Connor Clark & Lunn Investment Management Ltd. Boosts Position in Shore Bancshares, Inc. (NASDAQ:SHBI)

Connor Clark & Lunn Investment Management Ltd. lifted its position in Shore Bancshares, Inc. (NASDAQ:SHBI) by 152.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 137,599 shares of the bank’s stock after buying an additional 83,079 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.41% of Shore Bancshares worth $2,181,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Fourthstone LLC grew its position in shares of Shore Bancshares by 1.7% during the 3rd quarter. Fourthstone LLC now owns 3,329,922 shares of the bank’s stock valued at $46,586,000 after purchasing an additional 54,679 shares in the last quarter. Geode Capital Management LLC boosted its stake in Shore Bancshares by 1.9% during the third quarter. Geode Capital Management LLC now owns 712,895 shares of the bank’s stock valued at $9,976,000 after buying an additional 13,445 shares during the period. State Street Corp grew its position in Shore Bancshares by 8.5% during the third quarter. State Street Corp now owns 537,140 shares of the bank’s stock worth $7,515,000 after buying an additional 41,971 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in Shore Bancshares by 1.0% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 269,375 shares of the bank’s stock worth $3,769,000 after acquiring an additional 2,700 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Shore Bancshares by 2.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 86,435 shares of the bank’s stock valued at $1,209,000 after acquiring an additional 2,231 shares in the last quarter. 59.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on SHBI shares. Keefe, Bruyette & Woods upgraded shares of Shore Bancshares from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $16.00 to $20.00 in a research report on Wednesday, December 4th. Piper Sandler initiated coverage on shares of Shore Bancshares in a research report on Thursday, February 6th. They set an “overweight” rating and a $20.00 price objective on the stock.

Shore Bancshares Price Performance

Shares of Shore Bancshares stock opened at $13.73 on Wednesday. The firm has a market capitalization of $457.92 million, a PE ratio of 10.32 and a beta of 1.01. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.23. Shore Bancshares, Inc. has a 12 month low of $10.06 and a 12 month high of $17.61. The business’s 50-day moving average price is $15.30 and its 200-day moving average price is $15.22.

Shore Bancshares (NASDAQ:SHBI) last posted its quarterly earnings results on Thursday, January 30th. The bank reported $0.44 EPS for the quarter, topping the consensus estimate of $0.35 by $0.09. Shore Bancshares had a net margin of 13.44% and a return on equity of 10.40%. Sell-side analysts forecast that Shore Bancshares, Inc. will post 1.59 EPS for the current fiscal year.

Shore Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Thursday, February 13th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $0.48 annualized dividend and a yield of 3.50%. Shore Bancshares’s payout ratio is 36.09%.

Shore Bancshares Company 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.