Shore Bancshares (NASDAQ:SHBI) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Shore Bancshares (NASDAQ:SHBI – Get Rating) from a sell rating to a hold rating in a research note released on Wednesday.

Separately, Keefe, Bruyette & Woods dropped their price target on Shore Bancshares from $18.00 to $16.00 and set a market perform rating for the company in a research report on Thursday, April 6th.

Shore Bancshares Stock Performance

Shore Bancshares stock opened at $11.24 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.86 and a current ratio of 0.90. The stock has a fifty day moving average of $13.16 and a two-hundred day moving average of $16.39. The company has a market capitalization of $223.68 million, a price-to-earnings ratio of 6.98 and a beta of 0.88. Shore Bancshares has a fifty-two week low of $10.65 and a fifty-two week high of $20.85.

Shore Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 31st. Stockholders of record on Saturday, May 13th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.27%. The ex-dividend date is Thursday, May 11th. Shore Bancshares’s dividend payout ratio is currently 29.81%.

Insider Activity

In other Shore Bancshares news, Director Konrad Wayson acquired 3,000 shares of the stock in a transaction dated Thursday, May 11th. The stock was acquired at an average price of $10.83 per share, with a total value of $32,490.00. Following the completion of the transaction, the director now directly owns 60,889 shares in the company, valued at $659,427.87. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders acquired a total of 6,368 shares of company stock valued at $78,670 over the last quarter. Company insiders own 11.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in Shore Bancshares by 28.9% in the second quarter. FMR LLC now owns 2,274 shares of the bank’s stock valued at $42,000 after acquiring an additional 510 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Shore Bancshares by 14.4% in the first quarter. JPMorgan Chase & Co. now owns 4,197 shares of the bank’s stock valued at $86,000 after acquiring an additional 528 shares during the last quarter. UBS Group AG boosted its holdings in Shore Bancshares by 25.2% in the second quarter. UBS Group AG now owns 3,789 shares of the bank’s stock valued at $70,000 after acquiring an additional 762 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Shore Bancshares by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 47,243 shares of the bank’s stock valued at $823,000 after acquiring an additional 841 shares during the last quarter. Finally, Corbyn Investment Management Inc. MD boosted its holdings in Shore Bancshares by 0.6% in the first quarter. Corbyn Investment Management Inc. MD now owns 170,939 shares of the bank’s stock valued at $2,441,000 after acquiring an additional 1,071 shares during the last quarter. Institutional investors and hedge funds own 60.45% of the company’s stock.

About Shore Bancshares

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Shore Bancshares, Inc is a financial holding company, which engages in the provision of commercial banking products and services to individuals and businesses. Its services include checking accounts, various savings programs, mortgage loans, home improvement loans, installment and other personal loans, credit cards, personal lines of credit, automobile and other consumer financing, safe deposit boxes, debit cards, 24-hour telephone banking, internet banking, mobile banking, and 24-hour automatic teller machine services.