Proficio Capital Partners LLC Invests $392,000 in Shore Bancshares, Inc. (NASDAQ:SHBI)

Proficio Capital Partners LLC bought a new stake in shares of Shore Bancshares, Inc. (NASDAQ:SHBI - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 24,726 shares of the bank's stock, valued at approximately $392,000. Proficio Capital Partners LLC owned about 0.07% of Shore Bancshares at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in SHBI. SG Americas Securities LLC boosted 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 valued at $220,000 after purchasing an additional 2,734 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Shore Bancshares by 61.1% during the third 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. Janney Montgomery Scott LLC grew its position 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 acquiring an additional 1,984 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Shore Bancshares in the 3rd quarter worth about $763,000. Finally, Thrivent Financial for Lutherans lifted its position in Shore Bancshares by 53.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 72,458 shares of the bank's stock valued at $1,013,000 after purchasing an additional 25,370 shares during the last quarter. 59.76% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Shore Bancshares Price Performance

SHBI stock traded down $0.37 during trading on Friday, hitting $13.54. The company had a trading volume of 160,948 shares, compared to its average volume of 114,020. The business has a 50 day moving average of $15.08 and a 200 day moving average of $15.21. The firm has a market capitalization of $451.59 million, a price-to-earnings ratio of 10.18 and a beta of 1.01. 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, Inc. has a fifty-two week low of $10.06 and a fifty-two week high of $17.61.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last issued its quarterly earnings results on Thursday, January 30th. The bank reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates 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, research analysts predict that Shore Bancshares, Inc. will post 1.59 earnings per share for the current year.

Shore Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Thursday, February 13th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date was Thursday, February 13th. Shore Bancshares's payout ratio is currently 36.09%.

Analyst Upgrades and Downgrades

Several research analysts have commented on SHBI shares. Keefe, Bruyette & Woods upgraded shares of Shore Bancshares from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $16.00 to $20.00 in a research report on Wednesday, December 4th. Piper Sandler initiated coverage on Shore Bancshares in a research report on Thursday, February 6th. They issued an "overweight" rating and a $20.00 target price on the stock.

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.