Cornercap Investment Counsel Inc. Lowers Holdings in Shore Bancshares, Inc. (NASDAQ:SHBI)

Cornercap Investment Counsel Inc. decreased its stake in shares of Shore Bancshares, Inc. (NASDAQ:SHBI) by 50.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,523 shares of the bank’s stock after selling 22,938 shares during the quarter. Cornercap Investment Counsel Inc. owned about 0.07% of Shore Bancshares worth $315,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. American Century Companies Inc. raised its stake in Shore Bancshares by 30.5% during the second quarter. American Century Companies Inc. now owns 195,418 shares of the bank’s stock valued at $2,238,000 after buying an additional 45,692 shares during the last quarter. Renaissance Technologies LLC raised its stake in Shore Bancshares by 12.4% during 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 during the last quarter. Creative Planning raised its stake in shares of Shore Bancshares by 30.6% in the third quarter. Creative Planning now owns 37,674 shares of the bank’s stock worth $527,000 after purchasing an additional 8,831 shares during the last quarter. Bank of Montreal Can purchased a new position in shares of Shore Bancshares in the second quarter worth $899,000. Finally, Vanguard Group Inc. raised its stake in shares of Shore Bancshares by 0.7% in the first 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. Hedge funds and other institutional investors own 59.76% of the company’s stock.

Shore Bancshares Stock Down 0.3 %

SHBI stock opened at $16.21 on Monday. The stock has a market capitalization of $540.23 million, a P/E ratio of 12.97 and a beta of 0.95. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.93. Shore Bancshares, Inc. has a 1-year low of $10.06 and a 1-year high of $16.66. The business has a fifty day moving average price of $14.42 and a 200-day moving average price of $12.98.

Shore Bancshares Dividend Announcement

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

Analyst Ratings Changes

Several research firms have recently weighed in on SHBI. Janney Montgomery Scott cut Shore Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 30th. Keefe, Bruyette & Woods boosted their price target on Shore Bancshares from $13.00 to $15.00 and gave the stock a “market perform” rating in a research note on Friday, July 26th.

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.