Hillsdale Investment Management Inc. Takes $2.65 Million Position in Shore Bancshares, Inc. (NASDAQ:SHBI)

Hillsdale Investment Management Inc. acquired a new position in Shore Bancshares, Inc. (NASDAQ:SHBI) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 166,900 shares of the bank’s stock, valued at approximately $2,645,000. Hillsdale Investment Management Inc. owned about 0.50% of Shore Bancshares at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. SG Americas Securities LLC increased its holdings in shares of 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 buying an additional 2,734 shares during the last quarter. Raymond James Financial Inc. bought a new position in Shore Bancshares in the fourth quarter valued at $279,000. JPMorgan Chase & Co. raised 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 valued at $295,000 after purchasing an additional 7,994 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in Shore Bancshares by 10.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 21,741 shares of the bank’s stock worth $345,000 after purchasing an additional 1,984 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in shares of Shore Bancshares in the 4th quarter worth about $392,000. 59.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SHBI. Keefe, Bruyette & Woods upgraded Shore Bancshares from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $16.00 to $20.00 in a research report on Wednesday, December 4th. Piper Sandler initiated coverage on shares of Shore Bancshares in a research note on Thursday, February 6th. They issued an “overweight” rating and a $20.00 price objective for the company.

Shore Bancshares Trading Down 1.0 %

NASDAQ SHBI opened at $13.74 on Friday. The firm has a market cap of $458.26 million, a PE ratio of 10.33 and a beta of 1.01. Shore Bancshares, Inc. has a 1-year low of $10.06 and a 1-year high of $17.61. The stock has a 50-day moving average of $15.22 and a 200-day moving average of $15.20. 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 announced its quarterly earnings data on Thursday, January 30th. The bank reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.09. Shore Bancshares had a return on equity of 10.40% and a net margin of 13.44%. As a group, sell-side analysts forecast that Shore Bancshares, Inc. will post 1.59 EPS for the current year.

Shore Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Thursday, February 13th were given a dividend of $0.12 per share. The ex-dividend date was Thursday, February 13th. This represents a $0.48 annualized dividend and a yield of 3.49%. Shore Bancshares’s payout ratio is currently 36.09%.

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.