Shore Bancshares Inc $SHBI Shares Purchased by Janus Henderson Group PLC

Janus Henderson Group PLC boosted its holdings in Shore Bancshares Inc (NASDAQ:SHBI) by 578.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 380,283 shares of the bank’s stock after buying an additional 324,208 shares during the quarter. Janus Henderson Group PLC owned approximately 1.14% of Shore Bancshares worth $7,104,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Royal Bank of Canada boosted its position in shares of Shore Bancshares by 4.2% during the 1st quarter. Royal Bank of Canada now owns 28,101 shares of the bank’s stock worth $525,000 after acquiring an additional 1,139 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Shore Bancshares by 9.9% in the 1st quarter. Empowered Funds LLC now owns 169,973 shares of the bank’s stock valued at $3,175,000 after acquiring an additional 15,356 shares during the last quarter. Quantinno Capital Management LP raised its position in shares of Shore Bancshares by 54.4% during the 1st quarter. Quantinno Capital Management LP now owns 65,811 shares of the bank’s stock worth $1,229,000 after acquiring an additional 23,196 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in Shore Bancshares during the first quarter worth approximately $1,635,000. Finally, Entropy Technologies LP purchased a new stake in Shore Bancshares during the first quarter worth approximately $199,000. 59.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on SHBI. Weiss Ratings reiterated a “buy (b)” rating on shares of Shore Bancshares in a research note on Friday, July 17th. Zacks Research downgraded shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Piper Sandler upped their target price on shares of Shore Bancshares from $24.00 to $26.50 and gave the company an “overweight” rating in a report 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 company a “market perform” rating in a research report on Tuesday, July 28th. Finally, Hovde Group lifted their price target on shares of Shore Bancshares from $23.50 to $26.50 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $26.00.

Shore Bancshares Stock Down 1.0%

Shares of NASDAQ SHBI opened at $24.37 on Thursday. The business has a 50-day moving average price of $22.64 and a 200 day moving average price of $20.33. The stock has a market cap of $813.23 million, a PE ratio of 12.31 and a beta of 0.81. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. Shore Bancshares Inc has a 52-week low of $14.93 and a 52-week high of $24.89.

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

Shore Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from Shore Bancshares’s previous quarterly dividend of $0.12. The ex-dividend date was Wednesday, June 3rd. Shore Bancshares’s payout ratio is 28.28%.

Shore Bancshares announced that its Board of Directors has authorized a share buyback program on Thursday, May 21st that allows the company to buyback $30.00 million in shares. This buyback authorization allows the bank to reacquire up to 4.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Shore Bancshares Company Profile

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.