Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 209,893 Shore Bancshares Inc $SHBI

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Shore Bancshares Inc (NASDAQ:SHBI) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 209,893 shares of the bank’s stock, valued at approximately $4,817,000.

Several other large investors also recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of Shore Bancshares during the second quarter worth about $73,784,000. Vanguard Group Inc. boosted its holdings in Shore Bancshares by 2.8% in the third quarter. Vanguard Group Inc. now owns 1,781,501 shares of the bank’s stock valued at $29,234,000 after purchasing an additional 48,390 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Shore Bancshares by 3.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,683,403 shares of the bank’s stock valued at $31,445,000 after purchasing an additional 53,381 shares during the last quarter. Wellington Management Group LLP grew its stake in Shore Bancshares by 7.9% during the 4th quarter. Wellington Management Group LLP now owns 1,150,208 shares of the bank’s stock valued at $20,336,000 after purchasing an additional 84,298 shares in the last quarter. Finally, Fourthstone LLC grew its stake in Shore Bancshares by 61.6% during the 4th quarter. Fourthstone LLC now owns 918,202 shares of the bank’s stock valued at $16,234,000 after purchasing an additional 350,012 shares in the last quarter. 59.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SHBI has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods upped their target price on Shore Bancshares from $22.00 to $25.00 and gave the company a “market perform” rating in a research report on Tuesday, July 28th. Piper Sandler raised their price target on shares of Shore Bancshares from $24.00 to $26.50 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Zacks Research lowered shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Shore Bancshares in a report on Friday, July 17th. Finally, Hovde Group upped their price target on shares of Shore Bancshares from $23.50 to $26.50 and gave the company an “outperform” rating in a report on Monday, July 27th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $26.00.

Shore Bancshares Trading Down 0.2%

NASDAQ SHBI opened at $23.06 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.94 and a current ratio of 0.95. Shore Bancshares Inc has a one year low of $14.93 and a one year high of $24.89. The company has a 50-day simple moving average of $23.32 and a 200-day simple moving average of $20.84. The firm has a market capitalization of $769.51 million, a PE ratio of 11.65 and a beta of 0.81.

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

Shore Bancshares announced that its Board of Directors has initiated a stock repurchase program on Thursday, May 21st that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Shore Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $0.56 annualized dividend and a dividend yield of 2.4%. Shore Bancshares’s dividend payout ratio is 28.28%.

About Shore Bancshares

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.