Geode Capital Management LLC Trims Stock Holdings in Shore Bancshares, Inc. (NASDAQ:SHBI)

Geode Capital Management LLC lowered its position in shares of Shore Bancshares, Inc. (NASDAQ:SHBI) by 1.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 703,356 shares of the bank’s stock after selling 9,539 shares during the quarter. Geode Capital Management LLC owned about 2.11% of Shore Bancshares worth $11,151,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC lifted its holdings in shares of Shore Bancshares by 10.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 21,741 shares of the bank’s stock worth $345,000 after purchasing an additional 1,984 shares during the period. SG Americas Securities LLC raised its position in Shore Bancshares by 24.5% during the 4th quarter. SG Americas Securities LLC now owns 13,871 shares of the bank’s stock worth $220,000 after buying an additional 2,734 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Shore Bancshares by 61.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 21,078 shares of the bank’s stock valued at $295,000 after acquiring an additional 7,994 shares during the period. LPL Financial LLC purchased a new stake in shares of Shore Bancshares in the 4th quarter valued at $270,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Shore Bancshares in the fourth quarter worth $279,000. Hedge funds and other institutional investors own 59.76% of the company’s stock.

Analysts Set New Price Targets

Separately, Piper Sandler began coverage on shares of Shore Bancshares in a research report on Thursday, February 6th. They set an “overweight” rating and a $20.00 target price for the company.

Shore Bancshares Stock Up 3.5 %

Shares of SHBI stock opened at $12.82 on Wednesday. Shore Bancshares, Inc. has a twelve month low of $10.31 and a twelve month high of $17.61. The stock has a market cap of $427.85 million, a P/E ratio of 9.64 and a beta of 0.86. The stock has a 50 day moving average of $13.72 and a 200 day moving average of $15.00. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.23.

Shore Bancshares (NASDAQ:SHBI) last posted its earnings results on Thursday, January 30th. The bank reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.09. Shore Bancshares had a net margin of 13.44% and a return on equity of 10.40%. As a group, sell-side analysts expect that Shore Bancshares, Inc. will post 1.59 EPS for the current year.

Shore Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Thursday, February 13th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 3.74%. The ex-dividend date of this dividend was Thursday, February 13th. Shore Bancshares’s payout ratio is currently 36.09%.

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.