Acadian Asset Management LLC Purchases 37,267 Shares of Shore Bancshares Inc $SHBI

Acadian Asset Management LLC boosted its position in Shore Bancshares Inc (NASDAQ:SHBI) by 55.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 104,798 shares of the bank’s stock after acquiring an additional 37,267 shares during the period. Acadian Asset Management LLC owned 0.31% of Shore Bancshares worth $1,417,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in SHBI. Investment Management Corp VA ADV bought a new position in shares of Shore Bancshares in the 4th quarter valued at about $38,000. AlphaQuest LLC bought a new position in shares of Shore Bancshares in the 1st quarter valued at about $145,000. Stoneridge Investment Partners LLC bought a new position in Shore Bancshares in the first quarter valued at approximately $158,000. Russell Investments Group Ltd. boosted its stake in Shore Bancshares by 52.6% in the first quarter. Russell Investments Group Ltd. now owns 12,590 shares of the bank’s stock valued at $170,000 after acquiring an additional 4,339 shares during the last quarter. Finally, Bailard Inc. bought a new position in Shore Bancshares in the first quarter valued at approximately $210,000. Institutional investors own 59.76% of the company’s stock.

Shore Bancshares Stock Up 1.1%

Shore Bancshares stock opened at $17.04 on Thursday. The company’s 50 day simple moving average is $16.38 and its 200 day simple moving average is $14.92. The firm has a market capitalization of $569.48 million, a price-to-earnings ratio of 10.58 and a beta of 1.05. Shore Bancshares Inc has a fifty-two week low of $11.47 and a fifty-two week high of $17.61. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94.

Shore Bancshares (NASDAQ:SHBI) last announced its quarterly earnings results on Thursday, July 24th. The bank reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.10. The company had revenue of $56.57 million for the quarter, compared to analysts’ expectations of $53.77 million. Shore Bancshares had a net margin of 15.98% and a return on equity of 10.98%. As a group, sell-side analysts anticipate that Shore Bancshares Inc will post 1.59 EPS for the current year.

Shore Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Monday, August 11th. Shore Bancshares’s payout ratio is 29.81%.

Insider Buying and Selling at Shore Bancshares

In other Shore Bancshares news, Director Michael Brian Adams acquired 10,000 shares of the business’s stock in a transaction dated Friday, August 1st. The shares were acquired at an average price of $15.00 per share, for a total transaction of $150,000.00. Following the acquisition, the director directly owned 44,912 shares of the company’s stock, valued at approximately $673,680. This trade represents a 28.64% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 8.69% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of Shore Bancshares from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Shore Bancshares has a consensus rating of “Buy” and a consensus target price of $20.00.

About Shore Bancshares

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.