Shore Bancshares, Inc. (NASDAQ:SHBI – Get Rating) was the target of a large decrease in short interest in the month of January. As of January 15th, there was short interest totalling 158,400 shares, a decrease of 17.9% from the December 31st total of 192,900 shares. Based on an average daily trading volume, of 47,800 shares, the short-interest ratio is currently 3.3 days.
Shore Bancshares Stock Down 2.0 %
Shore Bancshares stock traded down $0.35 during mid-day trading on Friday, reaching $17.03. 63,024 shares of the company's stock were exchanged, compared to its average volume of 38,458. The company has a market cap of $338.05 million, a P/E ratio of 10.85 and a beta of 0.92. Shore Bancshares has a twelve month low of $16.99 and a twelve month high of $21.41. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.15. The company has a fifty day moving average of $18.23 and a 200-day moving average of $18.66.
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Shore Bancshares (NASDAQ:SHBI – Get Rating) last released its earnings results on Thursday, October 27th. The bank reported $0.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.04. The company had revenue of $32.69 million for the quarter, compared to analyst estimates of $31.80 million. Shore Bancshares had a net margin of 22.77% and a return on equity of 9.25%. Sell-side analysts expect that Shore Bancshares will post 1.93 EPS for the current year.
Shore Bancshares Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 30th. Shareholders of record on Saturday, November 12th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, November 9th. This represents a $0.48 dividend on an annualized basis and a yield of 2.82%. Shore Bancshares's dividend payout ratio (DPR) is presently 30.57%.
Institutional Investors Weigh In On Shore Bancshares
A number of hedge funds have recently added to or reduced their stakes in the business. FMR LLC raised its holdings in shares of Shore Bancshares by 28.9% in the 2nd quarter. FMR LLC now owns 2,274 shares of the bank's stock valued at $42,000 after purchasing an additional 510 shares in the last quarter. Legal & General Group Plc acquired a new stake in shares of Shore Bancshares in the 2nd quarter valued at $46,000. Tower Research Capital LLC TRC raised its holdings in shares of Shore Bancshares by 155.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 2,994 shares of the bank's stock valued at $52,000 after purchasing an additional 1,823 shares in the last quarter. UBS Group AG grew its position in shares of Shore Bancshares by 25.2% in the 2nd quarter. UBS Group AG now owns 3,789 shares of the bank's stock valued at $70,000 after buying an additional 762 shares during the last quarter. Finally, US Bancorp DE grew its position in shares of Shore Bancshares by 3,046.0% in the 3rd quarter. US Bancorp DE now owns 3,964 shares of the bank's stock valued at $69,000 after buying an additional 3,838 shares during the last quarter. 60.45% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on SHBI. Keefe, Bruyette & Woods cut shares of Shore Bancshares from an "outperform" rating to a "market perform" rating and set a $22.00 price target for the company. in a research note on Monday, December 12th. StockNews.com began coverage on shares of Shore Bancshares in a research report on Wednesday, October 12th. They set a "hold" rating for the company. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $22.00 price objective on shares of Shore Bancshares in a research report on Monday, December 5th.
About Shore Bancshares
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Shore Bancshares, Inc is a financial holding company, which engages in the provision of commercial banking products and services to individuals and businesses. Its services include checking accounts, various savings programs, mortgage loans, home improvement loans, installment and other personal loans, credit cards, personal lines of credit, automobile and other consumer financing, safe deposit boxes, debit cards, 24-hour telephone banking, internet banking, mobile banking, and 24-hour automatic teller machine services.
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