Ieq Capital LLC Purchases New Position in Shore Bancshares Inc $SHBI

Ieq Capital LLC acquired a new position in Shore Bancshares Inc (NASDAQ:SHBI) in the second quarter, HoldingsChannel.com reports. The firm acquired 64,713 shares of the bank’s stock, valued at approximately $1,485,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC purchased a new stake in Shore Bancshares during the 2nd quarter valued at $31,000. Allworth Financial LP bought a new position in shares of Shore Bancshares during the second quarter valued at $41,000. Geneos Wealth Management Inc. bought a new position in shares of Shore Bancshares during the fourth quarter valued at $48,000. Tower Research Capital LLC TRC boosted its position 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 valued at $71,000 after buying an additional 3,173 shares during the last quarter. Finally, State of Wyoming boosted its position 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 buying an additional 2,814 shares during the last quarter. 59.76% of the stock is owned by institutional investors.

Shore Bancshares Stock Up 0.0%

SHBI stock opened at $23.11 on Thursday. The company has a market cap of $771.18 million, a price-to-earnings ratio of 11.67 and a beta of 0.81. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.94 and a current ratio of 0.95. The business’s 50-day moving average is $23.30 and its two-hundred day moving average is $20.82. Shore Bancshares Inc has a fifty-two week low of $14.93 and a fifty-two week high of $24.89.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $60.42 million. As a group, analysts forecast that Shore Bancshares Inc will post 2.26 earnings per share for the current year.

Shore Bancshares announced that its Board of Directors has approved a share buyback plan on Thursday, May 21st that allows the company to buyback $30.00 million in shares. This buyback authorization allows the bank to purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Shore Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be issued a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.4%. Shore Bancshares’s dividend payout ratio (DPR) is presently 28.28%.

Analyst Upgrades and Downgrades

SHBI has been the subject of a number of recent analyst reports. Zacks Research lowered Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Keefe, Bruyette & Woods lifted their price target on shares of Shore Bancshares from $22.00 to $25.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 28th. Hovde Group boosted their price objective on shares of Shore Bancshares from $23.50 to $26.50 and gave the company an “outperform” rating in a report on Monday, July 27th. Weiss Ratings restated a “buy (b)” rating on shares of Shore Bancshares in a research report on Friday, July 17th. Finally, Piper Sandler raised their target price on shares of Shore Bancshares from $24.00 to $26.50 and gave the stock an “overweight” rating in a report on Monday, July 27th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Shore Bancshares currently has a consensus 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.