Hillsdale Investment Management Inc. Purchases New Shares in Shore Bancshares, Inc. (NASDAQ:SHBI)

Hillsdale Investment Management Inc. acquired a new position in Shore Bancshares, Inc. (NASDAQ:SHBI) in the 4th quarter, Holdings Channel reports. The firm acquired 166,900 shares of the bank’s stock, valued at approximately $2,645,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. American Century Companies Inc. raised its stake in Shore Bancshares by 45.7% in the fourth quarter. American Century Companies Inc. now owns 469,182 shares of the bank’s stock worth $7,437,000 after buying an additional 147,148 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Shore Bancshares by 152.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 137,599 shares of the bank’s stock worth $2,181,000 after acquiring an additional 83,079 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Shore Bancshares during the 4th quarter worth approximately $279,000. Proficio Capital Partners LLC bought a new position in shares of Shore Bancshares in the 4th quarter worth approximately $392,000. Finally, Janney Montgomery Scott LLC boosted its position in shares of Shore Bancshares by 10.0% during the fourth 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. 59.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Shore Bancshares Stock Down 1.0 %

SHBI stock opened at $13.74 on Friday. The business has a 50 day moving average of $15.22 and a 200 day moving average of $15.20. 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 twelve month low of $10.06 and a twelve month high of $17.61. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.23.

Shore Bancshares (NASDAQ:SHBI) last issued its quarterly earnings results 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%. On average, research analysts forecast that Shore Bancshares, Inc. will post 1.59 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Thursday, February 13th were paid a $0.12 dividend. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $0.48 annualized dividend and a dividend yield of 3.49%. Shore Bancshares’s dividend payout ratio is presently 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.