Shore Bancshares (NASDAQ:SHBI) Stock Price Crosses Above 200-Day Moving Average – What’s Next?

Shares of Shore Bancshares Inc (NASDAQ:SHBI) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $17.58 and traded as high as $18.50. Shore Bancshares shares last traded at $18.14, with a volume of 406,033 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms recently commented on SHBI. Hovde Group raised 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. Keefe, Bruyette & Woods boosted their target price on shares of Shore Bancshares from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Finally, Weiss Ratings lowered Shore Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.17.

Shore Bancshares Trading Up 2.2%

The company has a market cap of $606.24 million, a price-to-earnings ratio of 10.19 and a beta of 0.90. The company’s 50 day moving average price is $18.78 and its 200 day moving average price is $17.58. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.94 and a current ratio of 0.95.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings data 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. The business had revenue of $59.20 million during the quarter, compared to analyst estimates of $57.55 million. Shore Bancshares had a net margin of 17.36% and a return on equity of 11.50%. Research analysts anticipate that Shore Bancshares Inc will post 1.59 EPS for the current year.

Shore Bancshares Announces Dividend

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

Insider Activity

In related news, Director William E. Esham III acquired 5,000 shares of the stock in a transaction dated Thursday, February 5th. The shares were acquired at an average price of $19.99 per share, with a total value of $99,950.00. Following the acquisition, the director owned 5,510 shares in the company, valued at approximately $110,144.90. The trade was a 980.39% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 8.57% of the company’s stock.

Institutional Investors Weigh In On Shore Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in SHBI. EverSource Wealth Advisors LLC acquired a new position in Shore Bancshares during the second quarter valued at approximately $31,000. PNC Financial Services Group Inc. lifted its stake in shares of Shore Bancshares by 108.4% in the second quarter. PNC Financial Services Group Inc. now owns 3,020 shares of the bank’s stock worth $47,000 after buying an additional 1,571 shares during the last quarter. Geneos Wealth Management Inc. bought a new stake in shares of Shore Bancshares during the 4th quarter worth $48,000. IFP Advisors Inc boosted its holdings in shares of Shore Bancshares by 98.9% during the 3rd quarter. IFP Advisors Inc now owns 3,124 shares of the bank’s stock worth $51,000 after buying an additional 1,553 shares during the period. Finally, Federated Hermes Inc. grew its stake in Shore Bancshares by 168.7% in the 3rd quarter. Federated Hermes Inc. now owns 3,471 shares of the bank’s stock valued at $57,000 after buying an additional 2,179 shares during the last quarter. 59.76% of the stock is currently owned by institutional investors and hedge funds.

Shore Bancshares Company Profile

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.