Insider Buying: Shore Bancshares (NASDAQ:SHBI) Director Acquires 1,000 Shares of Stock

Shore Bancshares Inc (NASDAQ:SHBI) Director Dawn Willey acquired 1,000 shares of Shore Bancshares stock in a transaction on Wednesday, November 26th. The shares were bought at an average cost of $17.67 per share, with a total value of $17,670.00. Following the completion of the transaction, the director owned 12,000 shares of the company’s stock, valued at approximately $212,040. This trade represents a 9.09% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Shore Bancshares Stock Performance

Shares of SHBI traded up $0.10 during trading hours on Monday, hitting $17.57. The company had a trading volume of 153,152 shares, compared to its average volume of 165,778. The business has a fifty day moving average of $16.22 and a 200-day moving average of $15.98. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.22. The firm has a market cap of $587.31 million, a price-to-earnings ratio of 10.34 and a beta of 1.10. Shore Bancshares Inc has a 12 month low of $11.47 and a 12 month high of $17.83.

Shore Bancshares (NASDAQ:SHBI) last announced its quarterly earnings results on Monday, September 19th. The bank reported $0.37 EPS for the quarter. The business had revenue of $16.91 million for the quarter. Shore Bancshares had a net margin of 16.78% and a return on equity of 11.37%. Equities analysts anticipate that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

Shore Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 26th. Stockholders of record on Thursday, November 13th were paid a dividend of $0.12 per share. The ex-dividend date was Thursday, November 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.7%. Shore Bancshares’s dividend payout ratio (DPR) is 28.24%.

Institutional Investors Weigh In On Shore Bancshares

Large investors have recently bought and sold shares of the company. XTX Topco Ltd bought a new position in Shore Bancshares in the 1st quarter valued at about $525,000. Vanguard Group Inc. increased its stake in Shore Bancshares by 1.2% in the first quarter. Vanguard Group Inc. now owns 1,661,598 shares of the bank’s stock valued at $22,498,000 after acquiring an additional 19,531 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Shore Bancshares by 25.9% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 173,285 shares of the bank’s stock valued at $2,346,000 after purchasing an additional 35,686 shares in the last quarter. Nuveen LLC bought a new stake in Shore Bancshares during the first quarter worth $3,716,000. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Shore Bancshares by 52.6% in the 1st quarter. Russell Investments Group Ltd. now owns 12,590 shares of the bank’s stock valued at $170,000 after purchasing an additional 4,339 shares in the last quarter. 59.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SHBI. Piper Sandler boosted their price target on Shore Bancshares from $18.00 to $18.50 and gave the company an “overweight” rating in a research note on Friday, November 14th. Weiss Ratings reissued a “hold (c+)” rating on shares of Shore Bancshares in a report on Wednesday, October 8th. Hovde Group started coverage on shares of Shore Bancshares in a research note on Wednesday, November 19th. They issued an “outperform” rating and a $19.00 price target on the stock. Zacks Research lowered shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 26th. Finally, Wall Street Zen downgraded shares of Shore Bancshares from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.17.

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.