Shore Bancshares (NASDAQ:SHBI) Hits New 1-Year High – What’s Next?

Shares of Shore Bancshares, Inc. (NASDAQ:SHBI) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $16.94 and last traded at $16.94, with a volume of 1278 shares traded. The stock had previously closed at $16.55.

Wall Street Analyst Weigh In

Separately, Janney Montgomery Scott cut Shore Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 30th.

Shore Bancshares Stock Performance

The firm has a 50 day moving average of $14.66 and a two-hundred day moving average of $13.16. The stock has a market cap of $559.28 million, a P/E ratio of 13.24 and a beta of 0.95. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.93 and a current ratio of 0.94.

Shore Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 12th will be issued a dividend of $0.12 per share. The ex-dividend date is Tuesday, November 12th. This represents a $0.48 dividend on an annualized basis and a yield of 2.86%. Shore Bancshares’s dividend payout ratio is 38.40%.

Institutional Trading of Shore Bancshares

Several hedge funds have recently added to or reduced their stakes in the business. Fourthstone LLC increased its stake in shares of Shore Bancshares by 1.7% during the 3rd quarter. Fourthstone LLC now owns 3,329,922 shares of the bank’s stock worth $46,586,000 after purchasing an additional 54,679 shares during the last quarter. Vanguard Group Inc. boosted its position in Shore Bancshares by 0.7% during the first quarter. Vanguard Group Inc. now owns 1,619,605 shares of the bank’s stock worth $18,625,000 after purchasing an additional 11,544 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 valued at $13,839,000 after purchasing an additional 77,961 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Shore Bancshares by 1.9% in the third quarter. Geode Capital Management LLC now owns 712,895 shares of the bank’s stock valued at $9,976,000 after purchasing an additional 13,445 shares during the period. Finally, State Street Corp raised its holdings in Shore Bancshares by 8.5% in the 3rd quarter. State Street Corp now owns 537,140 shares of the bank’s stock valued at $7,515,000 after acquiring an additional 41,971 shares during the period. Institutional investors and hedge funds own 59.76% of the company’s stock.

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.