Janney Montgomery Scott LLC Increases Holdings in Shore Bancshares, Inc. (NASDAQ:SHBI)

Janney Montgomery Scott LLC boosted its position in Shore Bancshares, Inc. (NASDAQ:SHBI) by 10.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,741 shares of the bank’s stock after purchasing an additional 1,984 shares during the period. Janney Montgomery Scott LLC owned about 0.07% of Shore Bancshares worth $345,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its holdings in Shore Bancshares by 2.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 86,435 shares of the bank’s stock valued at $1,209,000 after purchasing an additional 2,231 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its stake in Shore Bancshares by 1.0% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 269,375 shares of the bank’s stock valued at $3,769,000 after acquiring an additional 2,700 shares during the last quarter. SG Americas Securities LLC increased its holdings in Shore Bancshares by 24.5% during the 4th quarter. SG Americas Securities LLC now owns 13,871 shares of the bank’s stock valued at $220,000 after acquiring an additional 2,734 shares in the last quarter. Assenagon Asset Management S.A. raised its position in Shore Bancshares by 9.7% during the third quarter. Assenagon Asset Management S.A. now owns 48,706 shares of the bank’s stock worth $681,000 after acquiring an additional 4,312 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Shore Bancshares by 61.1% in the third quarter. JPMorgan Chase & Co. now owns 21,078 shares of the bank’s stock valued at $295,000 after purchasing an additional 7,994 shares in the last quarter. 59.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SHBI has been the subject of several research reports. Keefe, Bruyette & Woods upgraded Shore Bancshares from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $16.00 to $20.00 in a research report on Wednesday, December 4th. Piper Sandler assumed coverage on Shore Bancshares in a report on Thursday, February 6th. They issued an “overweight” rating and a $20.00 price target for the company.

Shore Bancshares Price Performance

Shares of SHBI stock opened at $16.43 on Tuesday. The firm has a fifty day simple moving average of $16.04 and a 200-day simple moving average of $14.97. 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 $547.56 million, a PE ratio of 12.35 and a beta of 0.97. Shore Bancshares, Inc. has a twelve month low of $10.06 and a twelve month high of $17.61.

Shore Bancshares (NASDAQ:SHBI) last announced its quarterly earnings data on Thursday, January 30th. The bank reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.09. Shore Bancshares had a return on equity of 10.40% and a net margin of 13.44%. Equities research analysts anticipate that Shore Bancshares, Inc. will post 1.51 earnings per share for the current fiscal year.

Shore Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Thursday, February 13th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend is Thursday, February 13th. Shore Bancshares’s payout ratio is 36.09%.

Insider Activity at Shore Bancshares

In other Shore Bancshares news, Director Konrad Wayson purchased 3,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were purchased at an average cost of $16.94 per share, for a total transaction of $50,820.00. Following the completion of the transaction, the director now owns 53,266 shares in the company, valued at $902,326.04. The trade was a 5.97 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.57% of the stock is currently owned by insiders.

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.