JPMorgan Chase & Co. Boosts Stake in Shore Bancshares, Inc. (NASDAQ:SHBI)

JPMorgan Chase & Co. boosted its stake in shares of Shore Bancshares, Inc. (NASDAQ:SHBI - Free Report) by 394.2% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 104,174 shares of the bank's stock after purchasing an additional 83,096 shares during the period. JPMorgan Chase & Co. owned approximately 0.31% of Shore Bancshares worth $1,651,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Geode Capital Management LLC grew its holdings in Shore Bancshares by 1.9% during the third quarter. Geode Capital Management LLC now owns 712,895 shares of the bank's stock worth $9,976,000 after acquiring an additional 13,445 shares during the period. State Street Corp increased its holdings in shares of Shore Bancshares by 8.5% during the 3rd quarter. State Street Corp now owns 537,140 shares of the bank's stock valued at $7,515,000 after purchasing an additional 41,971 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Shore Bancshares by 45.7% during the 4th quarter. American Century Companies Inc. now owns 469,182 shares of the bank's stock valued at $7,437,000 after purchasing an additional 147,148 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new position in shares of Shore Bancshares in the 4th quarter valued at $2,645,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Shore Bancshares by 152.4% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 137,599 shares of the bank's stock worth $2,181,000 after buying an additional 83,079 shares in the last quarter. Hedge funds and other institutional investors own 59.76% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler initiated coverage on shares of Shore Bancshares in a report on Thursday, February 6th. They issued an "overweight" rating and a $20.00 price objective for the company.

Shore Bancshares Price Performance

SHBI traded up $0.17 during trading on Thursday, hitting $14.00. The company's stock had a trading volume of 10,808 shares, compared to its average volume of 123,654. The firm has a market capitalization of $467.07 million, a price-to-earnings ratio of 10.47 and a beta of 0.86. Shore Bancshares, Inc. has a twelve month low of $10.31 and a twelve month high of $17.61. The business's fifty day simple moving average is $13.40 and its 200 day simple moving average is $14.99. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.23.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The bank reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.10. The company had revenue of $53.03 million during the quarter, compared to analysts' expectations of $50.78 million. Shore Bancshares had a net margin of 13.44% and a return on equity of 10.40%. On average, equities research analysts forecast that Shore Bancshares, Inc. will post 1.59 EPS for the current fiscal year.

Shore Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Investors of record on Thursday, February 13th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $0.48 dividend on an annualized basis and a yield of 3.43%. Shore Bancshares's payout ratio is presently 36.09%.

Shore Bancshares 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.