Shore Bancshares Inc $SHBI Holdings Trimmed by Hotchkis & Wiley Capital Management LLC

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in Shore Bancshares by 17.8%, now owning approximately 222,634 shares valued at $3,014,000.
• Shore Bancshares recently declared a quarterly dividend of $0.12 per share, amounting to a 2.8% yield, with a dividend payout ratio of 29.81%.
• Shore Bancshares reported an earnings per share (EPS) of $0.51 for the last quarter, surpassing analysts' expectations and reflecting a positive financial performance.

Hotchkis & Wiley Capital Management LLC lowered its stake in shares of Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 17.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 222,634 shares of the bank's stock after selling 48,341 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 0.67% of Shore Bancshares worth $3,014,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in SHBI. CWM LLC raised its position in shares of Shore Bancshares by 1.4% during the 1st quarter. CWM LLC now owns 59,878 shares of the bank's stock valued at $811,000 after acquiring an additional 843 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Shore Bancshares by 1,073.1% during the 1st quarter. GAMMA Investing LLC now owns 18,875 shares of the bank's stock valued at $256,000 after acquiring an additional 17,266 shares in the last quarter. Nuveen Asset Management LLC raised its position in shares of Shore Bancshares by 67.8% during the 4th quarter. Nuveen Asset Management LLC now owns 116,031 shares of the bank's stock valued at $1,839,000 after acquiring an additional 46,890 shares in the last quarter. Millennium Management LLC acquired a new stake in shares of Shore Bancshares during the 4th quarter valued at approximately $802,000. Finally, Man Group plc acquired a new stake in shares of Shore Bancshares during the 4th quarter valued at approximately $541,000. Institutional investors and hedge funds own 59.76% of the company's stock.

Insider Activity at Shore Bancshares

In related news, Director Michael Brian Adams acquired 10,000 shares of the business's stock in a transaction dated Friday, August 1st. The stock was bought at an average price of $15.00 per share, for a total transaction of $150,000.00. Following 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 8.57% of the company's stock.

Shore Bancshares Stock Performance

SHBI stock traded up $0.08 during trading on Monday, reaching $17.19. 146,016 shares of the company's stock were exchanged, compared to its average volume of 118,583. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.22. Shore Bancshares Inc has a 1-year low of $11.47 and a 1-year high of $17.61. The company's fifty day moving average price is $16.16 and its 200-day moving average price is $14.79. The firm has a market cap of $574.49 million, a PE ratio of 10.68 and a beta of 1.05.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The bank reported $0.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.10. Shore Bancshares had a return on equity of 10.98% and a net margin of 15.98%.The company had revenue of $56.57 million during the quarter, compared to analyst estimates of $53.77 million. On average, research analysts expect that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Monday, August 11th. Shore Bancshares's dividend payout ratio is 29.81%.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Shore Bancshares from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Two 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 a consensus target price of $20.00.

Shore Bancshares 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.