Shore Bancshares, Inc. (NASDAQ:SHBI) Short Interest Update

Shore Bancshares, Inc. (NASDAQ:SHBI) was the target of a significant increase in short interest in July. As of July 15th, there was short interest totalling 199,700 shares, an increase of 34.6% from the June 30th total of 148,400 shares. Based on an average daily trading volume, of 89,800 shares, the days-to-cover ratio is presently 2.2 days.

Insider Activity

In related news, Director Clyde V. Kelly III acquired 5,000 shares of Shore Bancshares stock in a transaction that occurred on 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 transaction, the director now directly owns 23,888 shares of the company’s stock, valued at approximately $267,306.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 8.57% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its stake in shares of Shore Bancshares by 5.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 252,577 shares of the bank’s stock worth $2,892,000 after acquiring an additional 13,345 shares in the last quarter. Black Maple Capital Management LP boosted its stake in shares of Shore Bancshares by 20.0% during the 1st quarter. Black Maple Capital Management LP now owns 30,028 shares of the bank’s stock worth $345,000 after acquiring an additional 5,000 shares in the last quarter. Gendell Jeffrey L boosted its stake in shares of Shore Bancshares by 3.7% during the 1st quarter. Gendell Jeffrey L now owns 283,410 shares of the bank’s stock worth $3,259,000 after acquiring an additional 10,000 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Shore Bancshares by 12.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 57,086 shares of the bank’s stock worth $657,000 after acquiring an additional 6,321 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new stake in shares of Shore Bancshares during the 1st quarter worth about $200,000. 59.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods upped their price objective on Shore Bancshares from $13.00 to $15.00 and gave the company a “market perform” rating in a report on Friday.

Shore Bancshares Trading Up 1.4 %

Shares of Shore Bancshares stock traded up $0.20 on Friday, reaching $14.64. 144,234 shares of the company were exchanged, compared to its average volume of 114,481. The stock has a fifty day moving average price of $11.61 and a 200-day moving average price of $11.48. The firm has a market capitalization of $486.40 million, a price-to-earnings ratio of 25.24 and a beta of 0.97. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.08. Shore Bancshares has a fifty-two week low of $9.66 and a fifty-two week high of $14.99.

Shore Bancshares (NASDAQ:SHBI) last posted its quarterly earnings results on Thursday, May 2nd. The bank reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.08. The firm had revenue of $47.78 million for the quarter, compared to analyst estimates of $49.88 million. Shore Bancshares had a return on equity of 8.42% and a net margin of 7.18%.

Shore Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Thursday, May 16th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 3.28%. The ex-dividend date was Wednesday, May 15th. Shore Bancshares’s payout ratio is currently 82.76%.

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.