Shore Bancshares Inc (NASDAQ:SHBI) Receives $19.17 Consensus Price Target from Analysts

Shares of Shore Bancshares Inc (NASDAQ:SHBI) have been assigned an average rating of “Moderate Buy” from the five brokerages that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $20.1667.

Several research analysts recently issued reports on SHBI shares. Piper Sandler increased their price target 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. Keefe, Bruyette & Woods boosted their target price on Shore Bancshares from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Monday. Hovde Group upped their price target on shares of Shore Bancshares from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday. Wall Street Zen cut shares of Shore Bancshares from a “buy” rating to a “hold” rating in a research report on Saturday, October 25th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Shore Bancshares in a research report on Thursday, January 22nd.

Insiders Place Their Bets

In other Shore Bancshares news, EVP Aaron Michael Kaslow acquired 6,500 shares of Shore Bancshares stock in a transaction on Tuesday, November 18th. The shares were purchased at an average cost of $15.56 per share, with a total value of $101,140.00. Following the completion of the purchase, the executive vice president owned 6,500 shares in the company, valued at $101,140. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have purchased 7,700 shares of company stock valued at $121,994 in the last quarter. Corporate insiders own 8.69% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tred Avon Family Wealth LLC acquired a new position in shares of Shore Bancshares in the third quarter valued at approximately $1,027,000. Assenagon Asset Management S.A. acquired a new position in shares of Shore Bancshares in the third quarter valued at $955,000. Atlantic Union Bankshares Corp acquired a new position in shares of Shore Bancshares in the second quarter valued at approximately $8,622,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Shore Bancshares by 33.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 438,780 shares of the bank’s stock worth $6,898,000 after buying an additional 109,903 shares in the last quarter. Finally, HoldCo Asset Management LP acquired a new stake in Shore Bancshares in the 2nd quarter worth about $4,215,000. 59.76% of the stock is owned by institutional investors and hedge funds.

Shore Bancshares Price Performance

Shares of Shore Bancshares stock opened at $20.02 on Monday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.95. The firm has a fifty day moving average price of $18.21 and a two-hundred day moving average price of $16.95. Shore Bancshares has a fifty-two week low of $11.47 and a fifty-two week high of $20.40. The company has a market cap of $669.27 million, a PE ratio of 11.25 and a beta of 0.92.

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

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.