Raymond James Financial Inc. Takes Position in Shore Bancshares, Inc. (NASDAQ:SHBI)

Raymond James Financial Inc. purchased a new position in shares of Shore Bancshares, Inc. (NASDAQ:SHBI - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 17,633 shares of the bank's stock, valued at approximately $279,000. Raymond James Financial Inc. owned approximately 0.05% of Shore Bancshares as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in SHBI. Janney Montgomery Scott LLC grew its stake in shares of Shore Bancshares by 10.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 21,741 shares of the bank's stock valued at $345,000 after buying an additional 1,984 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Shore Bancshares by 24.5% during the 4th quarter. SG Americas Securities LLC now owns 13,871 shares of the bank's stock valued at $220,000 after purchasing an additional 2,734 shares during the last quarter. Invesco Ltd. lifted its holdings in Shore Bancshares by 9.1% during the 4th quarter. Invesco Ltd. now owns 50,622 shares of the bank's stock valued at $802,000 after purchasing an additional 4,230 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Shore Bancshares by 29.0% during the 4th quarter. Wells Fargo & Company MN now owns 19,253 shares of the bank's stock valued at $305,000 after purchasing an additional 4,329 shares during the last quarter. Finally, Trexquant Investment LP lifted its holdings in Shore Bancshares by 13.0% during the 4th quarter. Trexquant Investment LP now owns 56,030 shares of the bank's stock valued at $888,000 after purchasing an additional 6,467 shares during the last quarter. 59.76% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Konrad Wayson purchased 5,000 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were bought at an average price of $14.25 per share, for a total transaction of $71,250.00. Following the completion of the transaction, the director now owns 59,328 shares of the company's stock, valued at approximately $845,424. This trade represents a 9.20% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. 8.69% of the stock is owned by company insiders.

Shore Bancshares Stock Performance

Shares of SHBI traded down $0.20 during midday trading on Friday, reaching $14.87. 28,002 shares of the stock were exchanged, compared to its average volume of 125,647. Shore Bancshares, Inc. has a twelve month low of $10.36 and a twelve month high of $17.61. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.23. The company has a market cap of $496.10 million, a P/E ratio of 11.20 and a beta of 0.93. The stock's 50 day simple moving average is $13.39 and its 200 day simple moving average is $15.01.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The bank reported $0.45 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.10. Shore Bancshares had a return on equity of 10.40% and a net margin of 13.44%. The company had revenue of $53.03 million for the quarter, compared to analysts' expectations of $50.78 million. On average, sell-side analysts expect that Shore Bancshares, Inc. will post 1.59 earnings per share for the current year.

Shore Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 12th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend is Monday, May 12th. Shore Bancshares's payout ratio is currently 32.21%.

Analysts Set New Price Targets

Separately, Piper Sandler started coverage on Shore Bancshares in a report on Thursday, February 6th. They set an "overweight" rating and a $20.00 target price for the company.

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.