SHBI
Shore Bancshares, Inc.Financial Services·Banks - Regional
$20.66
$691M market cap
Revenue
$174.5M
Free Cash Flow
$38.3M
Rev Growth
+0.0%
FCF Margin
21.9%
P/FCF
18.1x
EV/FCF
19.5x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Shore Bancshares, Inc. operates as a bank holding company for the Shore United Bank 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. The company also provides commercial loans, such as secured and unsecured loans, working capital loans
2-Year Price History
$20.22+97.1%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 85.6 | 22.7 | 22.7 | 17.1 | 31.6 | 30.5 | -1.1 | 44.1 | 99.6 | 33.5 | 22.7% | 0.9x | -- |
| Act | 2025-Q4 | 88.8 | 9.2 | 20.8 | 15.9 | 8.5 | 7.8 | -0.7 | 50.2 | 111.1 | 33.5 | 21.0% | 0.3x | -- |
Valuation & Metrics
Market Stats
Price$20.66
Market Cap$691M
Enterprise Value$747M
P/S Ratio4.0x
P/FCF18.1x
EV/FCF19.5x
FCF Margin (TTM)21.9%
FCF Yield5.5%
Dividend Yield (TTM)2.4%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$174.5M
Net Income$33.0M
Free Cash Flow$38.3M
Revenue Growth (YoY)+0.0%
EBITDA Margin18.2%
Net Margin18.9%
FCF Margin21.9%
CapEx % of Revenue1.0%
SBC % of Revenue0.8%
ROIC21.8%
WC Change % Rev-1.2%
Interest Coverage0.6x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.7M
Days to Cover2.5
Change (vs Prior)+12.8%
Need at least 2 settlement dates for chart
Employees
Headcount584
Revenue / Employee$298,733
Gross Profit / Employee$198,620
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
38.1%(+14.8% YoY)
148 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
23.9%(+7.7% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.1%(-0.1% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $56.5M | $13.48 | +$441K | −$4.5M | -0.2% | $5.69T |
| DIMENSIONAL FUND ADVISORS LPPassive | $31.4M | $13.17 | +$997K | +$3.9M | -0.4% | $480.92B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $25.7M | $18.68 | +$25.7M | +$25.7M | — | $4.04T |
| WELLINGTON MANAGEMENT GROUP LLP | $18.9M | $15.67 | −$2.6M | +$15.6M | -0.3% | $533.98B |
| AMERICAN CENTURY COMPANIES INC | $17.9M | $14.89 | +$1.8M | +$6.8M | +0.7% | $193.48B |
| STATE STREET CORPPassive | $17.3M | $14.66 | +$2.0M | +$5.7M | -0.2% | $2.89T |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $16.6M | $9.98 | −$226K | −$1.2M | -0.2% | $113.45B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $14.4M | $12.48 | +$421K | +$1.0M | +2.3% | $1.61T |
| GOLDMAN SACHS GROUP INC | $10.3M | $15.80 | +$1.0M | +$6.2M | -0.2% | $760.93B |
| Atlantic Union Bankshares Corp | $9.1M | $15.38 | −$753K | +$9.1M | -0.1% | $5.20B |
| AMERIPRISE FINANCIAL INC | $8.3M | $17.23 | −$175K | +$7.6M | -0.1% | $430.96B |
| AQR CAPITAL MANAGEMENT LLC | $8.1M | $15.37 | +$1.0M | +$6.0M | -0.2% | $218.19B |
| Fourthstone LLC | $7.9M | $11.67 | −$9.3M | −$5.4M | -1.7% | $590M |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $7.7M | $14.19 | −$1.5M | +$1.6M | +0.1% | $184.72B |
| JANUS HENDERSON GROUP PLC | $7.1M | $18.52 | +$6.1M | +$7.1M | +1.2% | $209.29B |
| RENAISSANCE TECHNOLOGIES LLC | $6.5M | $10.49 | −$639K | −$904K | +1.2% | $63.91B |
| Nuveen, LLC | $6.4M | $14.19 | −$315K | +$1.3M | +0.0% | $368.63B |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $5.7M | $12.24 | −$1.6M | +$1.5M | -0.1% | $31.89B |
