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 on Friday, August 1st. The stock was acquired at an average cost of $15.00 per share, for a total transaction of $150,000.00. Following the purchase, the director owned 44,912 shares of the company's stock, valued at approximately $673,680. This represents a 28.64% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Shore Bancshares Trading Up 0.5%

Shore Bancshares stock traded up $0.08 during mid-day trading on Friday, hitting $15.26. The stock had a trading volume of 24,368 shares, compared to its average volume of 175,728. The stock has a 50-day simple moving average of $15.62 and a two-hundred day simple moving average of $14.78. 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 has a market capitalization of $509.23 million, a PE ratio of 9.47 and a beta of 1.04. Shore Bancshares Inc has a 12 month low of $11.47 and a 12 month high of $17.61.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $0.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.10. Shore Bancshares had a net margin of 15.98% and a return on equity of 11.10%. The company had revenue of $56.57 million for the quarter, compared to the consensus estimate of $53.77 million. As a group, sell-side analysts forecast that Shore Bancshares Inc will post 1.59 EPS for the current year.

Shore Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Monday, August 11th will be given a dividend of $0.12 per share. The ex-dividend date is Monday, August 11th. This represents a $0.48 annualized dividend and a dividend yield of 3.1%. Shore Bancshares's payout ratio is presently 29.81%.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Raymond James Financial Inc. acquired a new stake in shares of Shore Bancshares during the fourth quarter worth $279,000. LPL Financial LLC bought a new stake in shares of Shore Bancshares in the 4th quarter valued at about $270,000. JPMorgan Chase & Co. raised its position in shares of Shore Bancshares by 394.2% in the 4th quarter. JPMorgan Chase & Co. now owns 104,174 shares of the bank's stock valued at $1,651,000 after acquiring an additional 83,096 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in Shore Bancshares during the 4th quarter worth approximately $1,479,000. Finally, Wellington Management Group LLP boosted its stake in Shore Bancshares by 59.4% during the 4th 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 during the last quarter. Institutional investors and hedge funds 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.