Shore Bancshares (NASDAQ:SHBI) Sets New 1-Year High – What’s Next?

Shares of Shore Bancshares, Inc. (NASDAQ:SHBI) hit a new 52-week high on Monday . The stock traded as high as $16.94 and last traded at $16.94, with a volume of 1278 shares trading hands. The stock had previously closed at $16.55.

Wall Street Analysts Forecast Growth

Separately, Janney Montgomery Scott cut Shore Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 30th.

Shore Bancshares Stock Performance

The business’s fifty day moving average price is $14.66 and its 200-day moving average price is $13.16. The stock has a market capitalization of $559.28 million, a PE ratio of 13.24 and a beta of 0.95. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.93.

Shore Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date is Tuesday, November 12th. Shore Bancshares’s payout ratio is 38.40%.

Institutional Investors Weigh In On Shore Bancshares

A number of institutional investors have recently made changes to their positions in SHBI. Vanguard Group Inc. lifted its position in Shore Bancshares by 0.7% during the first quarter. Vanguard Group Inc. now owns 1,619,605 shares of the bank’s stock valued at $18,625,000 after purchasing an additional 11,544 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of Shore Bancshares during the 1st quarter valued at approximately $200,000. Price T Rowe Associates Inc. MD boosted its holdings in Shore Bancshares by 12.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 57,086 shares of the bank’s stock valued at $657,000 after acquiring an additional 6,321 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Shore Bancshares by 5.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 252,577 shares of the bank’s stock worth $2,892,000 after buying an additional 13,345 shares during the period. Finally, Rhumbline Advisers lifted its holdings in shares of Shore Bancshares by 6.5% in the 2nd quarter. Rhumbline Advisers now owns 43,240 shares of the bank’s stock worth $495,000 after buying an additional 2,639 shares during the period. Hedge funds and other institutional investors own 59.76% of the company’s stock.

About Shore Bancshares

Shore Bancshares, Inc operates as a bank holding company for the Shore United Bank, N.A. that provides various commercial and consumer banking products and services to individuals, businesses, and other organizations. It offers checking, savings, overnight investment sweep, and money market accounts; and regular and IRA certificates of deposit, as well as CDARS programs and cash management services.