Shore Bancshares, Inc. (NASDAQ:SHBI) Director Michael Brian Adams Acquires 965 Shares

Shore Bancshares, Inc. (NASDAQ:SHBI - Get Free Report) Director Michael Brian Adams acquired 965 shares of the stock in a transaction on Tuesday, February 4th. The stock was bought at an average price of $15.92 per share, with a total value of $15,362.80. Following the completion of the acquisition, the director now directly owns 9,126 shares of the company's stock, valued at $145,285.92. This trade represents a 11.82 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Shore Bancshares Stock Down 0.4 %

Shore Bancshares stock traded down $0.06 during mid-day trading on Monday, reaching $16.43. The stock had a trading volume of 226,721 shares, compared to its average volume of 138,219. Shore Bancshares, Inc. has a one year low of $10.06 and a one year high of $17.61. The company has a 50-day moving average price of $16.04 and a two-hundred day moving average price of $14.96. The company has a market capitalization of $547.56 million, a price-to-earnings ratio of 12.35 and a beta of 0.97. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.93.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last issued its earnings results on Thursday, January 30th. The bank reported $0.44 earnings per share (EPS) for the quarter, topping 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%. On average, analysts expect that Shore Bancshares, Inc. will post 1.51 EPS for the current fiscal year.

Shore Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Thursday, February 13th will be given a dividend of $0.12 per share. The ex-dividend date is Thursday, February 13th. This represents a $0.48 annualized dividend and a yield of 2.92%. Shore Bancshares's dividend payout ratio (DPR) is 36.09%.

Wall Street Analysts Forecast Growth

SHBI has been the topic of a number of research reports. Keefe, Bruyette & Woods upgraded shares of Shore Bancshares from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $16.00 to $20.00 in a report on Wednesday, December 4th. Piper Sandler initiated coverage on shares of Shore Bancshares in a report on Thursday. They issued an "overweight" rating and a $20.00 price objective on the stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. bought a new position in Shore Bancshares in the 3rd quarter worth $763,000. Geode Capital Management LLC boosted its position in shares of Shore Bancshares by 1.9% in the third quarter. Geode Capital Management LLC now owns 712,895 shares of the bank's stock worth $9,976,000 after purchasing an additional 13,445 shares during the period. State Street Corp increased its stake in shares of Shore Bancshares by 8.5% in the third quarter. State Street Corp now owns 537,140 shares of the bank's stock worth $7,515,000 after purchasing an additional 41,971 shares in the last quarter. Barclays PLC raised its position in shares of Shore Bancshares by 48.2% during the 3rd quarter. Barclays PLC now owns 84,942 shares of the bank's stock valued at $1,189,000 after purchasing an additional 27,627 shares during the period. Finally, Thrivent Financial for Lutherans lifted its stake in shares of Shore Bancshares by 53.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 72,458 shares of the bank's stock valued at $1,013,000 after buying an additional 25,370 shares in the last quarter. Hedge funds and other institutional investors own 59.76% of the company's 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.