Shore Bancshares (NASDAQ:SHBI) Shares Pass Above 200-Day Moving Average - Here's What Happened

Shore Bancshares Inc (NASDAQ:SHBI - Get Free Report)'s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $14.71 and traded as high as $16.87. Shore Bancshares shares last traded at $16.70, with a volume of 156,381 shares.

Shore Bancshares Price Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market cap of $548.60 million, a price-to-earnings ratio of 11.03 and a beta of 0.97. The stock has a fifty day moving average of $15.10 and a 200 day moving average of $14.70.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last announced 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 company had revenue of $53.03 million during the quarter, compared to the consensus estimate of $50.78 million. Shore Bancshares had a return on equity of 10.44% and a net margin of 14.91%. On average, analysts expect that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 12th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.92%. The ex-dividend date was Monday, May 12th. Shore Bancshares's dividend payout ratio is currently 32.21%.

Insider Activity

In other news, Director Konrad Wayson bought 5,000 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was purchased at an average cost of $14.25 per share, for a total transaction of $71,250.00. Following the purchase, the director directly owned 59,328 shares in the company, valued at approximately $845,424. This trade represents a 9.20% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders have acquired 6,250 shares of company stock valued at $89,468. Insiders own 8.69% of the company's stock.

Hedge Funds Weigh In On Shore Bancshares

Large investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its position in shares of Shore Bancshares by 18.6% in the first quarter. Goldman Sachs Group Inc. now owns 219,494 shares of the bank's stock valued at $2,972,000 after buying an additional 34,453 shares in the last quarter. Strs Ohio purchased a new stake in shares of Shore Bancshares in the first quarter valued at approximately $213,000. Acadian Asset Management LLC increased its position in shares of Shore Bancshares by 55.2% in the first quarter. Acadian Asset Management LLC now owns 104,798 shares of the bank's stock valued at $1,417,000 after buying an additional 37,267 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Shore Bancshares in the first quarter valued at approximately $545,000. Finally, Empowered Funds LLC increased its position in shares of Shore Bancshares by 126.5% in the first quarter. Empowered Funds LLC now owns 78,095 shares of the bank's stock valued at $1,057,000 after buying an additional 43,613 shares in the last quarter. 59.76% of the stock is currently owned by institutional investors and hedge funds.

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.