Connor Clark & Lunn Investment Management Ltd. Grows Position in Shore Bancshares, Inc. (NASDAQ:SHBI)

Connor Clark & Lunn Investment Management Ltd. increased its position in Shore Bancshares, Inc. (NASDAQ:SHBI) by 152.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 137,599 shares of the bank’s stock after buying an additional 83,079 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Shore Bancshares were worth $2,181,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC grew its holdings in Shore Bancshares by 24.5% in the 4th quarter. SG Americas Securities LLC now owns 13,871 shares of the bank’s stock worth $220,000 after acquiring an additional 2,734 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Shore Bancshares in the fourth quarter worth about $279,000. JPMorgan Chase & Co. increased its holdings in Shore Bancshares by 61.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 21,078 shares of the bank’s stock valued at $295,000 after purchasing an additional 7,994 shares during the period. Janney Montgomery Scott LLC raised its position in Shore Bancshares by 10.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 21,741 shares of the bank’s stock valued at $345,000 after purchasing an additional 1,984 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in Shore Bancshares during the 4th quarter valued at approximately $392,000. 59.76% of the stock is currently owned by institutional investors.

Shore Bancshares Stock Performance

Shares of SHBI opened at $13.73 on Wednesday. The company has a 50-day simple moving average of $15.30 and a two-hundred day simple moving average of $15.22. 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 has a market capitalization of $457.92 million, a PE ratio of 10.32 and a beta of 1.01. Shore Bancshares, Inc. has a one year low of $10.06 and a one year high of $17.61.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings results on Thursday, January 30th. The bank reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.09. Shore Bancshares had a return on equity of 10.40% and a net margin of 13.44%. On average, analysts anticipate that Shore Bancshares, Inc. will post 1.59 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Thursday, February 13th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date of this dividend was Thursday, February 13th. Shore Bancshares’s dividend payout ratio is presently 36.09%.

Analyst Ratings Changes

SHBI has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods upgraded Shore Bancshares from a “market perform” rating to an “outperform” rating and upped their target price for the company from $16.00 to $20.00 in a report on Wednesday, December 4th. Piper Sandler initiated coverage on shares of Shore Bancshares in a report on Thursday, February 6th. They issued an “overweight” rating and a $20.00 price objective for the company.

Shore Bancshares Company Profile

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.