Millennium Management LLC Takes $802,000 Position in Shore Bancshares, Inc. (NASDAQ:SHBI)

Millennium Management LLC bought a new position in shares of Shore Bancshares, Inc. (NASDAQ:SHBI - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 50,615 shares of the bank's stock, valued at approximately $802,000. Millennium Management LLC owned approximately 0.15% of Shore Bancshares as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in SHBI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Shore Bancshares by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,446 shares of the bank's stock worth $277,000 after buying an additional 609 shares during the period. Janney Montgomery Scott LLC lifted its position in shares of Shore Bancshares by 10.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 21,741 shares of the bank's stock valued at $345,000 after acquiring an additional 1,984 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Shore Bancshares by 24.5% in the 4th quarter. SG Americas Securities LLC now owns 13,871 shares of the bank's stock valued at $220,000 after acquiring an additional 2,734 shares in the last quarter. Invesco Ltd. boosted its stake in Shore Bancshares by 9.1% in the 4th quarter. Invesco Ltd. now owns 50,622 shares of the bank's stock worth $802,000 after purchasing an additional 4,230 shares during the period. Finally, Wells Fargo & Company MN boosted its stake in Shore Bancshares by 29.0% in the 4th quarter. Wells Fargo & Company MN now owns 19,253 shares of the bank's stock worth $305,000 after purchasing an additional 4,329 shares during the period. Institutional investors and hedge funds own 59.76% of the company's stock.

Shore Bancshares Trading Up 2.3%

NASDAQ SHBI traded up $0.33 on Friday, hitting $14.79. 83,813 shares of the stock were exchanged, compared to its average volume of 128,612. The company's 50-day moving average price is $13.68 and its two-hundred day moving average price is $14.90. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.93. Shore Bancshares, Inc. has a 52-week low of $10.36 and a 52-week high of $17.61. The company has a market capitalization of $493.60 million, a price-to-earnings ratio of 11.12 and a beta of 0.96.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.10. Shore Bancshares had a return on equity of 10.40% and a net margin of 13.44%. The firm had revenue of $53.03 million for the quarter, compared to analyst estimates of $50.78 million. Research analysts predict that Shore Bancshares, Inc. will post 1.59 EPS for the current year.

Shore Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 12th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend was Monday, May 12th. Shore Bancshares's dividend payout ratio is currently 32.21%.

Insider Activity at Shore Bancshares

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

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.