Geode Capital Management LLC Boosts Position in Shore Bancshares, Inc. (NASDAQ:SHBI)

Geode Capital Management LLC grew its stake in shares of Shore Bancshares, Inc. (NASDAQ:SHBI) by 1.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 712,895 shares of the bank’s stock after buying an additional 13,445 shares during the period. Geode Capital Management LLC’s holdings in Shore Bancshares were worth $9,976,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp grew its stake in Shore Bancshares by 5.6% during the second quarter. Bank of New York Mellon Corp now owns 252,577 shares of the bank’s stock valued at $2,892,000 after acquiring an additional 13,345 shares in the last quarter. Rhumbline Advisers grew its position in shares of Shore Bancshares by 6.5% during the 2nd quarter. Rhumbline Advisers now owns 43,240 shares of the bank’s stock valued at $495,000 after purchasing an additional 2,639 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Shore Bancshares by 30.5% in the second quarter. American Century Companies Inc. now owns 195,418 shares of the bank’s stock worth $2,238,000 after purchasing an additional 45,692 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Shore Bancshares by 6.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,208,740 shares of the bank’s stock worth $13,839,000 after purchasing an additional 77,961 shares during the period. Finally, Renaissance Technologies LLC raised its position in shares of Shore Bancshares by 12.4% in the second quarter. Renaissance Technologies LLC now owns 411,615 shares of the bank’s stock worth $4,713,000 after buying an additional 45,300 shares in the last quarter. 59.76% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Shore Bancshares

In other news, Director Konrad Wayson acquired 3,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average cost of $16.94 per share, with a total value of $50,820.00. Following the acquisition, the director now owns 53,266 shares in the company, valued at approximately $902,326.04. This represents a 5.97 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 8.57% of the stock is currently owned by insiders.

Shore Bancshares Trading Up 0.1 %

Shares of SHBI opened at $15.85 on Thursday. Shore Bancshares, Inc. has a 1-year low of $10.06 and a 1-year high of $17.61. The company has a market capitalization of $528.23 million, a P/E ratio of 12.68 and a beta of 0.97. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.93. The firm’s 50 day simple moving average is $16.07 and its 200 day simple moving average is $14.21.

Shore Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Tuesday, November 12th. Shore Bancshares’s dividend payout ratio (DPR) is currently 38.40%.

Wall Street Analysts Forecast Growth

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

Shore Bancshares Company 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.