Shore Bancshares, Inc. (NASDAQ:SHBI - Get Free Report)'s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $14.01 and traded as high as $15.98. Shore Bancshares shares last traded at $15.98, with a volume of 32,551 shares trading hands.
Separately, Keefe, Bruyette & Woods raised shares of Shore Bancshares from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $16.00 to $20.00 in a research report on Wednesday, December 4th.
View Our Latest Report on SHBI
The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.93. The firm's 50-day moving average price is $15.90 and its 200-day moving average price is $14.01. The stock has a market cap of $532.57 million, a P/E ratio of 12.78 and a beta of 0.97.
The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 3.00%. The ex-dividend date was Tuesday, November 12th. Shore Bancshares's payout ratio is currently 38.40%.
In other news, Director Konrad Wayson acquired 3,000 shares of Shore Bancshares stock in a transaction on Monday, November 25th. The shares were acquired at an average price of $16.94 per share, with a total value of $50,820.00. Following the purchase, the director now directly owns 53,266 shares in the company, valued at $902,326.04. The trade was a 5.97 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 8.57% of the company's stock.
A number of institutional investors and hedge funds have recently modified their holdings of SHBI. AQR Capital Management LLC purchased a new stake in Shore Bancshares during the second quarter valued at $147,000. SG Americas Securities LLC purchased a new stake in shares of Shore Bancshares during the 3rd quarter valued at about $156,000. Rhumbline Advisers lifted its holdings in shares of Shore Bancshares by 6.5% in the 2nd quarter. Rhumbline Advisers now owns 43,240 shares of the bank's stock valued at $495,000 after acquiring an additional 2,639 shares during the last quarter. Creative Planning increased its stake in Shore Bancshares by 30.6% during the third quarter. Creative Planning now owns 37,674 shares of the bank's stock worth $527,000 after acquiring an additional 8,831 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in Shore Bancshares by 9.7% during the third quarter. Assenagon Asset Management S.A. now owns 48,706 shares of the bank's stock valued at $681,000 after purchasing an additional 4,312 shares during the period. 59.76% of the stock is owned by hedge funds and other institutional investors.
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.
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