Shore Bancshares (NASDAQ:SHBI) Sets New 1-Year High – What’s Next?

Shore Bancshares, Inc. (NASDAQ:SHBI)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $17.61 and last traded at $17.59, with a volume of 30101 shares. The stock had previously closed at $17.15.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised shares of Shore Bancshares from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $16.00 to $20.00 in a report on Wednesday, December 4th.

Shore Bancshares Stock Down 1.1 %

The company has a market cap of $564.94 million, a price-to-earnings ratio of 13.70 and a beta of 0.97. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.23. The stock has a 50-day simple moving average of $15.47 and a 200-day simple moving average of $13.68.

Shore Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Tuesday, November 12th were given a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $0.48 dividend on an annualized basis and a yield of 2.83%. Shore Bancshares’s dividend payout ratio is presently 38.40%.

Insider Buying and Selling at Shore Bancshares

In other news, Director Konrad Wayson bought 3,000 shares of the business’s stock in a transaction on Monday, November 25th. The stock was purchased at an average cost of $16.94 per share, for a total transaction of $50,820.00. Following the completion of the transaction, the director now directly owns 53,266 shares of the company’s stock, valued at approximately $902,326.04. This trade represents a 5.97 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.57% of the stock is owned by corporate insiders.

Institutional Trading of Shore Bancshares

Hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC acquired a new position in Shore Bancshares during the second quarter worth about $147,000. SG Americas Securities LLC acquired a new position in shares of Shore Bancshares in the 3rd quarter worth approximately $156,000. Rhumbline Advisers raised its holdings in shares of Shore Bancshares by 6.5% in the 2nd quarter. Rhumbline Advisers now owns 43,240 shares of the bank’s stock worth $495,000 after purchasing an additional 2,639 shares in the last quarter. Creative Planning lifted its stake in Shore Bancshares by 30.6% during the third quarter. Creative Planning now owns 37,674 shares of the bank’s stock valued at $527,000 after purchasing an additional 8,831 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in Shore Bancshares by 9.7% during the third quarter. Assenagon Asset Management S.A. now owns 48,706 shares of the bank’s stock worth $681,000 after buying an additional 4,312 shares in the last quarter. Institutional investors own 59.76% of the company’s stock.

About Shore Bancshares

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.