Shore Bancshares Inc (NASDAQ:SHBI) Plans $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 Friday, August 1st, Wall Street Journal reports. Investors of record on Monday, August 11th will be paid a dividend of 0.12 per share by the bank on Monday, August 25th. This represents a c) annualized dividend and a 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 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 Stock Performance

SHBI stock traded up $0.08 on Friday, hitting $15.26. The company had a trading volume of 24,368 shares, compared to its average volume of 175,728. Shore Bancshares has a 12-month low of $11.47 and a 12-month high of $17.61. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The stock's 50-day simple moving average is $15.62 and its 200 day simple moving average is $14.78. The stock has a market cap of $509.23 million, a price-to-earnings ratio of 9.47 and a beta of 1.04.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The bank reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.10. The business 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 11.10%. As a group, equities research analysts expect that Shore Bancshares will post 1.59 earnings per share for the current fiscal year.

Insider Activity at Shore Bancshares

In other news, Director Michael Brian Adams acquired 10,000 shares of Shore Bancshares stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average price of $15.00 per share, for a total transaction of $150,000.00. Following the purchase, the director directly owned 44,912 shares in the company, valued at $673,680. The trade was a 28.64% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. In the last three months, insiders have purchased 11,250 shares of company stock worth $168,218. Insiders own 8.69% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SHBI. Atlantic Union Bankshares Corp purchased a new stake in shares of Shore Bancshares in the 2nd quarter valued at $8,622,000. Nuveen LLC purchased a new stake in shares of Shore Bancshares in the 1st quarter valued at $3,716,000. Cubist Systematic Strategies LLC boosted its holdings in shares of Shore Bancshares by 309.6% in the 1st quarter. Cubist Systematic Strategies LLC now owns 165,475 shares of the bank's stock valued at $2,241,000 after acquiring an additional 125,079 shares during the last quarter. American Century Companies Inc. boosted its holdings in Shore Bancshares by 26.6% during the first quarter. American Century Companies Inc. now owns 594,103 shares of the bank's stock worth $8,044,000 after buying an additional 124,921 shares in the last quarter. Finally, Segall Bryant & Hamill LLC purchased a new stake in Shore Bancshares during the first quarter worth $1,644,000. Institutional investors own 59.76% of the company's stock.

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.