Chapin Davis Inc. Reduces Position in Shore Bancshares, Inc. (NASDAQ:SHBI)

Chapin Davis Inc. trimmed its holdings in Shore Bancshares, Inc. (NASDAQ:SHBI) by 10.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,500 shares of the bank’s stock after selling 2,000 shares during the quarter. Chapin Davis Inc. owned about 0.05% of Shore Bancshares worth $201,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Shore Bancshares by 85.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,930 shares of the bank’s stock worth $220,000 after buying an additional 9,665 shares during the last quarter. PBMares Wealth Management LLC purchased a new stake in Shore Bancshares in the fourth quarter valued at $232,000. SG Americas Securities LLC grew its holdings in shares of Shore Bancshares by 27.3% during the 4th quarter. SG Americas Securities LLC now owns 16,248 shares of the bank’s stock worth $232,000 after purchasing an additional 3,485 shares during the period. Black Maple Capital Management LP increased its position in shares of Shore Bancshares by 18.0% during the 4th quarter. Black Maple Capital Management LP now owns 25,028 shares of the bank’s stock worth $357,000 after purchasing an additional 3,821 shares during the last quarter. Finally, ELCO Management Co. LLC lifted its position in Shore Bancshares by 69.7% in the third quarter. ELCO Management Co. LLC now owns 40,299 shares of the bank’s stock valued at $424,000 after buying an additional 16,550 shares during the last quarter. 59.76% of the stock is currently owned by hedge funds and other institutional investors.

Shore Bancshares Trading Down 0.7 %

Shares of SHBI stock opened at $11.37 on Tuesday. The stock has a market capitalization of $377.71 million, a P/E ratio of 19.60 and a beta of 0.97. The company has a 50 day moving average price of $10.95 and a 200 day moving average price of $11.65. Shore Bancshares, Inc. has a fifty-two week low of $9.66 and a fifty-two week high of $14.51. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.91 and a current ratio of 0.91.

Shore Bancshares (NASDAQ:SHBI) last announced its quarterly earnings data on Thursday, May 2nd. The bank reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.08. Shore Bancshares had a net margin of 5.66% and a return on equity of 7.33%. The business had revenue of $47.78 million for the quarter, compared to analyst estimates of $49.88 million. Equities research analysts predict that Shore Bancshares, Inc. will post 1.47 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Thursday, May 16th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 4.22%. The ex-dividend date of this dividend was Wednesday, May 15th. Shore Bancshares’s payout ratio is 82.76%.

Insider Activity at Shore Bancshares

In related news, Director Clyde V. Kelly III bought 5,000 shares of the stock in a transaction dated Thursday, May 9th. The stock was acquired at an average price of $11.19 per share, for a total transaction of $55,950.00. Following the acquisition, the director now owns 23,888 shares in the company, valued at approximately $267,306.72. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 8.57% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods decreased their price objective on shares of Shore Bancshares from $14.00 to $13.00 and set a “market perform” rating on the stock in a report on Friday, May 3rd.

Shore Bancshares 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.