Assenagon Asset Management S.A. Acquires New Shares in Shore Bancshares Inc $SHBI

Assenagon Asset Management S.A. purchased a new stake in Shore Bancshares Inc (NASDAQ:SHBI) during the third quarter, HoldingsChannel.com reports. The fund purchased 58,195 shares of the bank’s stock, valued at approximately $955,000.

Other hedge funds also recently made changes to their positions in the company. Atlantic Union Bankshares Corp bought a new position in Shore Bancshares in the second quarter valued at approximately $8,622,000. Nuveen LLC acquired a new position in Shore Bancshares in the 1st quarter valued at about $3,716,000. HoldCo Asset Management LP bought a new position in Shore Bancshares in the 2nd quarter valued at about $4,215,000. AQR Capital Management LLC increased its stake in shares of Shore Bancshares by 143.3% during the second quarter. AQR Capital Management LLC now owns 273,109 shares of the bank’s stock worth $4,293,000 after purchasing an additional 160,850 shares during the period. Finally, Cubist Systematic Strategies LLC lifted its holdings in Shore Bancshares by 309.6% during the 1st quarter. Cubist Systematic Strategies LLC now owns 165,475 shares of the bank’s stock worth $2,241,000 after purchasing an additional 125,079 shares during the last quarter. 59.76% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SHBI. Zacks Research downgraded shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 26th. Piper Sandler lifted their price objective on shares of Shore Bancshares from $18.00 to $18.50 and gave the company an “overweight” rating in a research note on Friday, November 14th. Hovde Group assumed coverage on Shore Bancshares in a research report on Wednesday, November 19th. They issued an “outperform” rating and a $19.00 target price on the stock. Wall Street Zen downgraded Shore Bancshares from a “buy” rating to a “hold” rating in a research report on Saturday, October 25th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Shore Bancshares in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $18.75.

Insider Buying and Selling

In other Shore Bancshares news, EVP Aaron Michael Kaslow bought 6,500 shares of Shore Bancshares stock in a transaction that occurred on Tuesday, November 18th. The stock was acquired at an average cost of $15.56 per share, for a total transaction of $101,140.00. Following the completion of the transaction, the executive vice president directly owned 6,500 shares in the company, valued at $101,140. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Over the last ninety days, insiders have acquired 7,700 shares of company stock valued at $121,994. 8.69% of the stock is owned by company insiders.

Shore Bancshares Stock Up 0.1%

SHBI stock opened at $18.05 on Thursday. The company has a market cap of $603.41 million, a P/E ratio of 10.62 and a beta of 0.94. The stock’s 50 day simple moving average is $16.86 and its 200 day simple moving average is $16.42. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.95 and a current ratio of 0.96. Shore Bancshares Inc has a fifty-two week low of $11.47 and a fifty-two week high of $19.22.

Shore Bancshares (NASDAQ:SHBI) last announced its quarterly earnings results on Monday, September 19th. The bank reported $0.37 earnings per share (EPS) for the quarter. The business had revenue of $16.91 million during the quarter. Shore Bancshares had a return on equity of 11.25% and a net margin of 16.78%. On average, research analysts expect that Shore Bancshares Inc will post 1.59 earnings per share for the current fiscal year.

Shore Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 26th. Stockholders of record on Thursday, November 13th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Thursday, November 13th. Shore Bancshares’s dividend payout ratio is presently 28.24%.

About Shore Bancshares

Shore Bancshares, Inc (NASDAQ: SHBI) is the bank holding company for Shore Community Bank, a commercial bank headquartered in Mount Holly, New Jersey. The company provides a full suite of banking and financial services to individuals and businesses, including deposit accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Shore Bancshares focuses on delivering community-oriented banking services with an emphasis on personalized customer relationships.

Shore Community Bank’s lending portfolio includes commercial real estate, construction loans, agricultural loans, small business loans under government-sponsored programs, and conventional residential mortgages.