Shore Bancshares (NASDAQ:SHBI) Hits New 52-Week High – Here’s What Happened

Shares of Shore Bancshares, Inc. (NASDAQ:SHBI) hit a new 52-week high during trading on Wednesday . The company traded as high as $17.61 and last traded at $17.59, with a volume of 30101 shares. The stock had previously closed at $17.15.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods upgraded shares of Shore Bancshares from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $16.00 to $20.00 in a report on Wednesday, December 4th.

Shore Bancshares Stock Up 1.2 %

The company has a market capitalization of $578.61 million, a P/E ratio of 13.72 and a beta of 0.97. The company has a 50-day moving average of $15.32 and a two-hundred day moving average of $13.63. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.23.

Shore Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Tuesday, November 12th were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, November 12th. This represents a $0.48 dividend on an annualized basis and a yield of 2.76%. Shore Bancshares’s dividend payout ratio (DPR) is currently 38.40%.

Insiders Place Their Bets

In related news, Director Konrad Wayson acquired 3,000 shares of the stock in a transaction on Monday, November 25th. The stock was acquired at an average price of $16.94 per share, for a total transaction of $50,820.00. Following the completion of the purchase, the director now owns 53,266 shares of the company’s stock, valued at $902,326.04. This represents a 5.97 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 8.57% of the company’s stock.

Hedge Funds Weigh In On Shore Bancshares

Several institutional investors and hedge funds have recently modified their holdings of the stock. Barclays PLC boosted its stake in Shore Bancshares by 48.2% in the 3rd quarter. Barclays PLC now owns 84,942 shares of the bank’s stock worth $1,189,000 after purchasing an additional 27,627 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Shore Bancshares by 1.9% in the third quarter. Geode Capital Management LLC now owns 712,895 shares of the bank’s stock worth $9,976,000 after buying an additional 13,445 shares in the last quarter. State Street Corp grew its holdings in shares of Shore Bancshares by 8.5% during the third quarter. State Street Corp now owns 537,140 shares of the bank’s stock valued at $7,515,000 after buying an additional 41,971 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its position in shares of Shore Bancshares by 1.0% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 269,375 shares of the bank’s stock valued at $3,769,000 after acquiring an additional 2,700 shares in the last quarter. Finally, Fourthstone LLC raised its holdings in Shore Bancshares by 1.7% in the 3rd quarter. Fourthstone LLC now owns 3,329,922 shares of the bank’s stock worth $46,586,000 after acquiring an additional 54,679 shares during the last quarter. 59.76% of the stock is currently owned by institutional investors.

Shore Bancshares Company Profile

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.