Private Capital Management LLC Trims Stake in Shore Bancshares, Inc. (NASDAQ:SHBI)

Private Capital Management LLC cut its position in Shore Bancshares, Inc. (NASDAQ:SHBI) by 1.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 242,097 shares of the bank’s stock after selling 3,824 shares during the quarter. Private Capital Management LLC owned approximately 0.73% of Shore Bancshares worth $3,387,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its holdings in shares of Shore Bancshares by 24.5% in the fourth quarter. SG Americas Securities LLC now owns 13,871 shares of the bank’s stock valued at $220,000 after acquiring an additional 2,734 shares during the period. JPMorgan Chase & Co. raised its position in Shore Bancshares by 61.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 21,078 shares of the bank’s stock valued at $295,000 after purchasing an additional 7,994 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in Shore Bancshares by 10.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 21,741 shares of the bank’s stock worth $345,000 after purchasing an additional 1,984 shares during the period. Proficio Capital Partners LLC acquired a new stake in Shore Bancshares during the 4th quarter worth $392,000. Finally, Creative Planning grew its position in Shore Bancshares by 30.6% during the 3rd quarter. Creative Planning now owns 37,674 shares of the bank’s stock worth $527,000 after purchasing an additional 8,831 shares during the last quarter. Hedge funds and other institutional investors own 59.76% of the company’s stock.

Shore Bancshares Stock Performance

Shares of SHBI opened at $15.07 on Friday. The stock has a market capitalization of $502.24 million, a P/E ratio of 11.33 and a beta of 0.97. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.93 and a current ratio of 0.94. Shore Bancshares, Inc. has a 1 year low of $10.06 and a 1 year high of $17.61. The company’s fifty day moving average is $15.79 and its two-hundred day moving average is $15.16.

Shore Bancshares (NASDAQ:SHBI) last issued its quarterly 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 net margin of 13.44% and a return on equity of 10.40%. On average, sell-side analysts predict that Shore Bancshares, Inc. will post 1.59 earnings per share for the current year.

Shore Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Thursday, February 13th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date was Thursday, February 13th. Shore Bancshares’s dividend payout ratio (DPR) is 36.09%.

Wall Street Analysts Forecast Growth

SHBI has been the subject of a number of research reports. Keefe, Bruyette & Woods raised shares of Shore Bancshares from a “market perform” rating to an “outperform” rating and upped their target price for the company from $16.00 to $20.00 in a report on Wednesday, December 4th. Piper Sandler assumed coverage on Shore Bancshares in a research note on Thursday, February 6th. They set an “overweight” rating and a $20.00 price objective for the company.

Shore Bancshares Profile

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.