Shore Bancshares Inc (NASDAQ:SHBI) Declares $0.12 Quarterly Dividend

Key Points

• Shore Bancshares Inc declared a quarterly dividend of $0.12 per share, with stockholders of record on August 11 set to receive the payment on August 25, representing a dividend yield of 3.1%.
• The company reported earnings of $0.51 per share for the last quarter, exceeding analysts' expectations of $0.41, and had a revenue of $56.57 million.
• Insider buying activity includes Director Michael Brian Adams purchasing 10,000 shares, increasing his ownership by 28.64% to nearly 45,000 shares.

Shore Bancshares Inc (NASDAQ:SHBI - Get Free Report) announced a quarterly dividend on Monday, August 4th, Wall Street Journal reports. Stockholders of record on Monday, August 11th will be given a dividend of 0.12 per share by the bank on Monday, August 25th. This represents a c) dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Monday, August 11th.

Shore Bancshares has a payout ratio of 26.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Shore Bancshares to earn $1.82 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 26.4%.

Shore Bancshares Trading Up 1.1%

NASDAQ SHBI traded up $0.17 on Monday, reaching $15.41. 163,670 shares of the company were exchanged, compared to its average volume of 177,863. Shore Bancshares has a fifty-two week low of $11.47 and a fifty-two week high of $17.61. The business's fifty day moving average price is $15.56 and its 200 day moving average price is $14.78. The stock has a market capitalization of $514.23 million, a P/E ratio of 9.57 and a beta of 1.04. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The bank reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.10. Shore Bancshares had a return on equity of 11.10% and a net margin of 15.98%. The company had revenue of $56.57 million during the quarter, compared to analysts' expectations of $53.77 million. Analysts forecast that Shore Bancshares will post 1.59 earnings per share for the current year.

Insider Activity

In other Shore Bancshares news, Director Michael Brian Adams bought 10,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was purchased at an average cost of $15.00 per share, with a total value of $150,000.00. Following the completion of the purchase, the director owned 44,912 shares in the company, valued at approximately $673,680. The trade was a 28.64% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have purchased a total of 11,250 shares of company stock valued at $168,218 in the last three months. Insiders own 8.57% of the company's stock.

Institutional Investors Weigh In On Shore Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in SHBI. Raymond James Financial Inc. acquired a new position in Shore Bancshares in the 4th quarter valued at about $279,000. LPL Financial LLC bought a new position in Shore Bancshares during the fourth quarter worth $270,000. JPMorgan Chase & Co. grew its holdings in Shore Bancshares by 394.2% in the fourth quarter. JPMorgan Chase & Co. now owns 104,174 shares of the bank's stock worth $1,651,000 after purchasing an additional 83,096 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in Shore Bancshares in the fourth quarter worth $1,479,000. Finally, Wellington Management Group LLP increased its position in shares of Shore Bancshares by 59.4% during the fourth quarter. Wellington Management Group LLP now owns 170,444 shares of the bank's stock worth $2,702,000 after acquiring an additional 63,539 shares in the last quarter. 59.76% of the stock is owned by institutional investors.

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.

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