In this paper, using a composite model for the received signal at the mobile unit, moment-based estimators for the Ricean K-factor are derived taking into account the effects of shadowing. The results are then used to analytically evaluate the performance of the previously proposed moment-based estimators for K when both multipath fading and shadowing are present. It is proven that the performance of the previously proposed estimators deteriorates in the presence of shadowing. However, the estimator which uses first and second order moments of the envelope of the received signal performs slightly better than the estimators which use higher order moments.