Connor Clark & Lunn Investment Management Ltd. Purchases 6,735 Shares of Shore Bancshares Inc $SHBI

Connor Clark & Lunn Investment Management Ltd. raised its position in Shore Bancshares Inc (NASDAQ:SHBI) by 3.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 180,020 shares of the bank’s stock after purchasing an additional 6,735 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Shore Bancshares were worth $2,830,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SHBI. CWM LLC raised its position in shares of Shore Bancshares by 1.4% in the first quarter. CWM LLC now owns 59,878 shares of the bank’s stock worth $811,000 after buying an additional 843 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Shore Bancshares by 18.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 219,494 shares of the bank’s stock worth $2,972,000 after purchasing an additional 34,453 shares during the period. Hsbc Holdings PLC lifted its stake in Shore Bancshares by 40.3% in the first quarter. Hsbc Holdings PLC now owns 58,549 shares of the bank’s stock worth $793,000 after purchasing an additional 16,806 shares during the last quarter. Vanguard Group Inc. boosted its position in Shore Bancshares by 1.2% during the first quarter. Vanguard Group Inc. now owns 1,661,598 shares of the bank’s stock valued at $22,498,000 after buying an additional 19,531 shares during the period. Finally, American Century Companies Inc. grew its stake in shares of Shore Bancshares by 26.6% during the first quarter. American Century Companies Inc. now owns 594,103 shares of the bank’s stock valued at $8,044,000 after buying an additional 124,921 shares during the last quarter. 59.76% of the stock is currently owned by hedge funds and other institutional investors.

Shore Bancshares Stock Down 0.8%

NASDAQ SHBI opened at $16.00 on Friday. Shore Bancshares Inc has a 1 year low of $11.47 and a 1 year high of $17.67. The stock has a market capitalization of $534.83 million, a PE ratio of 9.41 and a beta of 1.10. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The business’s 50-day moving average is $16.30 and its 200 day moving average is $15.82.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings data on Monday, September 19th. The bank reported $0.37 earnings per share for the quarter. The business had revenue of $16.91 million during the quarter. Shore Bancshares had a return on equity of 11.37% and a net margin of 16.78%. Sell-side analysts forecast that Shore Bancshares Inc will post 1.59 earnings per share for the current year.

Shore Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Thursday, November 13th will be issued a $0.12 dividend. The ex-dividend date is Thursday, November 13th. This represents a $0.48 annualized dividend and a yield of 3.0%. Shore Bancshares’s payout ratio is 28.24%.

Analyst Upgrades and Downgrades

SHBI has been the subject of a number of recent research reports. Piper Sandler boosted their target price on Shore Bancshares from $18.00 to $18.50 and gave the company an “overweight” rating in a research note on Friday. Wall Street Zen cut Shore Bancshares from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. Zacks Research downgraded Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 26th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Shore Bancshares in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $19.25.

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.