Shore Bancshares (NASDAQ:SHBI) Trading Down 5.5%

Shares of Shore Bancshares, Inc. (NASDAQ:SHBI) were down 5.5% on Thursday . The company traded as low as $14.85 and last traded at $15.33. Approximately 544,289 shares were traded during mid-day trading, an increase of 1,299% from the average daily volume of 38,907 shares. The stock had previously closed at $16.23.

Separately, Zacks Investment Research raised shares of Shore Bancshares from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a report on Tuesday, January 5th.

The company has a market capitalization of $188.98 million, a P/E ratio of 12.36 and a beta of 0.93. The business has a 50-day moving average of $14.48 and a 200-day moving average of $12.81. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.98 and a quick ratio of 0.98.

Shore Bancshares (NASDAQ:SHBI) last issued its quarterly earnings results on Wednesday, January 27th. The bank reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.08. Shore Bancshares had a return on equity of 8.05% and a net margin of 22.74%. Sell-side analysts predict that Shore Bancshares, Inc. will post 1.17 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, March 1st. Investors of record on Monday, February 15th were given a $0.12 dividend. The ex-dividend date of this dividend was Thursday, February 11th. This represents a $0.48 dividend on an annualized basis and a yield of 3.06%. Shore Bancshares’s dividend payout ratio is presently 37.50%.

A number of institutional investors and hedge funds have recently modified their holdings of SHBI. BNP Paribas Arbitrage SA lifted its position in Shore Bancshares by 583.0% in the third quarter. BNP Paribas Arbitrage SA now owns 3,169 shares of the bank’s stock worth $35,000 after buying an additional 2,705 shares during the last quarter. Morgan Stanley lifted its position in shares of Shore Bancshares by 3.1% during the third quarter. Morgan Stanley now owns 103,627 shares of the bank’s stock worth $1,137,000 after purchasing an additional 3,098 shares during the last quarter. Penn Capital Management Co. Inc. lifted its position in shares of Shore Bancshares by 3.1% during the third quarter. Penn Capital Management Co. Inc. now owns 292,478 shares of the bank’s stock worth $3,211,000 after purchasing an additional 8,721 shares during the last quarter. Gendell Jeffrey L lifted its position in shares of Shore Bancshares by 15.6% during the third quarter. Gendell Jeffrey L now owns 92,619 shares of the bank’s stock worth $1,017,000 after purchasing an additional 12,481 shares during the last quarter. Finally, Zebra Capital Management LLC bought a new stake in shares of Shore Bancshares during the third quarter worth $183,000. Institutional investors own 65.95% of the company’s stock.

Shore Bancshares Company Profile (NASDAQ:SHBI)

Shore Bancshares, Inc operates as a bank holding company for the Shore United Bank that provides various commercial banking products and services to individuals, businesses, and other organizations. It offers various deposit products, including checking, savings, and money market accounts; and regular and IRA certificates of deposit, as well as CDARS programs and cash management services.

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