Martingale Asset Management L P Boosts Stake in Shore Bancshares, Inc. (NASDAQ:SHBI)

Martingale Asset Management L P raised its stake in Shore Bancshares, Inc. (NASDAQ:SHBI - Free Report) by 105.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 42,505 shares of the bank's stock after acquiring an additional 21,845 shares during the period. Martingale Asset Management L P owned approximately 0.13% of Shore Bancshares worth $674,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Geode Capital Management LLC increased its holdings in shares of Shore Bancshares by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 712,895 shares of the bank's stock worth $9,976,000 after buying an additional 13,445 shares during the last quarter. State Street Corp grew its position in 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 acquiring an additional 41,971 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in Shore Bancshares during the fourth quarter worth approximately $392,000. Barclays PLC raised its position in Shore Bancshares by 48.2% during the third 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, JPMorgan Chase & Co. lifted its stake in shares of Shore Bancshares by 61.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 21,078 shares of the bank's stock valued at $295,000 after purchasing an additional 7,994 shares during the last quarter. Hedge funds and other institutional investors own 59.76% of the company's stock.

Shore Bancshares Trading Up 1.3 %

Shares of NASDAQ:SHBI traded up $0.16 during trading hours on Friday, hitting $12.51. 144,577 shares of the company's stock traded hands, compared to its average volume of 121,343. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.93. The business has a fifty day moving average price of $13.96 and a 200-day moving average price of $15.01. Shore Bancshares, Inc. has a 1 year low of $10.09 and a 1 year high of $17.61. The firm has a market capitalization of $417.23 million, a P/E ratio of 9.41 and a beta of 0.86.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The bank reported $0.44 EPS for the quarter, beating the consensus estimate of $0.35 by $0.09. Shore Bancshares had a return on equity of 10.40% and a net margin of 13.44%. Equities analysts expect that Shore Bancshares, Inc. will post 1.59 earnings per share for the current year.

Shore Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Thursday, February 13th were paid a $0.12 dividend. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $0.48 dividend on an annualized basis and a yield of 3.84%. Shore Bancshares's dividend payout ratio is currently 36.09%.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler assumed coverage on Shore Bancshares in a report on Thursday, February 6th. They set an "overweight" rating and a $20.00 price target on the stock.

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.