Shore Bancshares Inc (NASDAQ:SHBI) Given Average Recommendation of “Moderate Buy” by Analysts

Shore Bancshares Inc (NASDAQ:SHBI) has received a consensus rating of “Moderate Buy” from the five research firms that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $26.00.

A number of brokerages have weighed in on SHBI. Hovde Group raised their target price on Shore Bancshares from $23.50 to $26.50 and gave the company an “outperform” rating in a report on Monday, July 27th. Zacks Research lowered Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods increased their target price on shares of Shore Bancshares from $22.00 to $25.00 and gave the stock a “market perform” rating in a report on Tuesday, July 28th. Piper Sandler raised their price target on shares of Shore Bancshares from $24.00 to $26.50 and gave the company an “overweight” rating in a research note on Monday, July 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Shore Bancshares in a research report on Friday, July 17th.

Shore Bancshares Price Performance

Shares of NASDAQ:SHBI opened at $23.19 on Tuesday. The firm has a 50 day moving average of $23.51 and a 200-day moving average of $21.30. The stock has a market capitalization of $773.90 million, a PE ratio of 11.71 and a beta of 0.80. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.14. Shore Bancshares has a 12 month low of $14.93 and a 12 month high of $24.89.

Shore Bancshares (NASDAQ:SHBI) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.10. The company had revenue of $61.75 million during the quarter, compared to the consensus estimate of $60.42 million. Shore Bancshares had a net margin of 19.15% and a return on equity of 12.11%. On average, equities research analysts predict that Shore Bancshares will post 2.26 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd were given a $0.14 dividend. The ex-dividend date was Wednesday, September 2nd. This represents a $0.56 annualized dividend and a yield of 2.4%. Shore Bancshares’s dividend payout ratio (DPR) is currently 28.28%.

Institutional Trading of Shore Bancshares

Institutional investors have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC bought a new stake in shares of Shore Bancshares during the 2nd quarter valued at about $34,000. Allworth Financial LP acquired a new stake in Shore Bancshares in the second quarter worth $41,000. Legal & General Group Plc bought a new stake in Shore Bancshares in the second quarter valued at $70,000. PNC Financial Services Group Inc. increased its stake in Shore Bancshares by 20.1% in the first quarter. PNC Financial Services Group Inc. now owns 4,448 shares of the bank’s stock valued at $83,000 after purchasing an additional 743 shares in the last quarter. Finally, Parallel Advisors LLC increased its stake in Shore Bancshares by 6,263.2% in the first quarter. Parallel Advisors LLC now owns 4,836 shares of the bank’s stock valued at $90,000 after purchasing an additional 4,760 shares in the last quarter. 59.76% of the stock is currently owned by institutional investors.

About Shore Bancshares

Shore Bancshares, Inc is a bank holding company headquartered in Easton, Maryland. Through its principal banking subsidiary, Shore United Bank, the company provides banking and financial services to individuals, businesses, and organizations.

Shore United Bank offers deposit accounts, commercial and residential real estate loans, commercial lending, consumer loans, home equity financing, and other credit products. Its services also include online and mobile banking, treasury management, wealth management, investment services, and insurance-related products.

The company has historically focused on communities across Maryland’s Eastern Shore and other parts of Maryland, with a presence extending into the Baltimore and Annapolis areas following its combination with Severn Bancorp.