Hotchkis & Wiley Capital Management LLC cut its position in shares of Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 17.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). 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 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Investment Management Corp VA ADV purchased a new stake in shares of Shore Bancshares during the fourth quarter worth about $38,000. AlphaQuest LLC purchased a new stake in shares of Shore Bancshares during the first quarter worth about $145,000. Occudo Quantitative Strategies LP purchased a new stake in shares of Shore Bancshares during the fourth quarter worth about $179,000. Stoneridge Investment Partners LLC purchased a new stake in shares of Shore Bancshares during the first quarter worth about $158,000. Finally, Russell Investments Group Ltd. grew its holdings in shares of Shore Bancshares by 52.6% during 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 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 research report on Saturday, July 26th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $20.00.
View Our Latest Stock Analysis on SHBI
Shore Bancshares Trading Up 0.5%
Shares of SHBI traded up $0.08 during mid-day trading on Friday, hitting $17.19. The company had a trading volume of 146,016 shares, compared to its average volume of 121,040. The stock has a market cap of $574.49 million, a PE ratio of 10.68 and a beta of 1.04. 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 business's 50-day simple moving average is $16.12 and its 200-day simple moving average is $14.81.
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 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 net margin of 15.98% and a return on equity of 10.98%. Sell-side analysts forecast 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 dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Monday, August 11th. Shore Bancshares's payout ratio is 29.81%.
Insiders Place Their Bets
In other Shore Bancshares news, Director Michael Brian Adams purchased 10,000 shares of Shore Bancshares stock in a transaction on Friday, August 1st. The shares were purchased at an average cost of $15.00 per share, with a total value of $150,000.00. Following the completion of the transaction, the director directly owned 44,912 shares in the company, valued at approximately $673,680. This represents a 28.64% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 8.69% of the stock is currently owned by company insiders.
About Shore Bancshares
(
Free Report)
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.
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