Shore Bancshares Inc $SHBI Shares Purchased by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP increased its stake in Shore Bancshares Inc (NASDAQ:SHBI) by 3.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,683,403 shares of the bank’s stock after acquiring an additional 53,381 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.05% of Shore Bancshares worth $31,445,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC acquired a new stake in shares of Shore Bancshares in the second quarter valued at about $31,000. Geneos Wealth Management Inc. acquired a new position in shares of Shore Bancshares during the 4th quarter worth about $48,000. State of Alaska Department of Revenue lifted its stake in Shore Bancshares by 207.4% in the 4th quarter. State of Alaska Department of Revenue now owns 4,138 shares of the bank’s stock valued at $72,000 after buying an additional 2,792 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Shore Bancshares by 239.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,500 shares of the bank’s stock valued at $71,000 after buying an additional 3,173 shares in the last quarter. Finally, State of Wyoming boosted its holdings in Shore Bancshares by 150.6% in the 2nd quarter. State of Wyoming now owns 4,682 shares of the bank’s stock worth $74,000 after buying an additional 2,814 shares during the last quarter. 59.76% of the stock is currently owned by institutional investors and hedge funds.

Shore Bancshares Price Performance

NASDAQ:SHBI opened at $24.61 on Wednesday. Shore Bancshares Inc has a one year low of $14.93 and a one year high of $24.89. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.94 and a current ratio of 0.95. The stock has a market cap of $823.45 million, a PE ratio of 12.43 and a beta of 0.81. The stock has a 50 day moving average price of $22.56 and a 200 day moving average price of $20.28.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.10. The company had revenue of $61.75 million for the quarter, compared to analyst estimates of $60.42 million. Shore Bancshares had a return on equity of 12.24% and a net margin of 19.15%. Equities research analysts expect that Shore Bancshares Inc will post 2.26 EPS for the current fiscal year.

Shore Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were given a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, June 3rd. This is an increase from Shore Bancshares’s previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a yield of 2.3%. Shore Bancshares’s dividend payout ratio is currently 28.28%.

Shore Bancshares announced that its Board of Directors has initiated a share buyback program on Thursday, May 21st that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the bank to repurchase up to 4.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Piper Sandler boosted their price objective on Shore Bancshares from $24.00 to $26.50 and gave the stock an “overweight” rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods lifted their price target on Shore Bancshares from $22.00 to $25.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 28th. Weiss Ratings reiterated a “buy (b)” rating on shares of Shore Bancshares in a research report on Friday, July 17th. Zacks Research cut Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Finally, Hovde Group raised their price objective on Shore Bancshares from $23.50 to $26.50 and gave the company an “outperform” rating in a report on Monday, July 27th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $26.00.

Shore Bancshares Company Profile

Shore Bancshares, Inc (NASDAQ: SHBI) is the bank holding company for Shore Community Bank, a commercial bank headquartered in Mount Holly, New Jersey. The company provides a full suite of banking and financial services to individuals and businesses, including deposit accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Shore Bancshares focuses on delivering community-oriented banking services with an emphasis on personalized customer relationships.

Shore Community Bank’s lending portfolio includes commercial real estate, construction loans, agricultural loans, small business loans under government-sponsored programs, and conventional residential mortgages.