Shore Bancshares Inc (NASDAQ:SHBI) Director Acquires $150,000.00 in Stock

Key Points

• Director Michael Brian Adams of Shore Bancshares acquired $150,000 worth of stock by purchasing 10,000 shares at an average price of $15.00 each, increasing his total holdings to 44,912 shares.
• Shore Bancshares reported $0.51 EPS, surpassing the consensus estimate of $0.41, with revenue reaching $56.57 million in the last quarter.
• Analysts upgraded Shore Bancshares from a "hold" to a "buy" rating, indicating positive sentiment about the company’s future prospects.

Shore Bancshares Inc (NASDAQ:SHBI - Get Free Report) Director Michael Brian Adams acquired 10,000 shares of Shore Bancshares stock in a transaction dated Friday, August 1st. The stock was purchased at an average price of $15.00 per share, with a total value of $150,000.00. Following the completion of the purchase, the director directly owned 44,912 shares of the company's stock, valued at $673,680. The trade was a 28.64% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Shore Bancshares Stock Performance

SHBI stock traded up $0.20 on Monday, reaching $15.44. 113,545 shares of the company were exchanged, compared to its average volume of 177,483. Shore Bancshares Inc has a 12 month low of $11.47 and a 12 month high of $17.61. The stock's fifty day moving average price is $15.56 and its 200 day moving average price is $14.78. The firm has a market capitalization of $515.07 million, a PE ratio of 9.58 and a beta of 1.04. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The bank reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.10. The firm had revenue of $56.57 million for the quarter, compared to analyst estimates of $53.77 million. Shore Bancshares had a net margin of 15.98% and a return on equity of 11.10%. On average, research analysts anticipate that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Shore Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the business. CWM LLC increased its holdings in Shore Bancshares by 1.4% in the 1st quarter. CWM LLC now owns 59,878 shares of the bank's stock valued at $811,000 after buying an additional 843 shares during the period. GAMMA Investing LLC grew its holdings in shares of Shore Bancshares by 1,073.1% in the 1st quarter. GAMMA Investing LLC now owns 18,875 shares of the bank's stock worth $256,000 after purchasing an additional 17,266 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in shares of Shore Bancshares by 67.8% in the 4th quarter. Nuveen Asset Management LLC now owns 116,031 shares of the bank's stock worth $1,839,000 after purchasing an additional 46,890 shares during the last quarter. Millennium Management LLC bought a new stake in shares of Shore Bancshares in the 4th quarter worth about $802,000. Finally, Man Group plc bought a new stake in shares of Shore Bancshares in the 4th quarter worth about $541,000. Institutional investors own 59.76% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Shore Bancshares from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th.

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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