|Over a month ago|
Shore Bancshares upgraded to Outperform from Market Perform at Keefe Bruyette » 04:4203/0803/08/21
Keefe Bruyette analyst…
Keefe Bruyette analyst Catherine Mealor upgraded Shore Bancshares (SHBI) to Outperform from Market Perform with a price target of $20, up from $15. The analyst believes the acquisition of Severn Bancorp (SVBI) is "both financially and strategically compelling." She also finds Shore's current valuation as an attractive entry point.
Severn Bancorp, Inc. trading resumes 17:3003/0303/03/21
Shore Bancshares, Severn to merge in roughly $146M deal » 17:0103/0303/03/21
Shore Bancshares (SHBI)…
Shore Bancshares (SHBI) and Severn Bancorp (SVBI) announced they have entered into a definitive agreement under which Severn will merge with and into Shore in a stock and cash transaction valued at approximately $146M, or $11.30 per share of Severn common stock, based on a closing price for Shore's common stock of $15.64 as of March 2, 2021 and $1.59 per share in cash. Shore expects the transaction to be over 30% accretive to EPS in 2022, based on anticipated cost savings of approximately 35%. Under the terms of the definitive agreement, which was unanimously approved by the Board of Directors of both companies, holders of Severn common stock will have the right to receive 0.6207 shares of Shore common stock and $1.59 in cash for each share of Severn common stock they own. Since the exchange ratio will be fixed at 0.6207, the common stock value of the consideration will float with Shore's stock price. The cash portion of the consideration will be fixed at $1.59 per share. The transaction is expected to close in the third quarter of 2021, subject to satisfaction of customary closing conditions, including regulatory approvals and shareholder approval from Shore and Severn shareholders. Severn directors, executive officers and certain shareholders have entered into agreements with Shore pursuant to which they have committed to vote their shares of Severn common stock in favor of the merger of Severn with and into Shore. Shore directors and executive officers have entered into agreements with Severn pursuant to which they have committed to vote their shares of Shore common stock in favor of the issuance of shares of Shore to Severn shareholders in the merger.
Severn Bancorp, Inc. trading halted, news pending 16:5703/0303/03/21
Shore Bancshares reports Q4 cont-op EPS 32c, consensus 23c » 16:2601/2801/28/21
Reports Q4 NII $13.77M,…
Reports Q4 NII $13.77M, consensus $13.39M. Q4 provision for credit losses was $1.1M vs. $1.5M in Q3 and $200K a year ago. Q4 net charge-offs $61K vs. $187K in Q3 and $131K a year ago. Tangible book value per share was $14.92 vs. $13.84 at previous quarter end. CEO Lloyd Beatty, Jr., said, "Contrary to the dire predictions, our credit metrics are the best they have been in recent memory. During the year we completed the repurchase of approximately 717,000 shares of common stock at very favorable prices. As we look ahead to 2021, we remain cautiously optimistic. Even given the added complexities caused by the pandemic, we have not changed our focus on finding strategic growth opportunities, providing superior customer service, and maximizing long-term shareholder value."
|Over a quarter ago|
Shore Bancshares to repurchase up to $5M of its common stock » 16:3011/2411/24/20
Shore Bancshares announced that it had received a non-objection letter from the Federal Reserve Bank of Richmond to allow the Company to repurchase its common stock. Under the new repurchase program, management is authorized to repurchase up to $5.0 million of the Company's common stock. As of November 24, 2020, the Company had 12,036,573 outstanding shares of common stock. The program may be limited or terminated at any time without prior notice. The program will expire on December 31, 2021. The newly-approved stock repurchase program follows the Company's prior stock repurchase program, which was approved in April 2019 and authorized the repurchase of up to $10.0 million of common stock. In connection with the prior stock repurchase program, which concluded in the fourth quarter of 2020, the Company purchased an aggregate of 772,971 shares of its common stock for aggregate cash consideration of $9.9 million.
Shore Bancshares reports Q3 EPS 27c, consensus 18c » 16:2210/2210/22/20
The company's net…
The company's net interest margin decreased to 3.17% for the third quarter from 3.41% in the second quarter and down from 3.52% in the third quarter of 2019. The decline in net interest margin in the third quarter when compared to the second quarter and the third quarter of 2019, was significantly impacted by excess liquidity of approximately $100M, which has yet to be fully invested. Without this excess liquidity the margin for the third quarter would have been 3.37%.
Shore Bancshares announces reinstatement of its up to $10M share repurchase plan » 16:3209/0109/01/20
Shore Bancshares announced that its board has reinstated its common stock repurchase program, which had been previously placed on hold by management due to the COVID-19 pandemic and the economic disruption that ensued. Under the repurchase program, management is authorized to repurchase up to $10M, or approximately 5%, of the total outstanding shares of the company's common stock. As of August 31, the company had purchased 278,700 of its common shares under the stock repurchase program. The company has approximately $5.5M remaining of the total authorized $10M to repurchase additional shares of the company's common stock. As of August 31, the company had 12,526,708 shares of common stock outstanding. The program may be limited or terminated at any time without prior notice. The program will expire on December 31.
Shore Bancshares suspends all share buybacks until further notice » 16:2207/2307/23/20
The company said,…
The company said, "We currently expect to maintain our quarterly cash dividends based on our strong capital position."
Shore Bancshares reports Q2 EPS 43c, consensus 22c 16:2107/2307/23/20