Shore Bancshares Inc (NASDAQ:SHBI) Short Interest Down 25.6% in August

Key Points

• Short interest in Shore Bancshares Inc decreased by 25.6% in August, falling from 420,100 shares to 312,600 shares, with a current short-interest ratio of 2.0 days.
• Director Michael Brian Adams increased his position in the company by 28.64%, purchasing 10,000 shares at $15.00 each, bringing his total ownership to approximately $673,680.
• Shore Bancshares announced a quarterly dividend of $0.12 per share, representing a 2.8% yield, while maintaining a payout ratio of 29.81%.

Shore Bancshares Inc (NASDAQ:SHBI - Get Free Report) saw a large decline in short interest during the month of August. As of August 31st, there was short interest totaling 312,600 shares, a decline of 25.6% from the August 15th total of 420,100 shares. Approximately 1.0% of the company's shares are sold short. Based on an average daily volume of 157,900 shares, the days-to-cover ratio is currently 2.0 days. Based on an average daily volume of 157,900 shares, the days-to-cover ratio is currently 2.0 days. Approximately 1.0% of the company's shares are sold short.

Shore Bancshares Stock Performance

Shares of SHBI traded down $0.24 during midday trading on Friday, hitting $17.21. 560,612 shares of the stock traded hands, compared to its average volume of 120,692. Shore Bancshares has a 1-year low of $11.47 and a 1-year high of $17.67. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market capitalization of $575.11 million, a PE ratio of 10.69 and a beta of 1.05. The business's 50 day moving average price is $16.41 and its two-hundred day moving average price is $14.96.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The bank reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.10. Shore Bancshares had a net margin of 15.98% and a return on equity of 10.98%. The business had revenue of $56.57 million for the quarter, compared to the consensus estimate of $53.77 million. Equities research analysts predict that Shore Bancshares will post 1.59 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Monday, August 11th. Shore Bancshares's dividend payout ratio (DPR) is presently 29.81%.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of Shore Bancshares from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Shore Bancshares currently has a consensus rating of "Buy" and a consensus price target of $20.00.

Insiders Place Their Bets

In related news, Director Michael Brian Adams acquired 10,000 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were purchased 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 in the company, valued at $673,680. The trade was a 28.64% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 8.69% of the stock is owned by insiders.

Institutional Trading of Shore Bancshares

A number of institutional investors and hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Shore Bancshares by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,446 shares of the bank's stock valued at $277,000 after buying an additional 609 shares in the last quarter. CWM LLC lifted its stake in Shore Bancshares by 1.4% in the first quarter. CWM LLC now owns 59,878 shares of the bank's stock valued at $811,000 after buying an additional 843 shares in the last quarter. Curi Capital LLC lifted its stake in Shore Bancshares by 0.5% in the second quarter. Curi Capital LLC now owns 176,046 shares of the bank's stock valued at $2,767,000 after buying an additional 882 shares in the last quarter. IFP Advisors Inc lifted its stake in Shore Bancshares by 31,320.0% in the second quarter. IFP Advisors Inc now owns 1,571 shares of the bank's stock valued at $25,000 after buying an additional 1,566 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in Shore Bancshares by 108.4% in the second quarter. PNC Financial Services Group Inc. now owns 3,020 shares of the bank's stock valued at $47,000 after buying an additional 1,571 shares in the last quarter. 59.76% of the stock is owned by institutional investors.

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.