Vanguard Group Inc. Raises Stock Holdings in Shore Bancshares Inc $SHBI

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. increased its stake in shares of Shore Bancshares Inc (NASDAQ:SHBI - Free Report) by 1.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,661,598 shares of the bank's stock after acquiring an additional 19,531 shares during the quarter. Vanguard Group Inc. owned about 4.98% of Shore Bancshares worth $22,498,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position in Shore Bancshares by 4.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,346,364 shares of the bank's stock worth $21,340,000 after buying an additional 57,115 shares in the last quarter. Northern Trust Corp increased its stake in shares of Shore Bancshares by 2.3% in the 4th quarter. Northern Trust Corp now owns 278,425 shares of the bank's stock valued at $4,413,000 after acquiring an additional 6,335 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Shore Bancshares by 8.3% during the 1st quarter. Bank of New York Mellon Corp now owns 208,324 shares of the bank's stock worth $2,821,000 after purchasing an additional 15,936 shares in the last quarter. Wellington Management Group LLP increased its stake in Shore Bancshares by 59.4% during the 4th quarter. Wellington Management Group LLP now owns 170,444 shares of the bank's stock worth $2,702,000 after purchasing an additional 63,539 shares in the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new position in Shore Bancshares during the 1st quarter worth approximately $1,644,000. Institutional investors own 59.76% of the company's stock.

Shore Bancshares Trading Up 0.5%

Shares of SHBI stock traded up $0.08 during mid-day trading on Friday, reaching $17.19. 146,016 shares of the stock traded hands, compared to its average volume of 121,040. The stock's fifty day simple moving average is $16.12 and its two-hundred day simple moving average is $14.79. 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 company has a market cap of $574.44 million, a price-to-earnings ratio of 10.68 and a beta of 1.04. Shore Bancshares Inc has a 1-year low of $11.47 and a 1-year high of $17.61.

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

Shore Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.8%. The ex-dividend date was Monday, August 11th. Shore Bancshares's dividend payout ratio (DPR) is presently 29.81%.

Insider Transactions at Shore Bancshares

In related news, Director Michael Brian Adams bought 10,000 shares of the business's stock in a transaction dated Friday, August 1st. The shares were purchased at an average price of $15.00 per share, with a total value of $150,000.00. Following the purchase, the director owned 44,912 shares of the company's stock, valued at approximately $673,680. This trade 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 insiders.

Wall Street Analyst Weigh In

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

About Shore Bancshares

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.