| NORTHERN TRUST CORPPassive | $5.7M | $13.59 | +$192K | +$860K | -0.2% | $755.34B |
| MORGAN STANLEY | $5.2M | $13.79 | −$81K | −$0 | -0.3% | $1.65T |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.09%
avg per quarter
Holders (ex-self)
-0.09%
excl. this stock
Buyers (this Q)
+0.14%
91 buyers · $0.08B in
Sellers (this Q)
-1.08%
39 sellers · $0.01B out
alpha coverage: 92% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-3.5%
how holders react when this stock falls
On quiet Qs
+2.5%
−10% to +10% baseline
On rallies (+10%+)
-9.5%
how they react when this stock rises
Holders' portfolio flow this Q
+2.5%
inflows — adds are organic
Sellers' portfolio flow this Q
+2.4%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-4.1%
Holder mid (any stock)
-2.8%
Holder rally (any stock)
-3.7%
Biggest decreases this quarter
Fourthstone LLC−$9.3Mα-1.7WELLINGTON MANAGEMENT GROUP LLP−$2.6Mα-0.3HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC−$1.6Mα-0.1ARROWSTREET CAPITAL, LIMITED PARTNERSHIP−$1.5Mα+0.1Point72 Asset Management, L.P.exited−$1.2MSTIFEL FINANCIAL CORPexited−$908KAtlantic Union Bankshares Corp−$753Kα-0.1JANE STREET GROUP, LLCexited−$680KRENAISSANCE TECHNOLOGIES LLC−$639Kα+1.2ExodusPoint Capital Management, LPexited−$531K
New buyers this quarter
Top-5 holders · 36.4%
BlackRock, Inc.--
DIMENSIONAL FUND ADVISORS LP--
VANGUARD CAPITAL MANAGEMENT LLC--
WELLINGTON MANAGEMENT GROUP LLP--
AMERICAN CENTURY COMPANIES INC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Fourthstone LLC421KFJ Capital Management LLC—WELLINGTON MANAGEMENT GROUP LLP1.0MAMERICAN CENTURY COMPANIES INC961KMANUFACTURERS LIFE INSURANCE COMPANY, THE890KHoldCo Asset Management, LP136KGOLDMAN SACHS GROUP INC550KAtlantic Union Bankshares Corp487KSandy Spring Bank—BANC FUNDS CO LLC196K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$22.00650.0%
Last Year (3 analysts)$19.83-400.0%
Current Price$20.66
Analyst Ratings
4
2
Buy: 4Hold: 2Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$388K
6 txns · 6 insiders · 23,700 sh
Sells ($, 12mo)
$34K
1 txn · 1 insider · 1,802 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-02 | SELL | SLATER A JOSEPH JR | director | 1,802 | $18.78 | $34K | $1.25M |
| 2026-02-05 | BUY | Esham William E. III | director | 5,000 | $19.99 | $100K | $110K |
| 2025-11-26 | BUY | Willey Dawn M. | director | 1,000 | $17.67 | $18K | $212K |
| 2025-11-18 | BUY | Kaslow Aaron Michael | officer: EVP, Chief Legal Officer | 6,500 | $15.56 | $101K | $101K |
| 2025-11-07 | BUY | LAMON JOHN | director | 200 | $15.92 | $3K | $993K |
| 2025-08-13 | BUY | WAYSON KONRAD | director | 1,000 | $16.02 | $16K | $973K |
| 2025-08-01 | BUY | Adams Michael Brian | director | 10,000 | $15.00 | $150K | $674K |
Order Flow (FINRA, ~3w lag)
15.0%retail+3.3pp
21.3%dark+5.4pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Shore Bancshares, Inc.: Routine Metadata Masking Broader Sector Headwinds
Overall Risk
3/10
Fraud
1/10
Dilution
2/10
Insolvency
3/10
Earnings Overstated
1/10
Hidden Liabilities
1/10
Legal
1/10
Audit Warnings
1/10
Hidden Upside
5/10
Contextually Acceptable
10/10