Mendon Capital Advisors Corp Lowers Position in Shore Bancshares Inc $SHBI

Key Points

• Mendon Capital Advisors Corp reduced its stake in Shore Bancshares Inc by 11.5%, holding 205,164 shares after selling 26,674 in the first quarter, making it the 24th largest holding in their portfolio.
• Insider Michael Brian Adams purchased 10,000 shares of Shore Bancshares, increasing his ownership by 28.64%, reflecting confidence in the company's future.
• Shore Bancshares recently announced a $0.12 quarterly dividend, which translates to an annual yield of 2.8%, with a low payout ratio of 29.81%.

Mendon Capital Advisors Corp cut its holdings in Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 11.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 205,164 shares of the bank's stock after selling 26,674 shares during the quarter. Shore Bancshares accounts for approximately 1.4% of Mendon Capital Advisors Corp's holdings, making the stock its 24th largest position. Mendon Capital Advisors Corp owned approximately 0.61% of Shore Bancshares worth $2,778,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Northern Trust Corp raised its stake in shares of Shore Bancshares by 2.3% in the fourth quarter. Northern Trust Corp now owns 278,425 shares of the bank's stock worth $4,413,000 after purchasing an additional 6,335 shares during the last quarter. Bank of America Corp DE increased its holdings in Shore Bancshares by 18.8% in the 4th quarter. Bank of America Corp DE now owns 47,663 shares of the bank's stock worth $755,000 after buying an additional 7,541 shares in the last quarter. Cubist Systematic Strategies LLC raised its position in Shore Bancshares by 80.0% in the 4th quarter. Cubist Systematic Strategies LLC now owns 40,396 shares of the bank's stock worth $640,000 after buying an additional 17,948 shares during the last quarter. Deutsche Bank AG lifted its stake in Shore Bancshares by 29.6% during the 4th quarter. Deutsche Bank AG now owns 30,302 shares of the bank's stock valued at $480,000 after acquiring an additional 6,929 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Shore Bancshares by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,446 shares of the bank's stock valued at $277,000 after acquiring an additional 609 shares during the last quarter. 59.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of Shore Bancshares from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $20.00.

Insiders Place Their Bets

In other Shore Bancshares news, Director Michael Brian Adams purchased 10,000 shares of the business's stock in a transaction on Friday, August 1st. The stock was acquired at an average price of $15.00 per share, for a total transaction of $150,000.00. Following the purchase, the director owned 44,912 shares of the company's stock, valued at approximately $673,680. This represents a 28.64% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 8.69% of the company's stock.

Shore Bancshares Stock Performance

NASDAQ SHBI traded down $0.04 on Monday, hitting $16.99. 33,722 shares of the company traded hands, compared to its average volume of 167,268. The business's 50 day moving average price is $16.36 and its 200-day moving average price is $14.88. Shore Bancshares Inc has a 52-week low of $11.47 and a 52-week high of $17.61. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $567.69 million, a price-to-earnings ratio of 10.55 and a beta of 1.05.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The bank reported $0.51 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.10. The firm had revenue of $56.57 million for the quarter, compared to analysts' expectations of $53.77 million. Shore Bancshares had a return on equity of 10.98% and a net margin of 15.98%. Equities analysts expect that Shore Bancshares Inc will post 1.59 earnings per share for the current year.

Shore Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Monday, August 11th. Shore Bancshares's dividend payout ratio (DPR) is presently 29.81%.

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.