Mendon Capital Advisors Corp Sells 123,676 Shares of Shore Bancshares, Inc. (NASDAQ:SHBI)

Mendon Capital Advisors Corp decreased its holdings in Shore Bancshares, Inc. (NASDAQ:SHBI) by 70.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 51,324 shares of the bank’s stock after selling 123,676 shares during the quarter. Mendon Capital Advisors Corp owned 0.15% of Shore Bancshares worth $588,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Black Maple Capital Management LP boosted its stake in shares of Shore Bancshares by 18.0% during the 4th quarter. Black Maple Capital Management LP now owns 25,028 shares of the bank’s stock worth $357,000 after acquiring an additional 3,821 shares during the last quarter. Gendell Jeffrey L lifted its position in Shore Bancshares by 17.1% during the fourth quarter. Gendell Jeffrey L now owns 273,410 shares of the bank’s stock valued at $3,896,000 after purchasing an additional 40,000 shares in the last quarter. Diversify Advisory Services LLC bought a new stake in Shore Bancshares during the first quarter valued at about $216,000. BNP Paribas Financial Markets grew its holdings in Shore Bancshares by 428.0% during the first quarter. BNP Paribas Financial Markets now owns 42,829 shares of the bank’s stock valued at $493,000 after purchasing an additional 34,717 shares during the period. Finally, Corbyn Investment Management Inc. MD lifted its position in shares of Shore Bancshares by 6.9% during the 1st quarter. Corbyn Investment Management Inc. MD now owns 170,549 shares of the bank’s stock valued at $1,961,000 after buying an additional 11,074 shares in the last quarter. 59.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SHBI has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods raised their target price on shares of Shore Bancshares from $13.00 to $15.00 and gave the stock a “market perform” rating in a research note on Friday, July 26th. Janney Montgomery Scott cut shares of Shore Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 30th.

Shore Bancshares Stock Performance

NASDAQ SHBI opened at $13.58 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.29. Shore Bancshares, Inc. has a twelve month low of $9.66 and a twelve month high of $14.99. The business has a 50-day moving average price of $13.79 and a 200-day moving average price of $12.06. The firm has a market cap of $452.49 million, a price-to-earnings ratio of 23.41 and a beta of 0.96.

Shore Bancshares (NASDAQ:SHBI) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.06. The business had revenue of $50.66 million during the quarter. Shore Bancshares had a return on equity of 8.37% and a net margin of 7.18%. As a group, equities research analysts predict that Shore Bancshares, Inc. will post 1.5 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 12th were issued a $0.12 dividend. The ex-dividend date was Monday, August 12th. This represents a $0.48 dividend on an annualized basis and a yield of 3.53%. Shore Bancshares’s dividend payout ratio is currently 82.76%.

Shore Bancshares Profile

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.