Jupiter Topco LLC Makes New Investment in Shore Bancshares Inc $SHBI

Jupiter Topco LLC bought a new stake in shares of Shore Bancshares Inc (NASDAQ:SHBI) in the second quarter, Holdings Channel reports. The fund bought 745,516 shares of the bank’s stock, valued at approximately $17,110,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. boosted its stake in shares of Shore Bancshares by 20.1% in the first quarter. PNC Financial Services Group Inc. now owns 4,448 shares of the bank’s stock worth $83,000 after acquiring an additional 743 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Shore Bancshares by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,226 shares of the bank’s stock valued at $247,000 after purchasing an additional 780 shares during the last quarter. Curi Capital LLC lifted its holdings in Shore Bancshares by 0.5% in the 2nd quarter. Curi Capital LLC now owns 176,046 shares of the bank’s stock valued at $2,767,000 after purchasing an additional 882 shares in the last quarter. Man Group plc boosted its stake in Shore Bancshares by 5.0% during the 4th quarter. Man Group plc now owns 19,053 shares of the bank’s stock worth $337,000 after purchasing an additional 903 shares during the last quarter. Finally, Mariner LLC boosted its stake in Shore Bancshares by 8.1% during the 4th quarter. Mariner LLC now owns 14,222 shares of the bank’s stock worth $251,000 after purchasing an additional 1,069 shares during the last quarter. Hedge funds and other institutional investors own 59.76% of the company’s stock.

Shore Bancshares Stock Up 0.3%

Shares of NASDAQ SHBI opened at $23.14 on Friday. The firm has a market cap of $772.18 million, a price-to-earnings ratio of 11.69 and a beta of 0.81. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. Shore Bancshares Inc has a 52-week low of $14.93 and a 52-week high of $24.89. The business’s 50 day moving average is $23.34 and its two-hundred day moving average is $20.86.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $0.60 EPS for the quarter, topping the consensus estimate of $0.50 by $0.10. Shore Bancshares had a return on equity of 12.11% and a net margin of 19.15%.The business had revenue of $61.75 million during the quarter, compared to analyst estimates of $60.42 million. Research analysts predict that Shore Bancshares Inc will post 2.26 EPS for the current year.

Shore Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $0.56 annualized dividend and a yield of 2.4%. Shore Bancshares’s dividend payout ratio is presently 28.28%.

Shore Bancshares announced that its Board of Directors has initiated a share buyback program on Thursday, May 21st that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the bank to repurchase up to 4.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Piper Sandler increased their target price on shares of Shore Bancshares from $24.00 to $26.50 and gave the company an “overweight” rating in a research report on Monday, July 27th. Hovde Group boosted their price target on shares of Shore Bancshares from $23.50 to $26.50 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods upped their price objective on shares of Shore Bancshares from $22.00 to $25.00 and gave the company a “market perform” rating in a research note on Tuesday, July 28th. Zacks Research downgraded shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Shore Bancshares in a research report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $26.00.

Shore Bancshares Company Profile

Shore Bancshares, Inc (NASDAQ: SHBI) is the bank holding company for Shore Community Bank, a commercial bank headquartered in Mount Holly, New Jersey. The company provides a full suite of banking and financial services to individuals and businesses, including deposit accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Shore Bancshares focuses on delivering community-oriented banking services with an emphasis on personalized customer relationships.

Shore Community Bank’s lending portfolio includes commercial real estate, construction loans, agricultural loans, small business loans under government-sponsored programs, and conventional residential mortgages.