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

Shore Bancshares, Inc. (NASDAQ:SHBI) saw a significant drop in short interest during 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 trading volume of 81,900 shares, the days-to-cover ratio is presently 2.2 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SHBI. Fourthstone LLC boosted its stake in shares of Shore Bancshares by 1.7% in the 3rd quarter. Fourthstone LLC now owns 3,329,922 shares of the bank’s stock valued at $46,586,000 after buying an additional 54,679 shares during the period. Vanguard Group Inc. lifted its position in shares of Shore Bancshares by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 1,619,605 shares of the bank’s stock worth $18,625,000 after purchasing an additional 11,544 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Shore Bancshares by 6.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,208,740 shares of the bank’s stock worth $13,839,000 after purchasing an additional 77,961 shares in the last quarter. State Street Corp increased its holdings in Shore Bancshares by 8.5% in the third quarter. State Street Corp now owns 537,140 shares of the bank’s stock valued at $7,515,000 after buying an additional 41,971 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in Shore Bancshares by 12.4% in the second quarter. Renaissance Technologies LLC now owns 411,615 shares of the bank’s stock valued at $4,713,000 after buying an additional 45,300 shares in the last quarter. 59.76% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Janney Montgomery Scott downgraded Shore Bancshares from a “buy” rating to a “neutral” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods raised their price target on Shore Bancshares from $13.00 to $15.00 and gave the stock a “market perform” rating in a research report on Friday, July 26th.

Shore Bancshares Stock Down 0.3 %

SHBI traded down $0.05 during trading hours on Friday, hitting $16.21. 76,264 shares of the company’s stock were exchanged, compared to its average volume of 85,041. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.23. Shore Bancshares has a 12-month low of $10.06 and a 12-month high of $16.66. The firm has a market cap of $540.28 million, a P/E ratio of 13.01 and a beta of 0.95. The firm has a 50 day moving average of $14.37 and a 200 day moving average of $12.91.

Shore Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Tuesday, November 12th. Shore Bancshares’s payout ratio is currently 38.40%.

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.