Shore Bancshares Inc (NASDAQ:SHBI) Declares Quarterly Dividend of $0.14

Key Points

• Shore Bancshares declared a quarterly dividend of $0.14 per share, payable September 16 to shareholders of record on September 2. The dividend represents an annualized payout of $0.56 and a 2.4% yield.
• The dividend appears well covered, with a current payout ratio of 31.3% and an expected future payout ratio of 24.5% based on projected next-year earnings of $2.29 per share.
• Shore Bancshares reported quarterly earnings of $0.60 per share, exceeding analyst expectations of $0.50, while revenue of $61.75 million also topped estimates. Institutional investors own approximately 59.76% of the company.

Shore Bancshares Inc (NASDAQ:SHBI - Get Free Report) declared a quarterly dividend on Thursday, August 20th. Investors of record on Wednesday, September 2nd will be given a dividend of 0.14 per share by the bank on Wednesday, September 16th. This represents a c) annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Wednesday, September 2nd.

Shore Bancshares has a payout ratio of 31.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Shore Bancshares to earn $2.29 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 24.5%.

Shore Bancshares Price Performance

Shares of SHBI stock opened at $23.14 on Friday. The stock has a 50-day moving average price of $23.22 and a 200 day moving average price of $20.73. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a market cap of $772.18 million, a price-to-earnings ratio of 11.69 and a beta of 0.81. Shore Bancshares has a 12 month low of $14.93 and a 12 month high of $24.89.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.10. The firm had revenue of $61.75 million during the quarter, compared to analysts' expectations of $60.42 million. Shore Bancshares had a return on equity of 12.11% and a net margin of 19.15%. Research analysts expect that Shore Bancshares will post 2.26 EPS for the current year.

Institutional Trading of Shore Bancshares

Hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP acquired a new position in Shore Bancshares in the second quarter valued at about $41,000. EverSource Wealth Advisors LLC bought a new position in Shore Bancshares in the second quarter valued at approximately $31,000. Geneos Wealth Management Inc. acquired a new position in shares of Shore Bancshares in the fourth quarter valued at approximately $48,000. Legal & General Group Plc acquired a new position in shares of Shore Bancshares in the second quarter valued at approximately $70,000. Finally, State of Alaska Department of Revenue increased its position in shares of Shore Bancshares by 207.4% during the fourth quarter. State of Alaska Department of Revenue now owns 4,138 shares of the bank's stock worth $72,000 after acquiring an additional 2,792 shares in the last quarter. Institutional investors and hedge funds own 59.76% of the company's stock.

Shore Bancshares Company Profile

Shore Bancshares, Inc NASDAQ: SHBI is the bank holding company for Shore Community Bank, a commercial bank headquartered in Mount Holly, New Jersey. The company provides a full suite of banking and financial services to individuals and businesses, including deposit accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Shore Bancshares focuses on delivering community-oriented banking services with an emphasis on personalized customer relationships.

Shore Community Bank's lending portfolio includes commercial real estate, construction loans, agricultural loans, small business loans under government-sponsored programs, and conventional residential mortgages.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source