Shore Bancshares, Inc. (NASDAQ:SHBI) Short Interest Update

Shore Bancshares, Inc. (NASDAQ:SHBI) was the target of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 176,800 shares, a decline of 18.0% from the October 15th total of 215,700 shares. Based on an average daily volume of 81,900 shares, the days-to-cover ratio is presently 2.2 days.

Shore Bancshares Price Performance

SHBI traded down $0.05 during trading on Friday, hitting $16.21. The company’s stock had a trading volume of 76,264 shares, compared to its average volume of 85,041. The business’s fifty day simple moving average is $14.37 and its 200 day simple moving average is $12.91. Shore Bancshares has a twelve month low of $10.06 and a twelve month high of $16.66. The firm has a market capitalization of $540.28 million, a price-to-earnings ratio of 13.01 and a beta of 0.95. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.23.

Shore Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 12th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend is Tuesday, November 12th. Shore Bancshares’s dividend payout ratio is presently 38.40%.

Institutional Investors Weigh In On Shore Bancshares

Large investors have recently bought and sold shares of the company. Bank of Montreal Can acquired a new stake in shares of Shore Bancshares in the second quarter worth approximately $899,000. Dimensional Fund Advisors LP lifted its holdings in Shore Bancshares by 6.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,208,740 shares of the bank’s stock valued at $13,839,000 after purchasing an additional 77,961 shares in the last quarter. Fourthstone LLC boosted its stake in Shore Bancshares by 1.7% during the 3rd quarter. Fourthstone LLC now owns 3,329,922 shares of the bank’s stock worth $46,586,000 after purchasing an additional 54,679 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Shore Bancshares during the third quarter worth $763,000. Finally, American Century Companies Inc. raised its position in shares of Shore Bancshares by 30.5% in the second quarter. American Century Companies Inc. now owns 195,418 shares of the bank’s stock valued at $2,238,000 after buying an additional 45,692 shares during the last quarter. 59.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SHBI has been the topic of a number of recent research reports. Keefe, Bruyette & Woods upped their target price on Shore Bancshares from $13.00 to $15.00 and gave the company a “market perform” rating in a research report on Friday, July 26th. Janney Montgomery Scott cut Shore Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, July 30th.

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.