Shore Bancshares (NASDAQ:SHBI) Given “Market Perform” Rating at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reissued their market perform rating on shares of Shore Bancshares (NASDAQ:SHBI) in a report issued on Thursday morning, MarketBeat reports. They currently have a $20.00 target price on the bank’s stock.

A number of other analysts also recently issued reports on SHBI. Hovde Group lifted their price objective on shares of Shore Bancshares from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd. Weiss Ratings raised shares of Shore Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.17.

Shore Bancshares Stock Down 0.8%

SHBI opened at $19.60 on Thursday. The company has a fifty day moving average price of $18.89 and a 200-day moving average price of $17.73. The firm has a market capitalization of $655.03 million, a P/E ratio of 11.01 and a beta of 0.85. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.95 and a quick ratio of 0.94. Shore Bancshares has a one year low of $11.47 and a one year high of $20.68.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings results on Wednesday, January 28th. The bank reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. The firm 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%. Equities research analysts expect that Shore Bancshares will post 1.59 earnings per share for the current fiscal year.

Shore Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Wednesday, March 4th. 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 company’s stock in a transaction dated Thursday, February 5th. The stock was bought at an average cost of $19.99 per share, with a total value of $99,950.00. Following the acquisition, the director owned 5,510 shares of the company’s stock, valued at approximately $110,144.90. The trade was a 980.39% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 8.69% of the company’s stock.

Institutional Trading of Shore Bancshares

Hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC bought a new stake in Shore Bancshares in the second quarter worth $31,000. Geneos Wealth Management Inc. bought a new stake in Shore Bancshares in the fourth quarter worth $48,000. IFP Advisors Inc lifted its stake in Shore Bancshares by 98.9% in the third quarter. IFP Advisors Inc now owns 3,124 shares of the bank’s stock worth $51,000 after purchasing an additional 1,553 shares during the last quarter. Federated Hermes Inc. lifted its stake in Shore Bancshares by 168.7% in the third quarter. Federated Hermes Inc. now owns 3,471 shares of the bank’s stock worth $57,000 after purchasing an additional 2,179 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in Shore Bancshares by 207.4% in the fourth quarter. State of Alaska Department of Revenue now owns 4,138 shares of the bank’s stock worth $72,000 after purchasing an additional 2,792 shares during the last quarter. 59.76% of the stock is owned by institutional investors.

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.