Shore Bancshares Inc $SHBI Position Decreased by Mendon Capital Advisors Corp

Mendon Capital Advisors Corp decreased its holdings in shares of Shore Bancshares Inc (NASDAQ:SHBI) by 11.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 205,164 shares of the bank’s stock after selling 26,674 shares during the period. Shore Bancshares makes up 1.4% of Mendon Capital Advisors Corp’s portfolio, making the stock its 24th biggest holding. Mendon Capital Advisors Corp owned 0.61% of Shore Bancshares worth $2,778,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Shore Bancshares by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,446 shares of the bank’s stock valued at $277,000 after buying an additional 609 shares in the last quarter. CWM LLC lifted its position in shares of Shore Bancshares by 1.4% in the first quarter. CWM LLC now owns 59,878 shares of the bank’s stock worth $811,000 after purchasing an additional 843 shares in the last quarter. Investment Management Corp VA ADV purchased a new stake in shares of Shore Bancshares in the fourth quarter worth approximately $38,000. Royal Bank of Canada lifted its position in shares of Shore Bancshares by 21.8% in the first quarter. Royal Bank of Canada now owns 23,168 shares of the bank’s stock worth $314,000 after purchasing an additional 4,154 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Shore Bancshares by 52.6% in the first quarter. Russell Investments Group Ltd. now owns 12,590 shares of the bank’s stock worth $170,000 after purchasing an additional 4,339 shares in the last quarter. 59.76% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Michael Brian Adams bought 10,000 shares of Shore Bancshares stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average cost of $15.00 per share, with a total value of $150,000.00. Following the completion of the transaction, the director directly owned 44,912 shares in the company, valued at $673,680. This trade represents a 28.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 8.57% of the company’s stock.

Shore Bancshares Trading Down 0.6%

NASDAQ:SHBI opened at $16.90 on Wednesday. The stock’s 50 day moving average price is $16.33 and its 200 day moving average price is $14.84. Shore Bancshares Inc has a 52 week low of $11.47 and a 52 week high of $17.61. The company has a market capitalization of $564.80 million, a P/E ratio of 10.50 and a beta of 1.05. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94.

Shore Bancshares (NASDAQ:SHBI) last announced its quarterly earnings results on Thursday, July 24th. The bank reported $0.51 EPS for the quarter, beating the consensus estimate of $0.41 by $0.10. Shore Bancshares had a return on equity of 10.98% and a net margin of 15.98%.The company had revenue of $56.57 million for the quarter, compared to the consensus estimate of $53.77 million. On average, research analysts forecast that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

Shore Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were paid a $0.12 dividend. The ex-dividend date was Monday, August 11th. This represents a $0.48 annualized dividend and a dividend yield of 2.8%. Shore Bancshares’s dividend payout ratio (DPR) is presently 29.81%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of Shore Bancshares from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Shore Bancshares has an average rating of “Buy” and an average price target of $20.00.

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.