BNP Paribas Financial Markets Cuts Stock Position in Shore Bancshares, Inc. (NASDAQ:SHBI)

BNP Paribas Financial Markets cut its holdings in Shore Bancshares, Inc. (NASDAQ:SHBI) by 41.9% in the third quarter, Holdings Channel reports. The institutional investor owned 25,565 shares of the bank’s stock after selling 18,424 shares during the quarter. BNP Paribas Financial Markets’ holdings in Shore Bancshares were worth $358,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in SHBI. Dimensional Fund Advisors LP raised its position in Shore Bancshares by 6.9% in the second 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 during the period. Renaissance Technologies LLC raised its holdings in shares of Shore Bancshares by 12.4% in the 2nd quarter. Renaissance Technologies LLC now owns 411,615 shares of the bank’s stock valued at $4,713,000 after buying an additional 45,300 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Shore Bancshares by 5.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 252,577 shares of the bank’s stock valued at $2,892,000 after buying an additional 13,345 shares during the period. American Century Companies Inc. raised its holdings in shares of Shore Bancshares by 30.5% in the 2nd 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 period. Finally, Curi RMB Capital LLC raised its holdings in shares of Shore Bancshares by 13.8% in the 3rd quarter. Curi RMB Capital LLC now owns 175,164 shares of the bank’s stock valued at $2,451,000 after buying an additional 21,191 shares during the period. 59.76% of the stock is currently owned by hedge funds and other institutional investors.

Shore Bancshares Price Performance

SHBI stock opened at $16.95 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $564.94 million, a PE ratio of 13.56 and a beta of 0.97. Shore Bancshares, Inc. has a 12-month low of $10.06 and a 12-month high of $17.61. The business’s fifty day moving average price is $15.54 and its 200 day moving average price is $13.73.

Shore Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $0.48 annualized dividend and a yield of 2.83%. Shore Bancshares’s dividend payout ratio (DPR) is 38.40%.

Insiders Place Their Bets

In related news, Director Konrad Wayson purchased 3,000 shares of the business’s stock in a transaction on Monday, November 25th. The shares were bought at an average price of $16.94 per share, for a total transaction of $50,820.00. Following the acquisition, the director now directly owns 53,266 shares in the company, valued at $902,326.04. This trade represents a 5.97 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 8.57% of the stock is owned by company insiders.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods upgraded Shore Bancshares from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $16.00 to $20.00 in a report on Wednesday, December 4th.

About Shore Bancshares

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.