State Street Corp Has $7.52 Million Stock Position in Shore Bancshares, Inc. (NASDAQ:SHBI)

State Street Corp boosted its position in Shore Bancshares, Inc. (NASDAQ:SHBI - Free Report) by 8.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 537,140 shares of the bank's stock after acquiring an additional 41,971 shares during the quarter. State Street Corp owned 1.61% of Shore Bancshares worth $7,515,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC purchased a new position in shares of Shore Bancshares in the 2nd quarter worth about $147,000. SG Americas Securities LLC acquired a new stake in Shore Bancshares during the 3rd quarter worth approximately $156,000. Rhumbline Advisers raised its holdings in Shore Bancshares by 6.5% in the second quarter. Rhumbline Advisers now owns 43,240 shares of the bank's stock valued at $495,000 after buying an additional 2,639 shares during the period. Creative Planning lifted its position in Shore Bancshares by 30.6% during the third quarter. Creative Planning now owns 37,674 shares of the bank's stock valued at $527,000 after buying an additional 8,831 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in Shore Bancshares by 9.7% during the third quarter. Assenagon Asset Management S.A. now owns 48,706 shares of the bank's stock worth $681,000 after buying an additional 4,312 shares during the period. Hedge funds and other institutional investors own 59.76% of the company's stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods upgraded Shore Bancshares from a "market perform" rating to an "outperform" rating and increased their price target for the company from $16.00 to $20.00 in a report on Wednesday, December 4th.

Insider Buying and Selling at Shore Bancshares

In other Shore Bancshares news, Director Konrad Wayson bought 3,000 shares of the company's stock in a transaction on Monday, November 25th. The shares were bought at an average cost of $16.94 per share, with a total value of $50,820.00. Following the completion of the acquisition, the director now owns 53,266 shares of the company's stock, valued at approximately $902,326.04. This trade represents a 5.97 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.57% of the stock is currently owned by insiders.

Shore Bancshares Stock Down 1.4 %

SHBI stock traded down $0.22 during midday trading on Friday, hitting $15.85. 101,483 shares of the company's stock were exchanged, compared to its average volume of 86,415. The stock has a market capitalization of $528.23 million, a price-to-earnings ratio of 12.68 and a beta of 0.97. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.23. The firm has a 50 day moving average price of $15.98 and a 200-day moving average price of $14.07. Shore Bancshares, Inc. has a 12-month low of $10.06 and a 12-month high of $17.61.

Shore Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Tuesday, November 12th were issued a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $0.48 annualized dividend and a yield of 3.03%. Shore Bancshares's dividend payout ratio is presently 38.40%.

Shore Bancshares 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.