Quantum Portfolio Management LLC Has $1.30 Million Stock Holdings in Shore Bancshares Inc $SHBI

Quantum Portfolio Management LLC lifted its stake in Shore Bancshares Inc (NASDAQ:SHBI) by 60.1% in the third quarter, HoldingsChannel reports. The firm owned 79,173 shares of the bank’s stock after purchasing an additional 29,732 shares during the period. Quantum Portfolio Management LLC’s holdings in Shore Bancshares were worth $1,299,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. IFP Advisors Inc lifted its stake in Shore Bancshares by 31,320.0% during the second quarter. IFP Advisors Inc now owns 1,571 shares of the bank’s stock valued at $25,000 after buying an additional 1,566 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new stake in shares of Shore Bancshares during the second quarter valued at approximately $31,000. PNC Financial Services Group Inc. raised its holdings in shares of Shore Bancshares by 108.4% during the second quarter. PNC Financial Services Group Inc. now owns 3,020 shares of the bank’s stock valued at $47,000 after acquiring an additional 1,571 shares during the period. Financial Consulate Inc. purchased a new stake in shares of Shore Bancshares in the 3rd quarter valued at approximately $71,000. Finally, Tower Research Capital LLC TRC boosted its stake in Shore Bancshares by 239.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,500 shares of the bank’s stock worth $71,000 after purchasing an additional 3,173 shares during the period. Hedge funds and other institutional investors own 59.76% of the company’s stock.

Insider Buying and Selling at Shore Bancshares

In related news, EVP Aaron Michael Kaslow purchased 6,500 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The stock was bought at an average price of $15.56 per share, for a total transaction of $101,140.00. Following the purchase, the executive vice president owned 6,500 shares in the company, valued at $101,140. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders bought a total of 7,700 shares of company stock valued at $121,994 over the last ninety days. 8.69% of the stock is owned by insiders.

Shore Bancshares Stock Performance

Shares of SHBI stock opened at $18.26 on Monday. The firm has a market cap of $610.43 million, a P/E ratio of 10.74 and a beta of 0.94. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.95. Shore Bancshares Inc has a fifty-two week low of $11.47 and a fifty-two week high of $19.22. The stock’s 50-day moving average is $17.57 and its two-hundred day moving average is $16.75.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings data on Thursday, October 23rd. The bank reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.03. The firm had revenue of $56.36 million for the quarter, compared to the consensus estimate of $55.70 million. Shore Bancshares had a return on equity of 11.25% and a net margin of 16.78%. Analysts predict that Shore Bancshares Inc will post 1.59 earnings per share for the current fiscal year.

Shore Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 26th. Shareholders of record on Thursday, November 13th were given a $0.12 dividend. The ex-dividend date of this dividend was Thursday, November 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. Shore Bancshares’s payout ratio is currently 28.24%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SHBI shares. Zacks Research downgraded shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 26th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Shore Bancshares in a report on Wednesday, October 8th. Hovde Group began coverage on Shore Bancshares in a research report on Wednesday, November 19th. They set an “outperform” rating and a $19.00 price target on the stock. Piper Sandler lifted their target price on Shore Bancshares from $18.00 to $18.50 and gave the company an “overweight” rating in a research note on Friday, November 14th. Finally, Wall Street Zen downgraded Shore Bancshares from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Shore Bancshares currently has an average rating of “Moderate Buy” and a consensus price target of $18.75.

About Shore Bancshares

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.