Susquehanna International Group LLP Buys 21,958 Shares of Shore Bancshares Inc $SHBI

Susquehanna International Group LLP increased its stake in shares of Shore Bancshares Inc (NASDAQ:SHBI) by 102.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 43,331 shares of the bank’s stock after purchasing an additional 21,958 shares during the period. Susquehanna International Group LLP’s holdings in Shore Bancshares were worth $994,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently 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 purchased a new position in shares of Shore Bancshares in the 2nd quarter worth $41,000. Legal & General Group Plc purchased a new position in shares of Shore Bancshares in the 2nd quarter worth $70,000. Tower Research Capital LLC TRC increased its position in 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 acquiring an additional 3,173 shares during the last quarter. Finally, State of Wyoming grew its stake in shares of Shore Bancshares by 150.6% during the 2nd quarter. State of Wyoming now owns 4,682 shares of the bank’s stock valued at $74,000 after purchasing an additional 2,814 shares during the period. Institutional investors own 59.76% of the company’s stock.

Analysts Set New Price Targets

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

Shore Bancshares Price Performance

Shares of SHBI stock opened at $23.14 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.94. Shore Bancshares Inc has a one year low of $14.93 and a one year high of $24.89. The company’s fifty day moving average price is $23.34 and its 200-day moving average price is $20.86. The company has a market capitalization of $772.18 million, a price-to-earnings ratio of 11.69 and a beta of 0.81.

Shore Bancshares (NASDAQ:SHBI) last issued its earnings results on Thursday, July 23rd. The bank reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.10. The company had revenue of $61.75 million during the quarter, compared to the consensus estimate of $60.42 million. Shore Bancshares had a net margin of 19.15% and a return on equity of 12.11%. Sell-side analysts expect that Shore Bancshares Inc will post 2.26 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

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

Shore Bancshares announced that its board has initiated a stock repurchase 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 often a sign that the company’s board of directors believes its shares are undervalued.

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.