Shore Bancshares Inc. (NASDAQ:SHBI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Shore Bancshares, Inc. is a bank holding company. The Company engages in the business of banking through its two subsidiaries, The Centreville National Bank of Maryland and The Talbot Bank of Easton, Maryland. “
Shares of Shore Bancshares (NASDAQ:SHBI) opened at 11.95 on Thursday. Shore Bancshares has a one year low of $9.30 and a one year high of $12.59. The company has a market cap of $151.31 million, a price-to-earnings ratio of 17.32 and a beta of 0.76. The firm has a 50-day moving average of $11.71 and a 200 day moving average of $11.69.
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Shore Bancshares (NASDAQ:SHBI) last posted its earnings results on Thursday, July 21st. The company reported $0.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.01. Shore Bancshares had a return on equity of 5.92% and a net margin of 15.74%. Equities research analysts anticipate that Shore Bancshares will post $0.73 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 31st. Investors of record on Monday, August 15th were given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date was Thursday, August 11th. Shore Bancshares’s payout ratio is currently 17.39%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Fund Advisors boosted its position in Shore Bancshares by 1.5% in the first quarter. BlackRock Fund Advisors now owns 31,590 shares of the company’s stock worth $378,000 after buying an additional 462 shares in the last quarter. Renaissance Technologies LLC boosted its position in Shore Bancshares by 36.7% in the first quarter. Renaissance Technologies LLC now owns 155,700 shares of the company’s stock worth $1,865,000 after buying an additional 41,778 shares in the last quarter. Strs Ohio acquired a new position in Shore Bancshares during the second quarter worth about $320,000. Bank of New York Mellon Corp boosted its position in Shore Bancshares by 143.8% in the second quarter. Bank of New York Mellon Corp now owns 39,193 shares of the company’s stock worth $460,000 after buying an additional 23,120 shares in the last quarter. Finally, California State Teachers Retirement System acquired a new position in Shore Bancshares during the second quarter worth about $309,000. Institutional investors own 60.51% of the company’s stock.
About Shore Bancshares
Shore Bancshares, Inc is a financial holding company. The Company acts as the parent company to several financial institution and insurance entities. The Company has two business segments: Community Banking, and Insurance Products and Services. Its Community Banking segment provides services to consumers and small businesses on the Eastern Shore of Maryland and in Delaware.
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