Trexquant Investment LP Acquires 71,618 Shares of Shore Bancshares Inc $SHBI

Key Points

• Trexquant Investment LP increased its holdings in Shore Bancshares Inc by 127.8% in the first quarter, owning approximately 0.38% of the company valued at about $1.73 million.
• Shore Bancshares was upgraded from a "hold" to a "buy" rating, with an average target price of $20.00 based on analyst evaluations.
• The company reported earnings of $0.51 EPS for the last quarter, surpassing expectations of $0.41, alongside a quarterly dividend of $0.12 per share, reflecting a yield of 2.8%.

Trexquant Investment LP lifted its holdings in Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 127.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 127,648 shares of the bank's stock after purchasing an additional 71,618 shares during the quarter. Trexquant Investment LP owned about 0.38% of Shore Bancshares worth $1,728,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Nuveen LLC acquired a new position in shares of Shore Bancshares in the first quarter valued at approximately $3,716,000. American Century Companies Inc. boosted its holdings in shares of Shore Bancshares by 26.6% in the first quarter. American Century Companies Inc. now owns 594,103 shares of the bank's stock valued at $8,044,000 after buying an additional 124,921 shares during the period. Segall Bryant & Hamill LLC acquired a new position in Shore Bancshares in the 1st quarter worth $1,644,000. Martingale Asset Management L P boosted its stake in Shore Bancshares by 162.2% in the 1st quarter. Martingale Asset Management L P now owns 111,452 shares of the bank's stock worth $1,509,000 after purchasing an additional 68,947 shares during the period. Finally, Hoxton Planning & Management LLC acquired a new position in Shore Bancshares in the 1st quarter worth $882,000. 59.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Shore Bancshares

In other news, Director Michael Brian Adams acquired 10,000 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was bought at an average price of $15.00 per share, with a total value of $150,000.00. Following the transaction, the director directly owned 44,912 shares in the company, valued at approximately $673,680. The trade was a 28.64% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 8.57% of the stock is currently owned by company insiders.

Shore Bancshares Stock Up 0.6%

SHBI stock traded up $0.10 during mid-day trading on Wednesday, reaching $17.00. The company had a trading volume of 12,200 shares, compared to its average volume of 168,472. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a 50 day simple moving average of $16.33 and a two-hundred day simple moving average of $14.84. The company has a market capitalization of $568.14 million, a price-to-earnings ratio of 10.56 and a beta of 1.05. Shore Bancshares Inc has a 52 week low of $11.47 and a 52 week high of $17.61.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $0.51 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $53.77 million. As a group, equities analysts predict that Shore Bancshares Inc will post 1.59 earnings per share for the current fiscal year.

Shore Bancshares Dividend Announcement

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 $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, August 11th. Shore Bancshares's dividend payout ratio (DPR) is 29.81%.

Analyst Upgrades and Downgrades

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

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.