Short Interest in Shore Bancshares Inc (NASDAQ:SHBI) Declines By 21.8%

Shore Bancshares Inc (NASDAQ:SHBI - Get Free Report) was the target of a significant drop in short interest in the month of April. As of April 15th, there was short interest totaling 586,224 shares, a drop of 21.8% from the March 31st total of 749,605 shares. Approximately 1.9% of the company's shares are sold short. Based on an average trading volume of 253,920 shares, the days-to-cover ratio is presently 2.3 days.

Shore Bancshares Trading Up 0.2%

SHBI opened at $19.61 on Wednesday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.15. The firm has a market cap of $655.91 million, a price-to-earnings ratio of 10.48 and a beta of 0.85. Shore Bancshares has a 12 month low of $13.65 and a 12 month high of $20.68. The stock has a fifty day moving average price of $18.76 and a 200-day moving average price of $18.01.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $0.55 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.10. The company had revenue of ($11.02) million for the quarter, compared to the consensus estimate of $58.35 million. Shore Bancshares had a return on equity of 11.97% and a net margin of 18.20%. As a group, equities research analysts anticipate that Shore Bancshares will post 2.02 earnings per share for the current fiscal year.

Shore Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Wednesday, March 4th. Shore Bancshares's payout ratio is 25.53%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SHBI shares. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $20.00 target price on shares of Shore Bancshares in a research report on Thursday, April 9th. Weiss Ratings upgraded shares of Shore Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, April 6th. Finally, Hovde Group upped their price target on shares of Shore Bancshares from $19.00 to $22.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 3rd. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $20.17.

Insider Buying and Selling at Shore Bancshares

In related news, Director William E. Esham III purchased 5,000 shares of the firm's stock in a transaction dated Thursday, February 5th. The stock was purchased at an average price of $19.99 per share, with a total value of $99,950.00. Following the completion of the purchase, the director owned 5,510 shares of the company's stock, valued at approximately $110,144.90. The trade was a 980.39% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 8.70% of the company's stock.

Institutional Investors Weigh In On Shore Bancshares

Institutional investors have recently bought and sold shares of the company. Tred Avon Family Wealth LLC purchased a new stake in shares of Shore Bancshares during the 3rd quarter valued at $1,027,000. LSV Asset Management grew its stake in Shore Bancshares by 323.8% during the 3rd quarter. LSV Asset Management now owns 118,971 shares of the bank's stock worth $1,952,000 after buying an additional 90,900 shares during the last quarter. Quantum Portfolio Management LLC increased its position in Shore Bancshares by 60.1% during the 3rd quarter. Quantum Portfolio Management LLC now owns 79,173 shares of the bank's stock valued at $1,299,000 after buying an additional 29,732 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in Shore Bancshares during the 3rd quarter valued at about $240,000. Finally, Hoxton Planning & Management LLC raised its stake in Shore Bancshares by 5.1% in the third quarter. Hoxton Planning & Management LLC now owns 68,436 shares of the bank's stock valued at $1,123,000 after buying an additional 3,306 shares during the last quarter. 59.76% of the stock is currently owned by institutional investors and hedge funds.

Shore Bancshares Company Profile

Shore Bancshares, Inc NASDAQ: SHBI is the bank holding company for Shore Community Bank, a commercial bank headquartered in Mount Holly, New Jersey. The company provides a full suite of banking and financial services to individuals and businesses, including deposit accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Shore Bancshares focuses on delivering community-oriented banking services with an emphasis on personalized customer relationships.

Shore Community Bank's lending portfolio includes commercial real estate, construction loans, agricultural loans, small business loans under government-sponsored programs, and conventional residential mortgages.

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