management LLC acquired a new stake in shares of Shore Bancshares during the 1st quarter worth approximately $882,000. 59.76% of the stock is owned by hedge funds and other institutional investors.

Shore Bancshares Price Performance

Shore Bancshares stock traded up $0.08 during trading on Friday, reaching $17.19. The company had a trading volume of 19,527 shares, compared to its average volume of 169,984. The firm's 50-day simple moving average is $16.07 and its 200 day simple moving average is $14.81. Shore Bancshares Inc has a 1-year low of $11.47 and a 1-year high of $17.61. The firm has a market capitalization of $574.59 million, a PE ratio of 10.67 and a beta of 1.04. 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 (NASDAQ:SHBI - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The bank reported $0.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $53.77 million. As a group, equities research analysts anticipate that Shore Bancshares Inc will post 1.59 earnings per share for the current fiscal year.

Shore Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were issued a $0.12 dividend. The ex-dividend date was Monday, August 11th. This represents a $0.48 dividend on an annualized basis and a yield of 2.8%. Shore Bancshares's dividend payout ratio (DPR) is presently 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 note on Saturday, July 26th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $20.00.

Insiders Place Their Bets

In other news, Director Michael Brian Adams acquired 10,000 shares of the firm's stock in a transaction 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 acquisition, 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 filing with the SEC, which is available through this hyperlink. Insiders own 8.69% of the company's stock.

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.