Shore Bancshares Inc $SHBI Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC cut its position in shares of Shore Bancshares Inc (NASDAQ:SHBI) by 9.0% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 347,615 shares of the bank’s stock after selling 34,200 shares during the quarter. Renaissance Technologies LLC’s holdings in Shore Bancshares were worth $6,493,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its holdings in Shore Bancshares by 20.1% in the first quarter. PNC Financial Services Group Inc. now owns 4,448 shares of the bank’s stock valued at $83,000 after buying an additional 743 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Shore Bancshares by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,226 shares of the bank’s stock worth $247,000 after acquiring an additional 780 shares in the last quarter. Curi Capital LLC grew its position in shares of Shore Bancshares by 0.5% during the 2nd quarter. Curi Capital LLC now owns 176,046 shares of the bank’s stock valued at $2,767,000 after acquiring an additional 882 shares during the period. Man Group plc grew its position in shares of Shore Bancshares by 5.0% during the 4th quarter. Man Group plc now owns 19,053 shares of the bank’s stock valued at $337,000 after acquiring an additional 903 shares during the period. Finally, Mariner LLC increased its stake in shares of Shore Bancshares by 8.1% in the 4th quarter. Mariner LLC now owns 14,222 shares of the bank’s stock valued at $251,000 after purchasing an additional 1,069 shares in the last quarter. Institutional investors and hedge funds own 59.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SHBI shares. Zacks Research cut Shore Bancshares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Hovde Group raised their price objective on Shore Bancshares from $23.50 to $26.50 and gave the company an “outperform” rating in a report on Monday, July 27th. Piper Sandler boosted their price objective on Shore Bancshares from $24.00 to $26.50 and gave the company an “overweight” rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods upped their target price on Shore Bancshares from $22.00 to $25.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Shore Bancshares in a research report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.00.

Shore Bancshares Price Performance

SHBI stock opened at $24.61 on Wednesday. The business’s fifty day moving average price is $22.56 and its 200 day moving average price is $20.28. Shore Bancshares Inc has a 12-month low of $14.93 and a 12-month high of $24.89. 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 company has a market capitalization of $823.45 million, a PE ratio of 12.43 and a beta of 0.81.

Shore Bancshares (NASDAQ:SHBI) last announced its earnings results on Thursday, July 23rd. The bank reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.10. The company had revenue of $61.75 million during the quarter, compared to analysts’ expectations of $60.42 million. Shore Bancshares had a return on equity of 12.24% and a net margin of 19.15%. On average, sell-side analysts anticipate that Shore Bancshares Inc will post 2.26 EPS for the current year.

Shore Bancshares declared that its Board of Directors has authorized a share repurchase plan on Thursday, May 21st that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the bank to buy up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Shore Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were paid a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, June 3rd. This is a positive change from Shore Bancshares’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a dividend yield of 2.3%. Shore Bancshares’s payout ratio is 28.28%.

Shore Bancshares 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.