Connor Clark & Lunn Investment Management Ltd. Buys New Position in Shore Bancshares, Inc. (NASDAQ:SHBI)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Shore Bancshares, Inc. (NASDAQ:SHBI) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 54,520 shares of the bank’s stock, valued at approximately $763,000.

Several other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Shore Bancshares by 0.7% in the first quarter. Vanguard Group Inc. now owns 1,619,605 shares of the bank’s stock worth $18,625,000 after purchasing an additional 11,544 shares in the last quarter. Quadrature Capital Ltd bought a new stake in Shore Bancshares during the 1st quarter worth about $200,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Shore Bancshares by 12.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 57,086 shares of the bank’s stock worth $657,000 after buying an additional 6,321 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Shore Bancshares by 5.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 252,577 shares of the bank’s stock valued at $2,892,000 after acquiring an additional 13,345 shares in the last quarter. Finally, Rhumbline Advisers increased its position in shares of 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 acquiring an additional 2,639 shares during the last quarter. 59.76% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Konrad Wayson purchased 3,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were purchased at an average cost of $16.94 per share, with a total value of $50,820.00. Following the completion of the transaction, the director now owns 53,266 shares of the company’s stock, valued at $902,326.04. The trade was a 5.97 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.57% of the stock is currently owned by insiders.

Shore Bancshares Stock Performance

SHBI opened at $16.44 on Friday. The business’s 50-day simple moving average is $14.80 and its 200 day simple moving average is $13.26. Shore Bancshares, Inc. has a 52-week low of $10.06 and a 52-week high of $17.03. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market capitalization of $547.95 million, a PE ratio of 13.15 and a beta of 0.95.

Shore Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date is Tuesday, November 12th. Shore Bancshares’s dividend payout ratio is currently 38.40%.

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.