Banc Funds Co. LLC Decreases Holdings in Shore Bancshares, Inc. (NASDAQ:SHBI)

Banc Funds Co. LLC reduced its stake in Shore Bancshares, Inc. (NASDAQ:SHBI) by 8.5% in the 3rd quarter, Holdings Channel reports. The firm owned 461,954 shares of the bank’s stock after selling 42,882 shares during the quarter. Banc Funds Co. LLC’s holdings in Shore Bancshares were worth $6,463,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new stake in shares of Shore Bancshares in the third quarter valued at about $156,000. AQR Capital Management LLC acquired a new stake in Shore Bancshares in the second quarter valued at approximately $147,000. Creative Planning raised its stake in shares of Shore Bancshares by 30.6% during the third quarter. Creative Planning now owns 37,674 shares of the bank’s stock valued at $527,000 after purchasing an additional 8,831 shares during the period. Rhumbline Advisers lifted its position in shares of Shore Bancshares by 6.5% during the second quarter. Rhumbline Advisers now owns 43,240 shares of the bank’s stock worth $495,000 after purchasing an additional 2,639 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Shore Bancshares by 9.7% in the third quarter. Assenagon Asset Management S.A. now owns 48,706 shares of the bank’s stock valued at $681,000 after purchasing an additional 4,312 shares during the period. 59.76% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Konrad Wayson purchased 3,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was acquired at an average price of $16.94 per share, with a total value of $50,820.00. Following the completion of the transaction, the director now owns 53,266 shares of the company’s stock, valued at $902,326.04. This represents a 5.97 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.57% of the company’s stock.

Shore Bancshares Stock Performance

Shore Bancshares stock opened at $16.45 on Monday. Shore Bancshares, Inc. has a 12-month low of $10.06 and a 12-month high of $17.03. 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 company has a market capitalization of $548.28 million, a price-to-earnings ratio of 13.16 and a beta of 0.95. The firm’s fifty day moving average price is $14.88 and its 200 day moving average price is $13.35.

Shore Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date was Tuesday, November 12th. Shore Bancshares’s payout ratio is 38.40%.

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.