Shore Bancshares (NASDAQ:SHBI) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Key Points

• Shore Bancshares reported a quarterly earnings per share (EPS) of $0.48, beating analyst expectations of $0.45 by $0.03.
• The bank has declared a quarterly dividend of $0.12 per share, which gives an annualized dividend of $0.48 and a yield of 3.0%.
• Several major investors have increased their stakes in Shore Bancshares, with Thrivent Financial for Lutherans raising its position by 44.5% in the second quarter.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) announced its quarterly earnings data on Thursday. The bank reported $0.48 EPS for the quarter, beating the consensus estimate of $0.45 by $0.03, Zacks reports. Shore Bancshares had a net margin of 15.98% and a return on equity of 10.98%.

Shore Bancshares Trading Down 0.9%

NASDAQ:SHBI traded down $0.15 during mid-day trading on Thursday, hitting $15.77. 164,676 shares of the stock traded hands, compared to its average volume of 163,885. The stock has a market capitalization of $527.03 million, a price-to-earnings ratio of 9.80 and a beta of 1.10. Shore Bancshares has a 52 week low of $11.47 and a 52 week high of $17.67. The firm's 50 day moving average is $16.54 and its two-hundred day moving average is $15.38. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.22.

Shore Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.0%. The ex-dividend date was Monday, August 11th. Shore Bancshares's dividend payout ratio is presently 29.81%.

Insider Buying and Selling

In other news, Director Michael Brian Adams purchased 10,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were bought at an average cost of $15.00 per share, for a total transaction of $150,000.00. Following the acquisition, the director owned 44,912 shares of the company's stock, valued at approximately $673,680. This trade represents a 28.64% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 8.69% of the company's stock.

Institutional Investors Weigh In On Shore Bancshares

Several large investors have recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans boosted its position in Shore Bancshares by 44.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 67,548 shares of the bank's stock valued at $1,062,000 after buying an additional 20,786 shares during the period. State of Wyoming boosted its position in Shore Bancshares by 150.6% in the 2nd quarter. State of Wyoming now owns 4,682 shares of the bank's stock valued at $74,000 after buying an additional 2,814 shares during the period. Tower Research Capital LLC TRC boosted its position in Shore Bancshares by 239.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,500 shares of the bank's stock valued at $71,000 after buying an additional 3,173 shares during the period. Curi Capital LLC boosted its stake in shares of Shore Bancshares by 0.5% during the second quarter. Curi Capital LLC now owns 176,046 shares of the bank's stock valued at $2,767,000 after purchasing an additional 882 shares in the last quarter. Finally, Bridgeway Capital Management LLC boosted its stake in shares of Shore Bancshares by 31.1% during the second quarter. Bridgeway Capital Management LLC now owns 194,786 shares of the bank's stock valued at $3,062,000 after purchasing an additional 46,181 shares in the last quarter. 59.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on SHBI shares. Zacks Research downgraded shares of Shore Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Friday, September 26th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Shore Bancshares in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Shore Bancshares from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $20.00.

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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