Shore Bancshares Inc $SHBI Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC grew its holdings in shares of Shore Bancshares Inc (NASDAQ:SHBI) by 5.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 749,327 shares of the bank’s stock after buying an additional 35,407 shares during the period. Geode Capital Management LLC owned 2.25% of Shore Bancshares worth $11,782,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SHBI. IFP Advisors Inc increased its position in Shore Bancshares by 31,320.0% in the 2nd quarter. IFP Advisors Inc now owns 1,571 shares of the bank’s stock valued at $25,000 after acquiring an additional 1,566 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Shore Bancshares by 108.4% in the second quarter. PNC Financial Services Group Inc. now owns 3,020 shares of the bank’s stock worth $47,000 after purchasing an additional 1,571 shares in the last quarter. AlphaQuest LLC bought a new position in shares of Shore Bancshares in the first quarter worth $145,000. Stoneridge Investment Partners LLC acquired a new position in shares of Shore Bancshares during the first quarter valued at $158,000. Finally, Russell Investments Group Ltd. raised its stake in shares of Shore Bancshares by 52.6% during the first quarter. Russell Investments Group Ltd. now owns 12,590 shares of the bank’s stock valued at $170,000 after purchasing an additional 4,339 shares in the last quarter. 59.76% of the stock is owned by institutional investors.

Shore Bancshares Stock Performance

Shares of SHBI opened at $17.44 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The firm’s 50 day moving average is $16.24 and its 200-day moving average is $16.02. Shore Bancshares Inc has a 12-month low of $11.47 and a 12-month high of $17.83. The stock has a market capitalization of $582.97 million, a P/E ratio of 10.26 and a beta of 1.10.

Shore Bancshares (NASDAQ:SHBI) last issued its earnings results on Monday, September 19th. The bank reported $0.37 earnings per share for the quarter. The firm had revenue of $16.91 million during the quarter. Shore Bancshares had a net margin of 16.78% and a return on equity of 11.37%. Equities research analysts anticipate that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 26th. Stockholders of record on Thursday, November 13th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, November 13th. This represents a $0.48 annualized dividend and a dividend yield of 2.8%. Shore Bancshares’s dividend payout ratio (DPR) is currently 28.24%.

Insider Activity

In related news, EVP Aaron Michael Kaslow bought 6,500 shares of the business’s stock in a transaction dated Tuesday, November 18th. The shares were bought at an average cost of $15.56 per share, with a total value of $101,140.00. Following the completion of the transaction, the executive vice president directly owned 6,500 shares of the company’s stock, valued at approximately $101,140. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders acquired 7,700 shares of company stock valued at $121,994. Insiders own 8.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on SHBI shares. Zacks Research lowered shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 26th. Piper Sandler upped their price target on shares of Shore Bancshares from $18.00 to $18.50 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Hovde Group assumed coverage on shares of Shore Bancshares in a report on Wednesday, November 19th. They issued an “outperform” rating and a $19.00 price objective for the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Shore Bancshares in a report on Wednesday, October 8th. Finally, Wall Street Zen downgraded Shore Bancshares from a “buy” rating to a “hold” rating in a research report on Saturday, October 25th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Shore Bancshares has a consensus rating of “Moderate Buy” and an average price target of $19.17.

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.