Shore Bancshares Inc $SHBI Shares Sold by Rhumbline Advisers

Rhumbline Advisers trimmed its position in shares of Shore Bancshares Inc (NASDAQ:SHBI) by 5.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,888 shares of the bank’s stock after selling 2,219 shares during the period. Rhumbline Advisers owned approximately 0.11% of Shore Bancshares worth $486,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Shore Bancshares by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,446 shares of the bank’s stock valued at $277,000 after purchasing an additional 609 shares in the last quarter. CWM LLC grew its holdings in Shore Bancshares by 1.4% during the 1st quarter. CWM LLC now owns 59,878 shares of the bank’s stock worth $811,000 after acquiring an additional 843 shares in the last quarter. Royal Bank of Canada grew its holdings in Shore Bancshares by 21.8% during the 1st quarter. Royal Bank of Canada now owns 23,168 shares of the bank’s stock worth $314,000 after acquiring an additional 4,154 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Shore Bancshares by 52.6% during the 1st quarter. Russell Investments Group Ltd. now owns 12,590 shares of the bank’s stock worth $170,000 after acquiring an additional 4,339 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in Shore Bancshares by 3.6% during the 1st quarter. Wellington Management Group LLP now owns 176,540 shares of the bank’s stock worth $2,390,000 after acquiring an additional 6,096 shares in the last quarter. 59.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Michael Brian Adams acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average cost of $15.00 per share, with a total value of $150,000.00. Following the acquisition, the director owned 44,912 shares in the company, valued at approximately $673,680. This represents a 28.64% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 8.57% of the company’s stock.

Analyst Upgrades and Downgrades

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

Shore Bancshares Stock Down 0.8%

Shore Bancshares stock opened at $17.04 on Wednesday. The firm has a market cap of $569.48 million, a PE ratio of 10.58 and a beta of 1.05. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94. The firm’s 50 day moving average price is $16.44 and its two-hundred day moving average price is $15.00. Shore Bancshares Inc has a twelve month low of $11.47 and a twelve month high of $17.67.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings data on Thursday, July 24th. The bank reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.10. The firm had revenue of $56.57 million for the quarter, compared to analyst estimates of $53.77 million. Shore Bancshares had a net margin of 15.98% and a return on equity of 10.98%. On average, research analysts predict that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Investors 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 of this dividend was Monday, August 11th. Shore Bancshares’s dividend payout ratio is currently 29.81%.

Shore Bancshares Company 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.