Strs Ohio Grows Position in Shore Bancshares, Inc. (NASDAQ:SHBI)

Strs Ohio grew its position in shares of Shore Bancshares, Inc. (NASDAQ:SHBI) by 8.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,700 shares of the bank’s stock after purchasing an additional 2,100 shares during the period. Strs Ohio owned 0.13% of Shore Bancshares worth $297,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Corbyn Investment Management Inc. MD boosted its stake in shares of Shore Bancshares by 0.6% during the 1st quarter. Corbyn Investment Management Inc. MD now owns 170,939 shares of the bank’s stock worth $2,441,000 after purchasing an additional 1,071 shares during the last quarter. Kalos Management Inc. purchased a new position in shares of Shore Bancshares during the 1st quarter worth $33,000. Assenagon Asset Management S.A. purchased a new position in shares of Shore Bancshares during the 1st quarter worth $283,000. Legal & General Group Plc acquired a new position in shares of Shore Bancshares during the 2nd quarter valued at about $46,000. Finally, FMR LLC increased its stake in shares of Shore Bancshares by 28.9% during the 2nd quarter. FMR LLC now owns 2,274 shares of the bank’s stock valued at $42,000 after acquiring an additional 510 shares during the last quarter. 64.77% of the stock is owned by institutional investors and hedge funds.

Shore Bancshares Stock Performance

NASDAQ SHBI opened at $10.26 on Wednesday. The firm has a market capitalization of $339.81 million, a P/E ratio of 7.17 and a beta of 0.89. Shore Bancshares, Inc. has a 1-year low of $9.66 and a 1-year high of $20.85. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.95 and a quick ratio of 0.94. The business’s 50-day simple moving average is $10.65 and its 200-day simple moving average is $11.46.

Analyst Ratings Changes

SHBI has been the subject of a number of research analyst reports. Piper Sandler dropped their price objective on shares of Shore Bancshares from $22.00 to $16.00 in a research note on Tuesday, July 11th. Janney Montgomery Scott raised shares of Shore Bancshares from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 15th. Finally, StockNews.com raised shares of Shore Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 13th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $16.00.

About Shore Bancshares

Shore Bancshares, Inc operates as a bank holding company for the Shore United Bank 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.