Shore Bancshares Inc $SHBI Position Decreased by Wellington Management Group LLP

Key Points

• Wellington Management reduced its Shore Bancshares stake by 24.2% in the second quarter, selling 245,321 shares and retaining 768,354 shares valued at approximately $17.6 million. Institutional investors collectively own 59.76% of the company.
• Analysts maintain a generally positive outlook, with Shore Bancshares receiving a “Moderate Buy” consensus rating and an average price target of $26.00, above its reported price of $23.63.
• The bank reported quarterly EPS of $0.60, exceeding the $0.50 consensus estimate, and revenue of $61.75 million. It also authorized a $30 million share repurchase program and declared a quarterly dividend of $0.14 per share, representing a 2.4% annualized yield.

Wellington Management Group LLP lowered its holdings in Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 24.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 768,354 shares of the bank's stock after selling 245,321 shares during the period. Wellington Management Group LLP owned about 2.30% of Shore Bancshares worth $17,634,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC acquired a new stake in shares of Shore Bancshares during the second quarter worth $31,000. Allworth Financial LP acquired a new stake in Shore Bancshares during the 2nd quarter worth about $41,000. Legal & General Group Plc acquired a new stake in Shore Bancshares during the 2nd quarter worth about $70,000. Tower Research Capital LLC TRC lifted its stake in Shore Bancshares by 239.1% during the second quarter. Tower Research Capital LLC TRC now owns 4,500 shares of the bank's stock valued at $71,000 after buying an additional 3,173 shares in the last quarter. Finally, State of Wyoming lifted its stake in Shore Bancshares by 150.6% during the second quarter. State of Wyoming now owns 4,682 shares of the bank's stock valued at $74,000 after buying an additional 2,814 shares in the last quarter. Institutional investors and hedge funds own 59.76% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on SHBI shares. Keefe, Bruyette & Woods lifted their target price on shares of Shore Bancshares from $22.00 to $25.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 28th. Hovde Group raised their price objective on shares of Shore Bancshares from $23.50 to $26.50 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Piper Sandler lifted their price objective on shares of Shore Bancshares from $24.00 to $26.50 and gave the stock an "overweight" rating in a research report on Monday, July 27th. Weiss Ratings reissued a "buy (b)" rating on shares of Shore Bancshares in a research note on Friday, July 17th. Finally, Zacks Research lowered Shore Bancshares from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 30th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $26.00.

Shore Bancshares Price Performance

NASDAQ SHBI opened at $23.63 on Monday. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $788.58 million, a PE ratio of 11.93 and a beta of 0.80. The company has a 50 day moving average price of $23.39 and a two-hundred day moving average price of $20.98. Shore Bancshares Inc has a 12-month low of $14.93 and a 12-month high of $24.89.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $0.60 EPS for the quarter, topping the consensus estimate of $0.50 by $0.10. Shore Bancshares had a net margin of 19.15% and a return on equity of 12.11%. The company had revenue of $61.75 million for the quarter, compared to analyst estimates of $60.42 million. As a group, equities analysts predict that Shore Bancshares Inc will post 2.26 earnings per share for the current fiscal year.

Shore Bancshares declared that its Board of Directors has approved a stock repurchase plan on Thursday, May 21st that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Shore Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.4%. Shore Bancshares's dividend payout ratio is currently 28.28%.

Shore Bancshares Profile

Shore Bancshares, Inc NASDAQ: SHBI is the bank holding company for Shore Community Bank, a commercial bank headquartered in Mount Holly, New Jersey. The company provides a full suite of banking and financial services to individuals and businesses, including deposit accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Shore Bancshares focuses on delivering community-oriented banking services with an emphasis on personalized customer relationships.

Shore Community Bank's lending portfolio includes commercial real estate, construction loans, agricultural loans, small business loans under government-sponsored programs, and conventional residential mortgages.

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