GAMMA Investing LLC Grows Holdings in Shore Bancshares Inc (NASDAQ:SHBI)

GAMMA Investing LLC raised its stake in shares of Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 1,073.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,875 shares of the bank's stock after purchasing an additional 17,266 shares during the quarter. GAMMA Investing LLC owned about 0.06% of Shore Bancshares worth $256,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in SHBI. Hillsdale Investment Management Inc. purchased a new position in shares of Shore Bancshares in the fourth quarter worth about $2,645,000. American Century Companies Inc. increased its holdings in Shore Bancshares by 45.7% in the 4th quarter. American Century Companies Inc. now owns 469,182 shares of the bank's stock worth $7,437,000 after buying an additional 147,148 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in Shore Bancshares during the 4th quarter worth approximately $1,479,000. JPMorgan Chase & Co. raised its position in 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 buying an additional 83,096 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Shore Bancshares by 152.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 137,599 shares of the bank's stock valued at $2,181,000 after acquiring an additional 83,079 shares during the period. Hedge funds and other institutional investors own 59.76% of the company's stock.

Shore Bancshares Stock Performance

Shares of SHBI stock traded down $0.07 during trading hours on Wednesday, hitting $15.17. The company's stock had a trading volume of 74,734 shares, compared to its average volume of 132,875. The stock has a market cap of $506.22 million, a PE ratio of 10.18 and a beta of 0.96. Shore Bancshares Inc has a 12-month low of $10.39 and a 12-month high of $17.61. The company has a 50 day moving average of $14.31 and a 200 day moving average of $14.74. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The bank reported $0.45 EPS for the quarter, beating the consensus estimate of $0.35 by $0.10. The company had revenue of $53.03 million for the quarter, compared to analyst estimates of $50.78 million. Shore Bancshares had a net margin of 14.91% and a return on equity of 10.44%. On average, sell-side analysts forecast that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 12th were paid a $0.12 dividend. The ex-dividend date was Monday, May 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.16%. Shore Bancshares's payout ratio is 32.21%.

Insider Transactions at Shore Bancshares

In related news, Director Konrad Wayson purchased 5,000 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was bought at an average cost of $14.25 per share, with a total value of $71,250.00. Following the completion of the acquisition, the director now owns 59,328 shares of the company's stock, valued at $845,424. The trade was a 9.20% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have purchased 6,250 shares of company stock worth $89,468 over the last quarter. 8.57% of the stock is currently owned by insiders.

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.