Shore Bancshares, Inc. (NASDAQ:SHBI) Short Interest Down 18.0% in October

Shore Bancshares, Inc. (NASDAQ:SHBI) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 176,800 shares, a drop of 18.0% from the October 15th total of 215,700 shares. Based on an average daily trading volume, of 81,900 shares, the short-interest ratio is currently 2.2 days.

Analyst Ratings Changes

SHBI has been the topic of a number of recent research reports. Keefe, Bruyette & Woods raised their target price on Shore Bancshares from $13.00 to $15.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. Janney Montgomery Scott lowered shares of Shore Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 30th.

Institutional Investors Weigh In On Shore Bancshares

Several institutional investors have recently bought and sold shares of SHBI. Charles Schwab Investment Management Inc. raised its position in shares of Shore Bancshares by 2.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 86,435 shares of the bank’s stock worth $1,209,000 after buying an additional 2,231 shares in the last quarter. Rhumbline Advisers raised its holdings in Shore Bancshares by 6.5% during the second quarter. Rhumbline Advisers now owns 43,240 shares of the bank’s stock worth $495,000 after purchasing an additional 2,639 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its position in Shore Bancshares by 1.0% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 269,375 shares of the bank’s stock worth $3,769,000 after purchasing an additional 2,700 shares during the period. Assenagon Asset Management S.A. lifted its position in Shore Bancshares by 9.7% in the third quarter. Assenagon Asset Management S.A. now owns 48,706 shares of the bank’s stock worth $681,000 after purchasing an additional 4,312 shares during the period. Finally, Black Maple Capital Management LP boosted its stake in Shore Bancshares by 20.0% during the 1st quarter. Black Maple Capital Management LP now owns 30,028 shares of the bank’s stock valued at $345,000 after purchasing an additional 5,000 shares in the last quarter. Institutional investors and hedge funds own 59.76% of the company’s stock.

Shore Bancshares Stock Performance

SHBI traded down $0.05 during trading hours on Friday, hitting $16.21. The company’s stock had a trading volume of 76,264 shares, compared to its average volume of 100,499. The company has a 50-day simple moving average of $14.42 and a 200 day simple moving average of $12.97. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $540.28 million, a PE ratio of 12.97 and a beta of 0.95. Shore Bancshares has a fifty-two week low of $10.06 and a fifty-two week high of $16.66.

Shore Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend is Tuesday, November 12th. Shore Bancshares’s dividend payout ratio (DPR) is 38.40%.

About Shore Bancshares

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.