Shore Bancshares Inc $SHBI Shares Acquired by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its stake in Shore Bancshares by acquiring an additional 19,531 shares, bringing its total ownership to 1,661,598 shares, valued at approximately $22.5 million.
• Shore Bancshares recently reported earnings of $0.51 EPS for the previous quarter, surpassing estimates and indicating strong financial performance with a net margin of 15.98%.
• The company's quarterly dividend was recently declared at $0.12 per share, resulting in an annual yield of 2.8%, alongside a upgrade from Wall Street analysts from "hold" to "buy".

Vanguard Group Inc. lifted its position in shares of Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 1.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,661,598 shares of the bank's stock after purchasing an additional 19,531 shares during the period. Vanguard Group Inc. owned about 4.98% of Shore Bancshares worth $22,498,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of SHBI. Investment Management Corp VA ADV purchased a new stake in shares of Shore Bancshares during the 4th quarter worth $38,000. Occudo Quantitative Strategies LP purchased a new stake in shares of Shore Bancshares during the 4th quarter worth $179,000. Bailard Inc. purchased a new stake in shares of Shore Bancshares during the 1st quarter worth $210,000. GAMMA Investing LLC lifted 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 worth $256,000 after purchasing an additional 17,266 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Shore Bancshares by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,446 shares of the bank's stock worth $277,000 after purchasing an additional 609 shares during the last quarter. 59.76% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Shore Bancshares news, Director Michael Brian Adams acquired 10,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were bought at an average cost of $15.00 per share, for a total transaction of $150,000.00. Following the completion of the purchase, the director owned 44,912 shares in the company, valued at $673,680. This trade represents a 28.64% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 8.57% of the company's stock.

Shore Bancshares Stock Performance

SHBI traded down $0.10 on Wednesday, reaching $16.92. The company had a trading volume of 150,238 shares, compared to its average volume of 110,399. Shore Bancshares Inc has a 1 year low of $11.47 and a 1 year high of $17.61. The stock has a market capitalization of $565.47 million, a PE ratio of 10.51 and a beta of 1.05. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.22. The stock has a 50-day moving average price of $16.23 and a 200-day moving average price of $14.82.

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. Shore Bancshares had a net margin of 15.98% and a return on equity of 10.98%. The firm had revenue of $56.57 million during the quarter, compared to analysts' expectations of $53.77 million. As a group, research analysts forecast that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

Shore Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were paid a $0.12 dividend. The ex-dividend date was Monday, August 11th. This represents a $0.48 dividend on an annualized basis and a yield of 2.8%. Shore Bancshares's payout ratio is currently 29.81%.

Analysts Set New Price Targets

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 analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target 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.