Bank of New York Mellon Corp Sells 42,256 Shares of Shore Bancshares, Inc. (NASDAQ:SHBI)

Bank of New York Mellon Corp decreased its holdings in shares of Shore Bancshares, Inc. (NASDAQ:SHBI) by 18.0% in the fourth quarter, Holdings Channel reports. The firm owned 192,388 shares of the bank’s stock after selling 42,256 shares during the quarter. Bank of New York Mellon Corp’s holdings in Shore Bancshares were worth $3,049,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans grew its position in Shore Bancshares by 53.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 72,458 shares of the bank’s stock worth $1,013,000 after acquiring an additional 25,370 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Shore Bancshares during the third quarter worth $763,000. Charles Schwab Investment Management Inc. increased its stake in shares of 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 buying an additional 2,231 shares in the last quarter. Fourthstone LLC raised its holdings in shares of Shore Bancshares by 1.7% in the third quarter. Fourthstone LLC now owns 3,329,922 shares of the bank’s stock valued at $46,586,000 after buying an additional 54,679 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC lifted its position in Shore Bancshares by 1.0% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 269,375 shares of the bank’s stock worth $3,769,000 after buying an additional 2,700 shares in the last quarter. Institutional investors own 59.76% of the company’s stock.

Analyst Ratings Changes

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

Shore Bancshares Trading Up 1.5 %

SHBI opened at $13.94 on Thursday. The stock has a market capitalization of $464.93 million, a P/E ratio of 10.48 and a beta of 1.01. Shore Bancshares, Inc. has a 12 month low of $10.06 and a 12 month high of $17.61. The firm’s fifty day simple moving average is $15.27 and its 200 day simple moving average is $15.21. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.23.

Shore Bancshares (NASDAQ:SHBI) last posted its quarterly earnings data on Thursday, January 30th. The bank reported $0.44 EPS for the quarter, beating the consensus estimate of $0.35 by $0.09. Shore Bancshares had a net margin of 13.44% and a return on equity of 10.40%. As a group, research analysts anticipate that Shore Bancshares, Inc. will post 1.59 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Thursday, February 13th were issued a $0.12 dividend. The ex-dividend date was Thursday, February 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.44%. Shore Bancshares’s payout ratio is 36.09%.

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.