The California State Teachers Retirement System Buys Shares of 26,294 Shore Bancshares Inc. (SHBI)

The California State Teachers Retirement System Buys Shares of 26,294 Shore Bancshares Inc. (SHBI)

California State Teachers Retirement System purchased a new position in shares of Shore Bancshares Inc. (NASDAQ:SHBI) during the second quarter, Holdings Channel reports. The fund purchased 26,294 shares of the company’s stock, valued at approximately $309,000. California State Teachers Retirement System owned approximately 0.21% of Shore Bancshares as of its most recent SEC filing.

Separately, Bank of New York Mellon Corp boosted its stake in shares of Shore Bancshares by 143.8% in the second quarter. Bank of New York Mellon Corp now owns 39,193 shares of the company’s stock valued at $460,000 after buying an additional 23,120 shares during the period. 60.51% of the stock is owned by hedge funds and other institutional investors.

Shares of Shore Bancshares Inc. (NASDAQ:SHBI) traded up 0.0214% during midday trading on Monday, hitting $11.6625. The stock had a trading volume of 629 shares. The firm has a 50 day moving average price of $11.74 and a 200-day moving average price of $11.68. Shore Bancshares Inc. has a 52-week low of $9.41 and a 52-week high of $12.59. The stock has a market cap of $147.67 million, a PE ratio of 16.9022 and a beta of 0.52.

Shore Bancshares (NASDAQ:SHBI) last released its earnings results on Thursday, July 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.01. Shore Bancshares had a return on equity of 5.92% and a net margin of 15.74%. Equities analysts predict that Shore Bancshares Inc. will post $0.73 EPS for the current fiscal year.

Separately, Zacks Investment Research cut Shore Bancshares from a “buy” rating to a “hold” rating in a report on Thursday, June 23rd.

Shore Bancshares Company Profile

Shore Bancshares, Inc is a financial holding company. The Company acts as the parent company to several financial institution and insurance entities. The Company has two business segments: Community Banking, and Insurance Products and Services. Its Community Banking segment provides services to consumers and small businesses on the Eastern Shore of Maryland and in Delaware.

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