Banc Funds Co. LLC Sells 63,915 Shares of Shore Bancshares Inc $SHBI

Banc Funds Co. LLC lessened its stake in Shore Bancshares Inc (NASDAQ:SHBI) by 21.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 239,894 shares of the bank’s stock after selling 63,915 shares during the quarter. Banc Funds Co. LLC’s holdings in Shore Bancshares were worth $3,937,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC bought a new stake in Shore Bancshares in the 2nd quarter valued at $31,000. PNC Financial Services Group Inc. boosted its stake in Shore Bancshares by 108.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,020 shares of the bank’s stock worth $47,000 after purchasing an additional 1,571 shares during the period. Federated Hermes Inc. increased its holdings in Shore Bancshares by 168.7% during the 3rd quarter. Federated Hermes Inc. now owns 3,471 shares of the bank’s stock worth $57,000 after purchasing an additional 2,179 shares in the last quarter. Financial Consulate Inc. acquired a new stake in shares of Shore Bancshares in the 3rd quarter valued at about $71,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of 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 purchasing an additional 3,173 shares during the period. 59.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SHBI. Hovde Group boosted their price target on Shore Bancshares from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. Keefe, Bruyette & Woods lifted their target price on Shore Bancshares from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Finally, Weiss Ratings upgraded Shore Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, February 17th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.17.

Shore Bancshares Stock Down 0.1%

Shares of SHBI stock opened at $17.72 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.15. Shore Bancshares Inc has a 1 year low of $11.47 and a 1 year high of $20.68. The firm’s fifty day moving average price is $18.78 and its two-hundred day moving average price is $17.54. The firm has a market capitalization of $592.20 million, a P/E ratio of 9.96 and a beta of 0.90.

Shore Bancshares (NASDAQ:SHBI) last posted its quarterly earnings data on Wednesday, January 28th. The bank reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.04. The company had revenue of $59.20 million during the quarter, compared to the consensus estimate of $57.55 million. Shore Bancshares had a net margin of 17.36% and a return on equity of 11.50%. On average, equities analysts predict that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

Shore Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $0.48 annualized dividend and a yield of 2.7%. Shore Bancshares’s dividend payout ratio is 26.97%.

Insiders Place Their Bets

In related news, Director William E. Esham III purchased 5,000 shares of the firm’s stock in a transaction on Thursday, February 5th. The stock was purchased at an average cost of $19.99 per share, for a total transaction of $99,950.00. Following the completion of the purchase, the director directly owned 5,510 shares in the company, valued at $110,144.90. This trade represents a 980.39% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.69% of the stock is currently owned by corporate insiders.

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.