Shore Bancshares (NASDAQ:SHBI) Downgraded by Keefe, Bruyette & Woods to “Market Perform”

Keefe, Bruyette & Woods lowered shares of Shore Bancshares (NASDAQ:SHBI) from an outperform rating to a market perform rating in a research note released on Monday, February 4th, Marketbeat.com reports.

NASDAQ SHBI traded up $0.18 on Monday, hitting $15.93. 18,043 shares of the company were exchanged, compared to its average volume of 24,765. Shore Bancshares has a twelve month low of $12.95 and a twelve month high of $20.09. The company has a market cap of $198.76 million, a PE ratio of 7.95 and a beta of 0.45.

Shore Bancshares (NASDAQ:SHBI) last released its earnings results on Thursday, January 31st. The bank reported $0.95 earnings per share for the quarter. The company had revenue of $29.64 million for the quarter. Shore Bancshares had a return on equity of 14.86% and a net margin of 28.73%.

The business also recently announced a quarterly dividend, which was paid on Thursday, February 28th. Investors of record on Friday, February 15th were issued a $0.10 dividend. This is a positive change from Shore Bancshares’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend was Thursday, February 14th.

A number of institutional investors and hedge funds have recently bought and sold shares of SHBI. EJF Capital LLC lifted its holdings in Shore Bancshares by 39.4% in the 4th quarter. EJF Capital LLC now owns 348,689 shares of the bank’s stock worth $5,070,000 after purchasing an additional 98,634 shares during the last quarter. Context BH Capital Management LP raised its stake in shares of Shore Bancshares by 123.3% in the fourth quarter. Context BH Capital Management LP now owns 100,914 shares of the bank’s stock valued at $1,467,000 after purchasing an additional 55,729 shares in the last quarter. Gilman Hill Asset Management LLC acquired a new position in shares of Shore Bancshares in the fourth quarter valued at $774,000. Dimensional Fund Advisors LP raised its stake in shares of Shore Bancshares by 12.9% in the second quarter. Dimensional Fund Advisors LP now owns 396,754 shares of the bank’s stock valued at $7,546,000 after purchasing an additional 45,317 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan acquired a new position in shares of Shore Bancshares in the fourth quarter valued at $563,000. Hedge funds and other institutional investors own 66.07% of the company’s stock.

About Shore Bancshares

Shore Bancshares, Inc operates as a bank holding company for the Shore United Bank that provides various commercial banking products and services to individuals, businesses, and other organizations. The company operates through two segments, Community Banking, and Insurance Products and Services. It offers various deposit products, including checking, savings, and money market accounts; and regular and IRA certificates of deposit, as well as CDARS programs and cash management services.

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