Insider Buying: Shore Bancshares, Inc. (NASDAQ:SHBI) Director Buys 1,000 Shares of Stock

Shore Bancshares, Inc. (NASDAQ:SHBI - Get Free Report) Director Dawn M. Willey acquired 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The stock was acquired at an average cost of $14.58 per share, with a total value of $14,580.00. Following the completion of the acquisition, the director now directly owns 17,591 shares in the company, valued at approximately $256,476.78. This represents a 6.03% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Shore Bancshares Price Performance

NASDAQ SHBI traded down $0.06 on Thursday, reaching $14.46. 124,521 shares of the stock traded hands, compared to its average volume of 128,409. The firm's fifty day simple moving average is $13.64 and its 200 day simple moving average is $14.92. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.23. The company has a market cap of $482.59 million, a price-to-earnings ratio of 10.87 and a beta of 0.93. Shore Bancshares, Inc. has a 12 month low of $10.36 and a 12 month high of $17.61.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The bank reported $0.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.35 by $0.10. The firm had revenue of $53.03 million during the quarter, compared to analyst estimates of $50.78 million. Shore Bancshares had a return on equity of 10.40% and a net margin of 13.44%. As a group, research analysts predict that Shore Bancshares, Inc. will post 1.59 EPS for the current fiscal year.

Shore Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 12th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date was Monday, May 12th. Shore Bancshares's payout ratio is currently 32.21%.

Institutional Investors Weigh In On Shore Bancshares

Institutional investors and hedge funds have recently modified their holdings of the stock. Investment Management Corp VA ADV acquired a new stake in shares of Shore Bancshares during the 4th quarter valued at $38,000. Russell Investments Group Ltd. lifted its position in shares of Shore Bancshares by 43,326.3% during the 4th quarter. Russell Investments Group Ltd. now owns 8,251 shares of the bank's stock valued at $131,000 after acquiring an additional 8,232 shares during the last quarter. AlphaQuest LLC acquired a new stake in shares of Shore Bancshares during the 1st quarter valued at $145,000. Stoneridge Investment Partners LLC acquired a new stake in shares of Shore Bancshares during the 1st quarter valued at $158,000. Finally, Occudo Quantitative Strategies LP acquired a new stake in shares of Shore Bancshares during the 4th quarter valued at $179,000. Institutional investors and hedge funds own 59.76% of the company's stock.

Analysts Set New Price Targets

Separately, Piper Sandler assumed coverage on Shore Bancshares in a research note on Thursday, February 6th. They set an "overweight" rating and a $20.00 price target for the company.

About Shore Bancshares

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.