Geode Capital Management LLC Purchases 13,445 Shares of Shore Bancshares, Inc. (NASDAQ:SHBI)

Geode Capital Management LLC increased its holdings in Shore Bancshares, Inc. (NASDAQ:SHBI) by 1.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 712,895 shares of the bank’s stock after acquiring an additional 13,445 shares during the period. Geode Capital Management LLC owned about 2.14% of Shore Bancshares worth $9,976,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Barclays PLC boosted its position in Shore Bancshares by 48.2% in the third quarter. Barclays PLC now owns 84,942 shares of the bank’s stock worth $1,189,000 after purchasing an additional 27,627 shares during the last quarter. State Street Corp raised its stake in shares of Shore Bancshares by 8.5% during the 3rd quarter. State Street Corp now owns 537,140 shares of the bank’s stock worth $7,515,000 after purchasing an additional 41,971 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of Shore Bancshares by 1.0% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 269,375 shares of the bank’s stock worth $3,769,000 after buying an additional 2,700 shares during the last quarter. Fourthstone LLC grew its position in Shore Bancshares by 1.7% during the third quarter. Fourthstone LLC now owns 3,329,922 shares of the bank’s stock valued at $46,586,000 after buying an additional 54,679 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Shore Bancshares by 2.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 86,435 shares of the bank’s stock worth $1,209,000 after buying an additional 2,231 shares during the last quarter. 59.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods upgraded shares of Shore Bancshares from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $16.00 to $20.00 in a research note on Wednesday, December 4th.

Insider Activity at Shore Bancshares

In other Shore Bancshares news, Director Konrad Wayson acquired 3,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was bought at an average cost of $16.94 per share, with a total value of $50,820.00. Following the acquisition, the director now owns 53,266 shares in the company, valued at approximately $902,326.04. This represents a 5.97 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 8.57% of the stock is currently owned by company insiders.

Shore Bancshares Stock Performance

NASDAQ:SHBI opened at $15.85 on Thursday. Shore Bancshares, Inc. has a 1 year low of $10.06 and a 1 year high of $17.61. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.93. The business has a fifty day simple moving average of $16.07 and a two-hundred day simple moving average of $14.21. The company has a market capitalization of $528.23 million, a P/E ratio of 12.68 and a beta of 0.97.

Shore Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Tuesday, November 12th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date was Tuesday, November 12th. Shore Bancshares’s dividend payout ratio is currently 38.40%.

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.