Michael Brian Adams Buys 965 Shares of Shore Bancshares, Inc. (NASDAQ:SHBI) Stock

Shore Bancshares, Inc. (NASDAQ:SHBI) Director Michael Brian Adams purchased 965 shares of Shore Bancshares stock in a transaction that occurred on Tuesday, February 4th. The stock was acquired at an average price of $15.92 per share, for a total transaction of $15,362.80. Following the transaction, the director now directly owns 9,126 shares of the company’s stock, valued at $145,285.92. The trade was a 11.82 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.

Shore Bancshares Trading Up 2.4 %

Shares of SHBI traded up $0.40 during midday trading on Thursday, hitting $16.66. The stock had a trading volume of 115,585 shares, compared to its average volume of 110,716. The firm has a market cap of $555.11 million, a PE ratio of 12.51 and a beta of 0.97. Shore Bancshares, Inc. has a 1 year low of $10.06 and a 1 year high of $17.61. The stock’s 50 day moving average is $16.04 and its 200 day moving average is $14.91. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.93.

Shore Bancshares (NASDAQ:SHBI) last posted its quarterly earnings results on Thursday, January 30th. The bank reported $0.44 EPS for the quarter, topping analysts’ consensus estimates 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, analysts forecast that Shore Bancshares, Inc. will post 1.46 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SHBI. Keefe, Bruyette & Woods upgraded shares of Shore Bancshares from a “market perform” rating to an “outperform” rating and upped their target price for the company from $16.00 to $20.00 in a research report on Wednesday, December 4th. Piper Sandler started coverage on Shore Bancshares in a research report on Thursday. They set an “overweight” rating and a $20.00 price objective on the stock.

Institutional Investors Weigh In On Shore Bancshares

Several hedge funds have recently added to or reduced their stakes in SHBI. Proficio Capital Partners LLC purchased a new position in Shore Bancshares in the fourth quarter valued at $392,000. Janney Montgomery Scott LLC increased its stake in shares of Shore Bancshares by 10.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 21,741 shares of the bank’s stock valued at $345,000 after purchasing an additional 1,984 shares in the last quarter. SG Americas Securities LLC raised its holdings in Shore Bancshares by 24.5% in the 4th quarter. SG Americas Securities LLC now owns 13,871 shares of the bank’s stock worth $220,000 after purchasing an additional 2,734 shares during the period. JPMorgan Chase & Co. boosted its position in Shore Bancshares by 61.1% during the third quarter. JPMorgan Chase & Co. now owns 21,078 shares of the bank’s stock worth $295,000 after purchasing an additional 7,994 shares in the last quarter. Finally, Barclays PLC grew its holdings in Shore Bancshares by 48.2% in the third quarter. Barclays PLC now owns 84,942 shares of the bank’s stock valued at $1,189,000 after purchasing an additional 27,627 shares during the period. 59.76% of the stock is owned by hedge funds and other institutional investors.

About Shore Bancshares

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.