The Manufacturers Life Insurance Company Takes Position in Shore Bancshares Inc $SHBI

The Manufacturers Life Insurance Company purchased a new position in shares of Shore Bancshares Inc (NASDAQ:SHBI) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 885,021 shares of the bank’s stock, valued at approximately $20,311,000. The Manufacturers Life Insurance Company owned about 2.65% of Shore Bancshares as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Allworth Financial LP acquired a new stake in Shore Bancshares during the second quarter valued at approximately $41,000. EverSource Wealth Advisors LLC acquired a new position in shares of Shore Bancshares in the 2nd quarter worth approximately $31,000. Geneos Wealth Management Inc. bought a new stake in shares of Shore Bancshares in the 4th quarter valued at approximately $48,000. PNC Financial Services Group Inc. increased its holdings in shares of Shore Bancshares by 20.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,448 shares of the bank’s stock valued at $83,000 after acquiring an additional 743 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of Shore Bancshares by 239.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,500 shares of the bank’s stock valued at $71,000 after acquiring an additional 3,173 shares in the last quarter. 59.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SHBI has been the subject of a number of research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Shore Bancshares in a report on Friday, July 17th. Piper Sandler boosted their target price on shares of Shore Bancshares from $24.00 to $26.50 and gave the company an “overweight” rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods increased their target price 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. Hovde Group raised their price target on shares of Shore Bancshares from $23.50 to $26.50 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Finally, Zacks Research lowered shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Shore Bancshares has an average rating of “Moderate Buy” and an average target price of $26.00.

Shore Bancshares Trading Down 0.2%

Shares of NASDAQ SHBI opened at $23.06 on Friday. Shore Bancshares Inc has a 12-month low of $14.93 and a 12-month high of $24.89. The company has a market cap of $769.51 million, a price-to-earnings ratio of 11.65 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. The stock’s 50 day simple moving average is $23.32 and its 200 day simple moving average is $20.84.

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

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

Shore Bancshares Dividend Announcement

The company 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. This represents a $0.56 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Wednesday, September 2nd. Shore Bancshares’s payout ratio is presently 28.28%.

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.