Stock BuybacksBy The Online Investor Staff, updated Fri., Sep. 18, 9:22 AM
|This Slide: #23 of 25|
Slide #23. Shore Bancshares, Inc.
Shore Bancshares, Inc. (NASDAQ:SHBI)
Shore Bancshares, Inc. ("the Company") (NASDAQ:SHBI) announced today that its Board of Directors 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 $10.0 million, or approximately 5%, of the total outstanding shares of the Company's common stock. As of August 31, 2020, the Company had purchased 278,700 of its common shares under the stock repurchase program. The Company has approximately $5.5 million remaining of the total authorized $10.0 million to repurchase additional shares of the Company's common stock. As of August 31, 2020, 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, 2020.
Shore Bancshares is a financial holding company. Through its subsidiary, Shore United Bank (the Bank), Co. provides commercial banking products and services, including trust, wealth management and financial planning services. The Bank originates secured and unsecured loans for business purposes. Commercial loans are secured by real estate, accounts receivable, inventory, equipment and/or other assets of the business. The Bank's commercial real estate loans are primarily secured by land for residential and commercial development, agricultural purpose properties, service industry buildings such as restaurants and motels, retail buildings and general purpose business space.
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Hold (2.00 out of 4)
(ranked lower than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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