Ieq Capital LLC Acquires Shares of 64,713 Shore Bancshares Inc $SHBI

Ieq Capital LLC bought a new position in shares of Shore Bancshares Inc (NASDAQ:SHBI) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 64,713 shares of the bank’s stock, valued at approximately $1,485,000. Ieq Capital LLC owned 0.19% of Shore Bancshares at the end of the most recent quarter.

Several other large investors also recently modified their holdings of SHBI. EverSource Wealth Advisors LLC bought a new position in Shore Bancshares during the 2nd quarter valued at approximately $31,000. Allworth Financial LP purchased a new position in shares of Shore Bancshares during the second quarter valued at approximately $41,000. Geneos Wealth Management Inc. bought a new position in shares of Shore Bancshares during the fourth quarter valued at approximately $48,000. Tower Research Capital LLC TRC lifted its stake in Shore Bancshares by 239.1% in 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 period. Finally, State of Wyoming boosted its holdings in Shore Bancshares by 150.6% in 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. 59.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SHBI has been the subject of several research reports. Keefe, Bruyette & Woods upped their price objective on shares of Shore Bancshares from $22.00 to $25.00 and gave the stock a “market perform” rating in a report on Tuesday, July 28th. Piper Sandler boosted their price target 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 restated a “buy (b)” rating on shares of Shore Bancshares in a report on Friday, July 17th. Zacks Research cut Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Finally, Hovde Group upped their target price on Shore Bancshares from $23.50 to $26.50 and gave the stock an “outperform” 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’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $26.00.

Shore Bancshares Stock Performance

Shares of SHBI stock opened at $23.11 on Thursday. The company’s fifty day moving average price is $23.30 and its 200-day moving average price is $20.82. The stock has a market cap of $771.18 million, a PE ratio of 11.67 and a beta of 0.81. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.14. Shore Bancshares Inc has a 12 month low of $14.93 and a 12 month high of $24.89.

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

Shore Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be paid a dividend of $0.14 per share. 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 currently 28.28%.

Shore Bancshares announced that its Board of Directors has approved a stock buyback plan on Thursday, May 21st that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

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.