Morgan Stanley cut its position in Shore Bancshares Inc (NASDAQ:SHBI) by 20.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 130,490 shares of the bank’s stock after selling 33,544 shares during the period. Morgan Stanley owned 1.03% of Shore Bancshares worth $2,181,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of SHBI. First Quadrant L P CA raised its stake in shares of Shore Bancshares by 58.6% in the first quarter. First Quadrant L P CA now owns 6,575 shares of the bank’s stock worth $110,000 after buying an additional 2,430 shares during the last quarter. American International Group Inc. raised its stake in shares of Shore Bancshares by 7.1% in the first quarter. American International Group Inc. now owns 7,724 shares of the bank’s stock worth $129,000 after buying an additional 513 shares during the last quarter. Cornerstone Capital Management Holdings LLC. acquired a new stake in shares of Shore Bancshares during the first quarter worth about $159,000. Teachers Advisors LLC raised its stake in shares of Shore Bancshares by 11.4% in the fourth quarter. Teachers Advisors LLC now owns 15,531 shares of the bank’s stock worth $237,000 after buying an additional 1,585 shares during the last quarter. Finally, Smith Asset Management Group LP acquired a new stake in shares of Shore Bancshares during the first quarter worth about $264,000. 68.79% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Shore Bancshares Inc (NASDAQ:SHBI) traded up 0.54% during mid-day trading on Friday, reaching $16.83. The company’s stock had a trading volume of 4,389 shares. The company has a market capitalization of $213.51 million, a PE ratio of 21.20 and a beta of 0.21. Shore Bancshares Inc has a 52-week low of $11.42 and a 52-week high of $17.92. The firm’s 50 day moving average is $16.70 and its 200-day moving average is $16.68.
Shore Bancshares (NASDAQ:SHBI) last released its earnings results on Thursday, July 20th. The bank reported $0.21 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.22 by $0.01. The firm had revenue of $15.08 million for the quarter. Shore Bancshares had a return on equity of 6.65% and a net margin of 16.85%. Analysts forecast that Shore Bancshares Inc will post $0.93 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Monday, August 14th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date is Thursday, August 10th. Shore Bancshares’s dividend payout ratio (DPR) is presently 25.00%.
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About Shore Bancshares
Shore Bancshares, Inc is a financial holding company. The Company acts as the parent company to several financial institution and insurance entities. The Company has two business segments: Community Banking, and Insurance Products and Services. Its Community Banking segment provides services to consumers and small businesses on the Eastern Shore of Maryland and in Delaware.
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