Analysts Set Shore Bancshares Inc (NASDAQ:SHBI) PT at $20.17

Shore Bancshares Inc (NASDAQ:SHBI) has been assigned a consensus recommendation of “Moderate Buy” from the five brokerages that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $20.1667.

SHBI has been the topic of a number of recent research reports. Piper Sandler raised 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. Hovde Group increased their price objective on shares of Shore Bancshares from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd. Weiss Ratings upgraded Shore Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, February 17th. Finally, Keefe, Bruyette & Woods upped their target price on Shore Bancshares from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Monday, February 2nd.

Shore Bancshares Stock Down 4.3%

Shares of Shore Bancshares stock opened at $18.58 on Friday. The business has a 50-day moving average price of $18.73 and a 200 day moving average price of $17.42. Shore Bancshares has a fifty-two week low of $11.47 and a fifty-two week high of $20.68. The firm has a market cap of $621.13 million, a P/E ratio of 10.44 and a beta of 0.90. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

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

Shore Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th will be given a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $0.48 annualized dividend and a yield of 2.6%. Shore Bancshares’s dividend payout ratio (DPR) is currently 26.97%.

Insider Transactions at Shore Bancshares

In other news, Director William E. Esham III purchased 5,000 shares of Shore Bancshares stock in a transaction dated Thursday, February 5th. The stock was bought at an average price of $19.99 per share, with a total value of $99,950.00. Following the completion of the acquisition, the director owned 5,510 shares in the company, valued at $110,144.90. The trade was a 980.39% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.57% of the company’s stock.

Institutional Trading of Shore Bancshares

A number of large investors have recently modified their holdings of SHBI. Atlantic Union Bankshares Corp acquired a new position in Shore Bancshares during the 2nd quarter valued at about $8,622,000. Fourthstone LLC raised its holdings in shares of Shore Bancshares by 61.6% during the fourth quarter. Fourthstone LLC now owns 918,202 shares of the bank’s stock valued at $16,234,000 after buying an additional 350,012 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Shore Bancshares by 168.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 495,965 shares of the bank’s stock worth $8,769,000 after buying an additional 311,266 shares during the period. HoldCo Asset Management LP acquired a new stake in Shore Bancshares in the 2nd quarter valued at approximately $4,215,000. Finally, Wellington Management Group LLP raised its stake in Shore Bancshares by 19.7% during the 3rd quarter. Wellington Management Group LLP now owns 1,065,910 shares of the bank’s stock valued at $17,492,000 after acquiring an additional 175,282 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.