Wellington Management Group LLP Has $17.63 Million Stake in Shore Bancshares Inc $SHBI

Wellington Management Group LLP trimmed its position in shares of Shore Bancshares Inc (NASDAQ:SHBI) by 24.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 768,354 shares of the bank’s stock after selling 245,321 shares during the period. Wellington Management Group LLP’s holdings in Shore Bancshares were worth $17,634,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SHBI. EverSource Wealth Advisors LLC bought a new stake in Shore Bancshares during the 2nd quarter valued at approximately $31,000. Allworth Financial LP bought a new stake in shares of Shore Bancshares in the second quarter valued at approximately $41,000. Legal & General Group Plc acquired a new stake in shares of Shore Bancshares in the second quarter worth $70,000. Tower Research Capital LLC TRC increased its position in Shore Bancshares by 239.1% during the second quarter. Tower Research Capital LLC TRC now owns 4,500 shares of the bank’s stock worth $71,000 after acquiring an additional 3,173 shares during the period. Finally, State of Wyoming raised its stake in Shore Bancshares by 150.6% during the 2nd quarter. State of Wyoming now owns 4,682 shares of the bank’s stock valued at $74,000 after purchasing an additional 2,814 shares during the last quarter. 59.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Shore Bancshares Stock Performance

Shore Bancshares stock opened at $23.63 on Monday. The firm has a market capitalization of $788.58 million, a P/E ratio of 11.93 and a beta of 0.80. The stock has a fifty day moving average price of $23.39 and a two-hundred day moving average price of $20.98. Shore Bancshares Inc has a 52-week low of $14.93 and a 52-week high of $24.89. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.94.

Shore Bancshares (NASDAQ:SHBI) last posted its earnings results on Thursday, July 23rd. The bank reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.10. Shore Bancshares had a net margin of 19.15% and a return on equity of 12.11%. The business had revenue of $61.75 million for the quarter, compared to analyst estimates of $60.42 million. As a group, analysts anticipate that Shore Bancshares Inc will post 2.26 EPS for the current fiscal year.

Shore Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.4%. The ex-dividend date is Wednesday, September 2nd. Shore Bancshares’s payout ratio is 28.28%.

Shore Bancshares announced that its board has authorized a stock buyback program on Thursday, May 21st that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

About Shore Bancshares

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.