Shore Bancshares (NASDAQ:SHBI) Earns Outperform Rating from Analysts at Hovde Group

Hovde Group began coverage on shares of Shore Bancshares (NASDAQ:SHBI) in a research note published on Wednesday morning, MarketBeat.com reports. The firm issued an outperform rating and a $19.00 target price on the bank’s stock.

Several other research analysts have also issued reports on SHBI. Wall Street Zen lowered shares of Shore Bancshares from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. Zacks Research lowered shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a report on Friday, September 26th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Shore Bancshares in a report on Wednesday, October 8th. Finally, Piper Sandler upped their target price on shares of Shore Bancshares from $18.00 to $18.50 and gave the company an “overweight” rating in a research report on Friday, November 14th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Shore Bancshares presently has an average rating of “Moderate Buy” and an average target price of $19.17.

Shore Bancshares Trading Up 3.1%

SHBI stock opened at $16.58 on Wednesday. The company has a market cap of $554.22 million, a P/E ratio of 9.75 and a beta of 1.10. Shore Bancshares has a twelve month low of $11.47 and a twelve month high of $17.67. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.22. The business has a fifty day moving average of $16.19 and a 200-day moving average of $15.87.

Shore Bancshares (NASDAQ:SHBI) last posted its quarterly earnings results on Monday, September 19th. The bank reported $0.37 earnings per share (EPS) for the quarter. The business had revenue of $16.91 million for the quarter. Shore Bancshares had a return on equity of 11.37% and a net margin of 16.78%. As a group, equities research analysts expect that Shore Bancshares will post 1.59 EPS for the current year.

Shore Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Thursday, November 13th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 13th. This represents a $0.48 annualized dividend and a dividend yield of 2.9%. Shore Bancshares’s payout ratio is 28.24%.

Insider Activity at Shore Bancshares

In other Shore Bancshares news, EVP Aaron Michael Kaslow acquired 6,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 18th. The shares were acquired at an average price of $15.56 per share, with a total value of $101,140.00. Following the purchase, the executive vice president owned 6,500 shares of the company’s stock, valued at $101,140. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 8.69% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Shore Bancshares during the third quarter worth about $275,000. Millennium Management LLC grew its position in shares of Shore Bancshares by 123.1% in the 3rd quarter. Millennium Management LLC now owns 74,526 shares of the bank’s stock valued at $1,223,000 after purchasing an additional 41,118 shares during the period. HoldCo Asset Management LP increased its stake in Shore Bancshares by 3.7% during the 3rd quarter. HoldCo Asset Management LP now owns 278,114 shares of the bank’s stock worth $4,564,000 after purchasing an additional 10,000 shares in the last quarter. Bank of America Corp DE raised its holdings in Shore Bancshares by 20.9% during the 3rd quarter. Bank of America Corp DE now owns 70,672 shares of the bank’s stock worth $1,160,000 after buying an additional 12,200 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in Shore Bancshares by 98.8% in the third quarter. Ameriprise Financial Inc. now owns 89,936 shares of the bank’s stock valued at $1,476,000 after buying an additional 44,694 shares in the last quarter. 59.76% of the stock is owned by institutional investors and hedge funds.

About Shore Bancshares

Shore Bancshares, Inc operates as a bank holding company for the Shore United Bank, N.A. 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.