Shore Bancshares (NASDAQ:SHBI) Given New $20.00 Price Target at Keefe, Bruyette & Woods

Shore Bancshares (NASDAQ:SHBI) had its price target raised by Keefe, Bruyette & Woods from $18.00 to $20.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an outperform rating on the bank’s stock.

A number of other analysts have also recently issued reports on SHBI. Wall Street Zen cut shares of Shore Bancshares from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. Hovde Group initiated coverage on shares of Shore Bancshares in a research note on Wednesday, November 19th. They issued an “outperform” rating and a $19.00 price objective for the company. Piper Sandler increased their target price on shares of Shore Bancshares from $18.00 to $18.50 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Shore Bancshares in a research report on Thursday, January 22nd. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Shore Bancshares presently has an average rating of “Moderate Buy” and an average target price of $19.17.

Shore Bancshares Stock Performance

Shares of SHBI opened at $19.42 on Monday. The company has a market capitalization of $649.21 million, a PE ratio of 10.91 and a beta of 0.92. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.95 and a current ratio of 0.96. The company’s 50 day moving average price is $18.12 and its 200 day moving average price is $16.91. Shore Bancshares has a 52 week low of $11.47 and a 52 week high of $19.64.

Shore Bancshares (NASDAQ:SHBI) last issued its earnings results on Wednesday, January 28th. The bank reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. Shore Bancshares had a net margin of 17.36% and a return on equity of 11.62%. The company had revenue of $59.20 million during the quarter, compared to analyst estimates of $57.55 million. Research analysts expect that Shore Bancshares will post 1.59 EPS for the current fiscal year.

Insiders Place Their Bets

In other Shore Bancshares news, EVP Aaron Michael Kaslow purchased 6,500 shares of the company’s stock in a transaction on Tuesday, November 18th. The shares were bought at an average cost of $15.56 per share, with a total value of $101,140.00. Following the transaction, the executive vice president directly owned 6,500 shares in the company, valued at approximately $101,140. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders purchased 7,700 shares of company stock worth $121,994. 8.57% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Shore Bancshares

Several large investors have recently added to or reduced their stakes in the company. IFP Advisors Inc increased its position in shares of Shore Bancshares by 31,320.0% during the 2nd quarter. IFP Advisors Inc now owns 1,571 shares of the bank’s stock worth $25,000 after purchasing an additional 1,566 shares in the last quarter. EverSource Wealth Advisors LLC bought a new position in shares of Shore Bancshares in the second quarter valued at approximately $31,000. Geneos Wealth Management Inc. acquired a new position in shares of Shore Bancshares in the 4th quarter worth approximately $48,000. PNC Financial Services Group Inc. grew its position in Shore Bancshares by 108.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,020 shares of the bank’s stock worth $47,000 after acquiring an additional 1,571 shares during the last quarter. Finally, Federated Hermes Inc. increased its holdings in Shore Bancshares by 168.7% during the 3rd quarter. Federated Hermes Inc. now owns 3,471 shares of the bank’s stock valued at $57,000 after purchasing an additional 2,179 shares in the last quarter. Institutional investors and hedge funds own 59.76% of the company’s stock.

About Shore Bancshares

Shore Bancshares, Inc (NASDAQ: SHBI) is the bank holding company for Shore Community Bank, a commercial bank headquartered in Mount Holly, New Jersey. The company provides a full suite of banking and financial services to individuals and businesses, including deposit accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Shore Bancshares focuses on delivering community-oriented banking services with an emphasis on personalized customer relationships.

Shore Community Bank’s lending portfolio includes commercial real estate, construction loans, agricultural loans, small business loans under government-sponsored programs, and conventional residential mortgages.