Shore Bancshares, Inc. (NASDAQ:SHBI) Sees Large Growth in Short Interest

Shore Bancshares, Inc. (NASDAQ:SHBI) was the recipient of a large increase in short interest during the month of July. As of July 31st, there was short interest totalling 47,100 shares, an increase of 6.1% from the June 30th total of 44,400 shares. Currently, 0.4% of the company’s shares are sold short. Based on an average daily volume of 17,100 shares, the days-to-cover ratio is presently 2.8 days.

Separately, ValuEngine raised Shore Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, April 29th.

SHBI traded down $0.09 during trading hours on Thursday, reaching $15.21. 8,200 shares of the company’s stock traded hands, compared to its average volume of 20,311. The firm has a 50-day moving average price of $16.01 and a 200 day moving average price of $15.64. Shore Bancshares has a 52-week low of $12.95 and a 52-week high of $19.40. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $195.77 million, a PE ratio of 7.94 and a beta of 0.52.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Saturday, August 17th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date is Thursday, August 15th.

Institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA boosted its holdings in Shore Bancshares by 511.6% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,636 shares of the bank’s stock valued at $39,000 after acquiring an additional 2,205 shares during the period. Commonwealth Equity Services LLC purchased a new position in Shore Bancshares during the 2nd quarter valued at $178,000. Bank of America Corp DE boosted its holdings in Shore Bancshares by 124.9% during the 4th quarter. Bank of America Corp DE now owns 13,172 shares of the bank’s stock valued at $192,000 after acquiring an additional 7,315 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in Shore Bancshares by 35.1% during the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 14,436 shares of the bank’s stock valued at $236,000 after acquiring an additional 3,750 shares during the period. Finally, Strs Ohio boosted its holdings in Shore Bancshares by 6.1% during the 1st quarter. Strs Ohio now owns 36,800 shares of the bank’s stock valued at $548,000 after acquiring an additional 2,100 shares during the period. Institutional investors own 64.57% of the company’s stock.

About Shore Bancshares

Shore Bancshares, Inc operates as a bank holding company for the Shore United Bank that provides various commercial banking products and services to individuals, businesses, and other organizations. It offers various deposit products, including checking, savings, and money market accounts; and regular and IRA certificates of deposit, as well as CDARS programs and cash management services.

Read More: Strike Price

Receive News & Ratings for Shore Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shore Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.