Shore Bancshares Inc $SHBI Shares Acquired by Janus Henderson Group PLC

Janus Henderson Group PLC increased its stake in shares of Shore Bancshares Inc (NASDAQ:SHBI) by 578.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 380,283 shares of the bank’s stock after buying an additional 324,208 shares during the quarter. Janus Henderson Group PLC’s holdings in Shore Bancshares were worth $7,104,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SHBI. EverSource Wealth Advisors LLC purchased a new stake in Shore Bancshares during the 2nd quarter valued at approximately $31,000. Geneos Wealth Management Inc. acquired a new stake in Shore Bancshares during the 4th quarter worth approximately $48,000. State of Alaska Department of Revenue grew its stake in shares of Shore Bancshares by 207.4% in the 4th quarter. State of Alaska Department of Revenue now owns 4,138 shares of the bank’s stock valued at $72,000 after purchasing an additional 2,792 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Shore Bancshares by 20.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,448 shares of the bank’s stock valued at $83,000 after purchasing an additional 743 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Shore Bancshares by 239.1% in the second quarter. Tower Research Capital LLC TRC now owns 4,500 shares of the bank’s stock valued at $71,000 after purchasing an additional 3,173 shares during the period. Hedge funds and other institutional investors own 59.76% of the company’s stock.

Shore Bancshares Stock Performance

Shares of SHBI stock opened at $24.37 on Thursday. The company has a market cap of $813.23 million, a price-to-earnings ratio of 12.31 and a beta of 0.81. The stock has a 50 day simple moving average of $22.64 and a 200-day simple moving average of $20.33. Shore Bancshares Inc has a 12-month low of $14.93 and a 12-month high of $24.89. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.14.

Shore Bancshares (NASDAQ:SHBI) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.10. Shore Bancshares had a return on equity of 12.11% and a net margin of 19.15%.The firm had revenue of $61.75 million for the quarter, compared to the consensus estimate of $60.42 million. On average, equities analysts forecast that Shore Bancshares Inc will post 2.26 EPS for the current year.

Shore Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.3%. This is an increase from Shore Bancshares’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Wednesday, June 3rd. Shore Bancshares’s dividend payout ratio is 28.28%.

Shore Bancshares declared that its board has authorized a share buyback program on Thursday, May 21st that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase up to 4.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on SHBI shares. Hovde Group upped their price target on Shore Bancshares from $23.50 to $26.50 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Zacks Research lowered shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Piper Sandler boosted their price objective on shares of Shore Bancshares from $24.00 to $26.50 and gave the company an “overweight” rating in a research note on Monday, July 27th. Weiss Ratings restated a “buy (b)” rating on shares of Shore Bancshares in a research report on Friday, July 17th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Shore Bancshares from $22.00 to $25.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 28th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $26.00.

Shore Bancshares Profile

Shore Bancshares, Inc (NASDAQ: SHBI) is the bank holding company for Shore Community Bank, a commercial bank headquartered in Mount Holly, New Jersey. The company provides a full suite of banking and financial services to individuals and businesses, including deposit accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Shore Bancshares focuses on delivering community-oriented banking services with an emphasis on personalized customer relationships.

Shore Community Bank’s lending portfolio includes commercial real estate, construction loans, agricultural loans, small business loans under government-sponsored programs, and conventional residential mortgages.