Penn Capital Management Company LLC Buys 9,258 Shares of Shore Bancshares, Inc. (NASDAQ:SHBI)

Penn Capital Management Company LLC lifted its stake in shares of Shore Bancshares, Inc. (NASDAQ:SHBI – Get Rating) by 16.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,634 shares of the bank’s stock after acquiring an additional 9,258 shares during the quarter. Penn Capital Management Company LLC owned approximately 0.34% of Shore Bancshares worth $1,161,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Geode Capital Management LLC boosted its holdings in Shore Bancshares by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 319,416 shares of the bank’s stock valued at $5,567,000 after acquiring an additional 13,946 shares during the last quarter. American Century Companies Inc. increased its position in shares of Shore Bancshares by 69.8% during the fourth quarter. American Century Companies Inc. now owns 72,809 shares of the bank’s stock worth $1,269,000 after buying an additional 29,925 shares during the period. JPMorgan Chase & Co. raised its stake in Shore Bancshares by 8.5% during the fourth quarter. JPMorgan Chase & Co. now owns 18,690 shares of the bank’s stock worth $325,000 after buying an additional 1,467 shares during the last quarter. Bank of America Corp DE lifted its holdings in Shore Bancshares by 62.2% in the fourth quarter. Bank of America Corp DE now owns 27,322 shares of the bank’s stock valued at $476,000 after buying an additional 10,476 shares during the period. Finally, First Trust Advisors LP boosted its position in Shore Bancshares by 10.6% during the fourth quarter. First Trust Advisors LP now owns 59,181 shares of the bank’s stock valued at $1,032,000 after acquiring an additional 5,696 shares during the last quarter. 60.45% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on SHBI shares. Keefe, Bruyette & Woods lowered their price objective on Shore Bancshares from $18.00 to $16.00 and set a “market perform” rating for the company in a research report on Thursday, April 6th. StockNews.com lowered Shore Bancshares from a “hold” rating to a “sell” rating in a research note on Thursday, May 25th.

Shore Bancshares Trading Down 0.7 %

SHBI opened at $12.08 on Friday. The company has a market cap of $240.39 million, a P/E ratio of 7.50 and a beta of 0.88. The company has a fifty day moving average price of $12.28 and a two-hundred day moving average price of $15.52. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.48. Shore Bancshares, Inc. has a 1-year low of $10.65 and a 1-year high of $20.85.

Shore Bancshares (NASDAQ:SHBI – Get Rating) last posted its quarterly earnings results on Thursday, April 27th. The bank reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.08). Shore Bancshares had a return on equity of 9.34% and a net margin of 21.79%. The firm had revenue of $31.04 million for the quarter, compared to analyst estimates of $32.56 million. Analysts predict that Shore Bancshares, Inc. will post 1.92 EPS for the current fiscal year.

Shore Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 31st. Shareholders of record on Saturday, May 13th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, May 11th. This represents a $0.48 dividend on an annualized basis and a yield of 3.97%. Shore Bancshares’s dividend payout ratio (DPR) is presently 29.81%.

Insiders Place Their Bets

In other Shore Bancshares news, Director Konrad Wayson acquired 3,000 shares of Shore Bancshares stock in a transaction dated Thursday, May 11th. The stock was purchased at an average cost of $10.83 per share, for a total transaction of $32,490.00. Following the completion of the acquisition, the director now directly owns 60,889 shares of the company’s stock, valued at $659,427.87. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders have acquired 4,965 shares of company stock worth $54,609. Insiders own 11.30% of the company’s stock.

About Shore Bancshares

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Shore Bancshares, Inc is a financial holding company, which engages in the provision of commercial banking products and services to individuals and businesses. Its services include checking accounts, various savings programs, mortgage loans, home improvement loans, installment and other personal loans, credit cards, personal lines of credit, automobile and other consumer financing, safe deposit boxes, debit cards, 24-hour telephone banking, internet banking, mobile banking, and 24-hour automatic teller machine services.