Michael Brian Adams Acquires 965 Shares of Shore Bancshares, Inc. (NASDAQ:SHBI) Stock

Shore Bancshares, Inc. (NASDAQ:SHBI) Director Michael Brian Adams acquired 965 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was acquired at an average cost of $15.92 per share, with a total value of $15,362.80. Following the completion of the acquisition, the director now directly owns 9,126 shares in the company, valued at approximately $145,285.92. This represents a 11.82 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Shore Bancshares Stock Down 0.7 %

Shares of SHBI stock opened at $16.49 on Friday. Shore Bancshares, Inc. has a 1 year low of $10.06 and a 1 year high of $17.61. 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 business’s fifty day moving average is $16.04 and its 200-day moving average is $14.92. The stock has a market cap of $549.61 million, a PE ratio of 12.40 and a beta of 0.97.

Shore Bancshares (NASDAQ:SHBI) last released its earnings results on Thursday, January 30th. The bank reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 1.51 earnings per share for the current fiscal year.

Shore Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Stockholders of record on Thursday, February 13th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.91%. The ex-dividend date is Thursday, February 13th. Shore Bancshares’s dividend payout ratio is 36.09%.

Wall Street Analyst Weigh In

SHBI has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods raised Shore Bancshares from a “market perform” rating to an “outperform” rating and raised their price target for the company from $16.00 to $20.00 in a report on Wednesday, December 4th. Piper Sandler assumed coverage on shares of Shore Bancshares in a research report on Thursday. They set an “overweight” rating and a $20.00 price target on the stock.

Hedge Funds Weigh In On Shore Bancshares

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Shore Bancshares during the third quarter valued at about $763,000. Geode Capital Management LLC grew its stake in Shore Bancshares by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 712,895 shares of the bank’s stock valued at $9,976,000 after acquiring an additional 13,445 shares in the last quarter. State Street Corp increased its holdings in shares of Shore Bancshares by 8.5% in the 3rd quarter. State Street Corp now owns 537,140 shares of the bank’s stock valued at $7,515,000 after purchasing an additional 41,971 shares during the period. Barclays PLC lifted its position in shares of Shore Bancshares by 48.2% in the third quarter. Barclays PLC now owns 84,942 shares of the bank’s stock worth $1,189,000 after purchasing an additional 27,627 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of Shore Bancshares by 53.9% during the third quarter. Thrivent Financial for Lutherans now owns 72,458 shares of the bank’s stock worth $1,013,000 after purchasing an additional 25,370 shares during the period. Institutional investors and hedge funds own 59.76% of the company’s 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.