Shore Bancshares Inc (NASDAQ:SHBI – Get Free Report)’s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $21.15 and traded as high as $23.68. Shore Bancshares shares last traded at $23.52, with a volume of 154,306 shares changing hands.
Analysts Set New Price Targets
SHBI has been the subject of a number of research reports. Hovde Group lifted their price objective on Shore Bancshares from $23.50 to $26.50 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Shore Bancshares in a research note on Friday, July 17th. Zacks Research cut shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Keefe, Bruyette & Woods boosted their price target on shares of Shore Bancshares from $22.00 to $25.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 28th. Finally, Piper Sandler raised their price objective on shares of Shore Bancshares from $24.00 to $26.50 and gave the company an “overweight” rating in a research note on Monday, July 27th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $26.00.
Check Out Our Latest Research Report on Shore Bancshares
Shore Bancshares Stock Performance
The stock has a market cap of $784.86 million, a P/E ratio of 11.88 and a beta of 0.80. The stock has a fifty day simple moving average of $23.43 and a 200-day simple moving average of $21.15. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.14.
Shore Bancshares (NASDAQ:SHBI – Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.10. The company had revenue of $61.75 million during the quarter, compared to analysts’ expectations of $60.42 million. Shore Bancshares had a return on equity of 12.11% and a net margin of 19.15%. Equities analysts expect that Shore Bancshares Inc will post 2.26 earnings per share for the current fiscal year.
Shore Bancshares Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Wednesday, September 2nd. Shore Bancshares’s dividend payout ratio is presently 28.28%.
Shore Bancshares announced that its board has authorized a stock buyback program on Thursday, May 21st that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Hedge Funds Weigh In On Shore Bancshares
Institutional investors and hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC acquired a new position in Shore Bancshares in the second quarter valued at about $34,000. Allworth Financial LP bought a new stake in shares of Shore Bancshares in the second quarter worth about $41,000. Legal & General Group Plc acquired a new stake in shares of Shore Bancshares during the second quarter worth about $70,000. PNC Financial Services Group Inc. raised its position in shares of Shore Bancshares by 20.1% during the first quarter. PNC Financial Services Group Inc. now owns 4,448 shares of the bank’s stock worth $83,000 after purchasing an additional 743 shares during the period. Finally, Parallel Advisors LLC lifted its holdings in shares of Shore Bancshares by 6,263.2% during the 1st quarter. Parallel Advisors LLC now owns 4,836 shares of the bank’s stock valued at $90,000 after purchasing an additional 4,760 shares in the last quarter. Institutional investors and hedge funds own 59.76% of the company’s stock.
About Shore Bancshares
Shore Bancshares, Inc is a bank holding company headquartered in Easton, Maryland. Through its principal banking subsidiary, Shore United Bank, the company provides banking and financial services to individuals, businesses, and organizations.
Shore United Bank offers deposit accounts, commercial and residential real estate loans, commercial lending, consumer loans, home equity financing, and other credit products. Its services also include online and mobile banking, treasury management, wealth management, investment services, and insurance-related products.
The company has historically focused on communities across Maryland’s Eastern Shore and other parts of Maryland, with a presence extending into the Baltimore and Annapolis areas following its combination with Severn Bancorp.
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