Shore Bancshares Inc $SHBI Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lessened its holdings in shares of Shore Bancshares Inc (NASDAQ:SHBI) by 9.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 347,615 shares of the bank’s stock after selling 34,200 shares during the period. Renaissance Technologies LLC owned approximately 1.04% of Shore Bancshares worth $6,493,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in SHBI. EverSource Wealth Advisors LLC acquired a new position in Shore Bancshares during the 2nd quarter valued at about $31,000. Geneos Wealth Management Inc. acquired a new stake in Shore Bancshares in the fourth quarter worth about $48,000. Tower Research Capital LLC TRC grew its stake in shares of Shore Bancshares by 239.1% during the second quarter. Tower Research Capital LLC TRC now owns 4,500 shares of the bank’s stock worth $71,000 after acquiring an additional 3,173 shares during the last quarter. State of Alaska Department of Revenue grew its stake in shares of Shore Bancshares by 207.4% during the fourth quarter. State of Alaska Department of Revenue now owns 4,138 shares of the bank’s stock worth $72,000 after acquiring an additional 2,792 shares during the last quarter. Finally, State of Wyoming increased its holdings in shares of Shore Bancshares by 150.6% during the second quarter. State of Wyoming now owns 4,682 shares of the bank’s stock valued at $74,000 after acquiring an additional 2,814 shares in the last quarter. Institutional investors and hedge funds own 59.76% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Shore Bancshares Stock Performance

SHBI opened at $24.61 on Wednesday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.15. Shore Bancshares Inc has a 12-month low of $14.93 and a 12-month high of $24.89. The firm has a 50 day moving average of $22.56 and a two-hundred day moving average of $20.28. The firm has a market capitalization of $823.45 million, a PE ratio of 12.43 and a beta of 0.81.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.10. The firm had revenue of $61.75 million for the quarter, compared to analyst estimates of $60.42 million. Shore Bancshares had a net margin of 19.15% and a return on equity of 12.24%. On average, analysts anticipate that Shore Bancshares Inc will post 2.26 EPS for the current year.

Shore Bancshares declared that its Board of Directors has initiated a share buyback plan on Thursday, May 21st that authorizes the company to repurchase $30.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Shore Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were paid a $0.14 dividend. The ex-dividend date was Wednesday, June 3rd. This is a positive change from Shore Bancshares’s previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.3%. Shore Bancshares’s dividend payout ratio (DPR) is currently 28.28%.

Shore Bancshares 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.