Mendon Capital Advisors Corp Sells 26,674 Shares of 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% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 205,164 shares of the bank's stock after selling 26,674 shares during the period. Shore Bancshares makes up 1.4% of Mendon Capital Advisors Corp's portfolio, making the stock its 24th largest position. Mendon Capital Advisors Corp owned 0.61% of Shore Bancshares worth $2,778,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Investment Management Corp VA ADV bought a new position in shares of Shore Bancshares during the fourth quarter valued at about $38,000. AlphaQuest LLC bought a new position in shares of Shore Bancshares during the first quarter valued at about $145,000. Occudo Quantitative Strategies LP bought a new position in shares of Shore Bancshares during the fourth quarter valued at about $179,000. Stoneridge Investment Partners LLC bought a new position in shares of Shore Bancshares during the first quarter valued at about $158,000. Finally, Russell Investments Group Ltd. raised its stake in Shore Bancshares by 52.6% in the first quarter. Russell Investments Group Ltd. now owns 12,590 shares of the bank's stock worth $170,000 after buying an additional 4,339 shares in the last quarter. 59.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded 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, Shore Bancshares has an average 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 firm's stock in a transaction on Friday, August 1st. The shares were acquired at an average cost of $15.00 per share, for a total transaction of $150,000.00. Following the completion of the transaction, the director owned 44,912 shares of the company's stock, valued at approximately $673,680. The trade was a 28.64% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 8.69% of the company's stock.

Shore Bancshares Stock Performance

Shore Bancshares stock traded down $0.17 during midday trading on Friday, reaching $17.03. 74,616 shares of the company traded hands, compared to its average volume of 113,721. The firm has a market capitalization of $569.14 million, a price-to-earnings ratio of 10.58 and a beta of 1.05. The business has a 50 day moving average of $16.36 and a two-hundred day moving average of $14.88. Shore Bancshares Inc has a 12 month low of $11.47 and a 12 month high of $17.61. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick 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 for the quarter, topping the consensus estimate of $0.41 by $0.10. Shore Bancshares had a net margin of 15.98% and a return on equity of 10.98%. The business had revenue of $56.57 million for the quarter, compared to the consensus estimate of $53.77 million. As a group, research 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 Monday, August 25th. Shareholders of record on Monday, August 11th were given a $0.12 dividend. The ex-dividend date was Monday, August 11th. This represents a $0.48 annualized dividend and a yield of 2.8%. Shore Bancshares's dividend payout ratio (DPR) is presently 29.81%.

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.