Shore Bancshares (NASDAQ:SHBI) Shares Pass Above 200-Day Moving Average – What’s Next?

Shore Bancshares Inc (NASDAQ:SHBI) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $17.63 and traded as high as $18.74. Shore Bancshares shares last traded at $18.68, with a volume of 246,771 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SHBI. Weiss Ratings cut shares of Shore Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, March 19th. Hovde Group increased their target price on shares of Shore Bancshares from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, February 3rd. Finally, Keefe, Bruyette & Woods upped their price target on shares of Shore Bancshares from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Monday, February 2nd. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $20.17.

Shore Bancshares Stock Up 2.0%

The business’s 50 day moving average is $18.80 and its 200 day moving average is $17.63. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.15. The company has a market cap of $624.29 million, a P/E ratio of 10.49 and a beta of 0.90.

Shore Bancshares (NASDAQ:SHBI) last announced its 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 11.50% and a net margin of 17.36%.The business had revenue of $59.20 million for the quarter, compared to analysts’ expectations of $57.55 million. As a group, equities analysts anticipate that Shore Bancshares Inc will post 1.59 earnings per share for the current fiscal year.

Shore Bancshares Dividend Announcement

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

Insiders Place Their Bets

In other news, Director William E. Esham III purchased 5,000 shares of the business’s stock in a transaction on Thursday, February 5th. The shares were acquired at an average cost 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 of the company’s stock, valued at $110,144.90. This trade represents a 980.39% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 8.57% of the stock is currently owned by company insiders.

Institutional Trading of Shore Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Shore Bancshares by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,226 shares of the bank’s stock valued at $247,000 after buying an additional 780 shares during the last quarter. Curi Capital LLC lifted its position in Shore Bancshares by 0.5% during the 2nd quarter. Curi Capital LLC now owns 176,046 shares of the bank’s stock worth $2,767,000 after acquiring an additional 882 shares during the period. Man Group plc lifted its position in Shore Bancshares by 5.0% during the 4th quarter. Man Group plc now owns 19,053 shares of the bank’s stock worth $337,000 after acquiring an additional 903 shares during the period. Mariner LLC grew its stake in Shore Bancshares by 8.1% during the 4th quarter. Mariner LLC now owns 14,222 shares of the bank’s stock valued at $251,000 after purchasing an additional 1,069 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its stake in Shore Bancshares by 29.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,879 shares of the bank’s stock valued at $96,000 after purchasing an additional 1,324 shares during the last quarter. Hedge funds and other institutional investors own 59.76% of the company’s stock.

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.