Millennium Management LLC Purchases New Shares in Shore Bancshares, Inc. (NASDAQ:SHBI)

Millennium Management LLC bought a new position in shares of Shore Bancshares, Inc. (NASDAQ:SHBI - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 50,615 shares of the bank's stock, valued at approximately $802,000. Millennium Management LLC owned about 0.15% of Shore Bancshares at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of SHBI. Proficio Capital Partners LLC acquired a new position in shares of Shore Bancshares in the 4th quarter valued at $392,000. American Century Companies Inc. grew its stake in Shore Bancshares by 45.7% during the 4th quarter. American Century Companies Inc. now owns 469,182 shares of the bank's stock valued at $7,437,000 after purchasing an additional 147,148 shares during the last quarter. Hillsdale Investment Management Inc. acquired a new position in shares of Shore Bancshares in the fourth quarter valued at about $2,645,000. Raymond James Financial Inc. purchased a new position in shares of Shore Bancshares in the fourth quarter worth about $279,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Shore Bancshares in the fourth quarter worth about $1,479,000. Institutional investors and hedge funds own 59.76% of the company's stock.

Shore Bancshares Stock Performance

NASDAQ SHBI traded up $0.33 during trading hours on Tuesday, reaching $15.14. The stock had a trading volume of 112,445 shares, compared to its average volume of 129,177. Shore Bancshares, Inc. has a 52-week low of $10.36 and a 52-week high of $17.61. The stock has a fifty day moving average of $13.76 and a 200 day moving average of $14.87. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.93 and a current ratio of 0.94. The stock has a market cap of $505.28 million, a P/E ratio of 11.38 and a beta of 0.96.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The bank reported $0.45 EPS for the quarter, beating the consensus estimate of $0.35 by $0.10. The business had revenue of $53.03 million during the quarter, compared to analysts' expectations of $50.78 million. Shore Bancshares had a net margin of 13.44% and a return on equity of 10.40%. Sell-side analysts predict 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 Friday, May 23rd. Shareholders of record on Monday, May 12th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Monday, May 12th. Shore Bancshares's payout ratio is 32.21%.

Insiders Place Their Bets

In related news, Director Konrad Wayson acquired 5,000 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was acquired at an average price of $14.25 per share, with a total value of $71,250.00. Following the acquisition, the director now directly owns 59,328 shares in the company, valued at $845,424. This represents a 9.20% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last three months, insiders have purchased 6,250 shares of company stock valued at $89,468. Company insiders own 8.69% of the company's stock.

About Shore Bancshares

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.