Assenagon Asset Management S.A. Trims Stock Holdings in Shore Bancshares, Inc. (NASDAQ:SHBI)

Assenagon Asset Management S.A. lowered its position in shares of Shore Bancshares, Inc. (NASDAQ:SHBI) by 51.4% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 44,394 shares of the bank’s stock after selling 47,002 shares during the quarter. Assenagon Asset Management S.A. owned about 0.13% of Shore Bancshares worth $508,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Quadrature Capital Ltd acquired a new stake in shares of Shore Bancshares during the first quarter worth about $200,000. Diversify Advisory Services LLC acquired a new stake in Shore Bancshares during the 1st quarter valued at approximately $216,000. Black Maple Capital Management LP lifted its stake in Shore Bancshares by 20.0% during the 1st quarter. Black Maple Capital Management LP now owns 30,028 shares of the bank’s stock valued at $345,000 after acquiring an additional 5,000 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Shore Bancshares by 428.0% in the 1st quarter. BNP Paribas Financial Markets now owns 42,829 shares of the bank’s stock valued at $493,000 after acquiring an additional 34,717 shares during the last quarter. Finally, Bailard Inc. increased its stake in shares of Shore Bancshares by 55.0% in the fourth quarter. Bailard Inc. now owns 40,887 shares of the bank’s stock worth $583,000 after acquiring an additional 14,500 shares during the period. Hedge funds and other institutional investors own 59.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SHBI. Janney Montgomery Scott downgraded shares of Shore Bancshares from a “buy” rating to a “neutral” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods boosted their price objective on Shore Bancshares from $13.00 to $15.00 and gave the company a “market perform” rating in a report on Friday, July 26th.

Shore Bancshares Price Performance

NASDAQ:SHBI opened at $14.12 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.94 and a quick ratio of 0.93. The company has a 50 day moving average price of $12.54 and a 200-day moving average price of $11.56. Shore Bancshares, Inc. has a 1-year low of $9.66 and a 1-year high of $14.99. The firm has a market cap of $470.48 million, a price-to-earnings ratio of 24.35 and a beta of 0.97.

Shore Bancshares (NASDAQ:SHBI) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.06. Shore Bancshares had a net margin of 7.18% and a return on equity of 8.37%. The business had revenue of $50.66 million during the quarter.

Shore Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Monday, August 12th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 3.40%. The ex-dividend date is Monday, August 12th. Shore Bancshares’s payout ratio is currently 82.76%.

Shore Bancshares Profile

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.