Shore Bancshares, Inc. (NASDAQ:SHBI) Shares Purchased by Wellington Management Group LLP

Wellington Management Group LLP raised its position in shares of Shore Bancshares, Inc. (NASDAQ:SHBI - Free Report) by 59.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 170,444 shares of the bank's stock after purchasing an additional 63,539 shares during the period. Wellington Management Group LLP owned about 0.51% of Shore Bancshares worth $2,702,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership purchased a new position in shares of Shore Bancshares during the fourth quarter valued at $1,479,000. JPMorgan Chase & Co. grew its holdings in Shore Bancshares by 394.2% during the 4th quarter. JPMorgan Chase & Co. now owns 104,174 shares of the bank's stock worth $1,651,000 after acquiring an additional 83,096 shares in the last quarter. LPL Financial LLC bought a new stake in shares of Shore Bancshares in the 4th quarter valued at about $270,000. Hillsdale Investment Management Inc. bought a new stake in shares of Shore Bancshares in the 4th quarter valued at about $2,645,000. Finally, American Century Companies Inc. lifted its position in shares of Shore Bancshares by 45.7% in the 4th quarter. American Century Companies Inc. now owns 469,182 shares of the bank's stock worth $7,437,000 after purchasing an additional 147,148 shares during the period. 59.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Shore Bancshares Stock Up 1.3 %

Shares of SHBI stock traded up $0.16 during mid-day trading on Friday, hitting $12.51. 144,577 shares of the stock traded hands, compared to its average volume of 121,481. Shore Bancshares, Inc. has a 52-week low of $10.12 and a 52-week high of $17.61. The stock has a market cap of $417.23 million, a P/E ratio of 9.41 and a beta of 0.86. 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 stock's fifty day moving average is $13.96 and its two-hundred day moving average is $15.01.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last posted its earnings results on Thursday, January 30th. The bank reported $0.44 EPS for the quarter, beating 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%. Equities analysts predict that Shore Bancshares, Inc. will post 1.59 EPS for the current year.

Shore Bancshares Announces Dividend

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

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.