Tred Avon Family Wealth LLC Invests $1.03 Million in Shore Bancshares Inc $SHBI

Tred Avon Family Wealth LLC purchased a new stake in Shore Bancshares Inc (NASDAQ:SHBI) during the third quarter, according to its most recent filing with the SEC. The firm purchased 62,576 shares of the bank’s stock, valued at approximately $1,027,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Goldman Sachs Group Inc. increased its stake in Shore Bancshares by 18.6% in the first quarter. Goldman Sachs Group Inc. now owns 219,494 shares of the bank’s stock valued at $2,972,000 after purchasing an additional 34,453 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Shore Bancshares in the 3rd quarter valued at $955,000. Atlantic Union Bankshares Corp bought a new stake in shares of Shore Bancshares in the 2nd quarter valued at $8,622,000. Arrowstreet Capital Limited Partnership raised its stake in Shore Bancshares by 33.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 438,780 shares of the bank’s stock worth $6,898,000 after buying an additional 109,903 shares during the period. Finally, Strs Ohio bought a new position in Shore Bancshares during the first quarter worth about $213,000. Institutional investors own 59.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SHBI. Piper Sandler raised their price target on Shore Bancshares from $18.00 to $18.50 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Zacks Research cut Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 26th. Wall Street Zen downgraded shares of Shore Bancshares from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Shore Bancshares in a report on Wednesday, October 8th. Finally, Hovde Group initiated coverage on shares of Shore Bancshares in a report on Wednesday, November 19th. They set an “outperform” rating and a $19.00 price objective on the stock. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Shore Bancshares presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.75.

Insider Buying and Selling at Shore Bancshares

In related news, EVP Aaron Michael Kaslow bought 6,500 shares of the stock in a transaction that occurred on Tuesday, November 18th. The shares were acquired at an average price of $15.56 per share, with a total value of $101,140.00. Following the completion of the transaction, the executive vice president owned 6,500 shares in the company, valued at $101,140. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders bought 7,700 shares of company stock valued at $121,994. 8.69% of the stock is owned by company insiders.

Shore Bancshares Trading Down 1.0%

NASDAQ:SHBI opened at $18.26 on Friday. The company has a market cap of $610.38 million, a P/E ratio of 10.74 and a beta of 0.94. Shore Bancshares Inc has a twelve month low of $11.47 and a twelve month high of $19.22. The business has a 50 day moving average price of $17.57 and a two-hundred day moving average price of $16.75. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

Shore Bancshares (NASDAQ:SHBI) last announced its quarterly earnings data on Thursday, October 23rd. The bank reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.03. Shore Bancshares had a net margin of 16.78% and a return on equity of 11.25%. The business had revenue of $56.36 million for the quarter, compared to analyst estimates of $55.70 million. As a group, analysts expect that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

Shore Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 26th. Stockholders of record on Thursday, November 13th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Thursday, November 13th. Shore Bancshares’s dividend payout ratio is currently 28.24%.

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.