Lazard Asset Management LLC Invests $1.64 Million in Shore Bancshares Inc $SHBI

Lazard Asset Management LLC purchased a new position in shares of Shore Bancshares Inc (NASDAQ:SHBI) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 87,508 shares of the bank’s stock, valued at approximately $1,635,000. Lazard Asset Management LLC owned 0.26% of Shore Bancshares as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SHBI. LSV Asset Management raised its position in shares of Shore Bancshares by 54.5% during the fourth quarter. LSV Asset Management now owns 183,777 shares of the bank’s stock worth $3,249,000 after purchasing an additional 64,806 shares during the period. Principal Financial Group Inc. acquired a new stake in Shore Bancshares in the 1st quarter valued at $834,000. Knights of Columbus Asset Advisors LLC bought a new stake in Shore Bancshares during the 4th quarter valued at $1,867,000. Sei Investments Co. increased its stake in Shore Bancshares by 48.9% during the 3rd quarter. Sei Investments Co. now owns 18,274 shares of the bank’s stock valued at $300,000 after purchasing an additional 6,000 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in Shore Bancshares by 29.1% during the third quarter. BNP Paribas Financial Markets now owns 5,879 shares of the bank’s stock worth $96,000 after buying an additional 1,324 shares during the last quarter. Institutional investors own 59.76% of the company’s stock.

Shore Bancshares Stock Performance

Shares of SHBI stock opened at $24.55 on Tuesday. The firm has a 50-day moving average of $22.48 and a 200-day moving average of $20.24. The company has a market cap of $821.44 million, a P/E ratio of 12.40 and a beta of 0.81. The company has a debt-to-equity ratio of 0.15, 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.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly 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 business had revenue of $61.75 million for the quarter, compared to analysts’ expectations of $60.42 million. Shore Bancshares had a net margin of 19.15% and a return on equity of 12.24%. Equities research analysts forecast that Shore Bancshares Inc will post 2.26 EPS for the current fiscal year.

Shore Bancshares announced that its Board of Directors has approved a share buyback program on Thursday, May 21st that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the bank to repurchase up to 4.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Shore Bancshares Increases Dividend

The firm 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. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Wednesday, June 3rd. This is a boost from Shore Bancshares’s previous quarterly dividend of $0.12. Shore Bancshares’s dividend payout ratio (DPR) is presently 28.28%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SHBI. Piper Sandler lifted their price objective on shares of Shore Bancshares from $24.00 to $26.50 and gave the company an “overweight” rating in a report on Monday, July 27th. Zacks Research cut shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Keefe, Bruyette & Woods boosted their price objective on Shore Bancshares from $22.00 to $25.00 and gave the stock a “market perform” rating in a report on Tuesday, July 28th. Hovde Group increased their price objective on Shore Bancshares from $23.50 to $26.50 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Shore Bancshares in a report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Shore Bancshares has an average rating of “Moderate Buy” and a consensus target price of $26.00.

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.