Shore Bancshares (NASDAQ:SHBI) Reaches New 1-Year High – Still a Buy?

Shore Bancshares Inc (NASDAQ:SHBI) hit a new 52-week high during trading on Monday . The stock traded as high as $19.61 and last traded at $19.58, with a volume of 45738 shares traded. The stock had previously closed at $18.97.

Analyst Ratings Changes

SHBI has been the topic of several research analyst reports. Wall Street Zen cut shares of Shore Bancshares from a “buy” rating to a “hold” rating in a research report on Saturday, October 25th. Piper Sandler increased their target price on Shore Bancshares from $18.00 to $18.50 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Weiss Ratings restated a “hold (c+)” rating on shares of Shore Bancshares in a research report on Thursday, January 22nd. Finally, Hovde Group started coverage on Shore Bancshares in a report on Wednesday, November 19th. They issued an “outperform” rating and a $19.00 price objective for the company. Two equities research 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, Shore Bancshares has a consensus rating of “Moderate Buy” and an average price target of $18.75.

Shore Bancshares Stock Up 2.8%

The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a 50 day simple moving average of $18.06 and a 200-day simple moving average of $16.89. The firm has a market cap of $651.83 million, a PE ratio of 10.95 and a beta of 0.94.

Shore Bancshares (NASDAQ:SHBI) last issued its quarterly earnings results on Wednesday, January 28th. The bank reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.05. The firm had revenue of $59.11 million during the quarter, compared to the consensus estimate of $57.55 million. Shore Bancshares had a return on equity of 11.62% and a net margin of 17.36%. Sell-side analysts predict that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

Insider Activity

In other news, EVP Aaron Michael Kaslow purchased 6,500 shares of the business’s stock in a transaction dated Tuesday, November 18th. The shares were purchased at an average price of $15.56 per share, for a total transaction of $101,140.00. Following the completion of the acquisition, the executive vice president directly owned 6,500 shares in the company, valued at $101,140. This represents a ? increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have purchased a total of 7,700 shares of company stock valued at $121,994 in the last 90 days. Corporate insiders own 8.69% of the company’s stock.

Hedge Funds Weigh In On Shore Bancshares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SHBI. IFP Advisors Inc increased its holdings in shares of Shore Bancshares by 31,320.0% in the 2nd quarter. IFP Advisors Inc now owns 1,571 shares of the bank’s stock worth $25,000 after purchasing an additional 1,566 shares in the last quarter. EverSource Wealth Advisors LLC bought a new stake in Shore Bancshares in the 2nd quarter worth about $31,000. PNC Financial Services Group Inc. raised its position in Shore Bancshares by 108.4% in the 2nd 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 position in Shore Bancshares during the 4th quarter valued at about $48,000. Finally, Federated Hermes Inc. boosted its holdings in shares of Shore Bancshares by 168.7% during the 3rd quarter. Federated Hermes Inc. now owns 3,471 shares of the bank’s stock valued at $57,000 after acquiring an additional 2,179 shares during the last quarter. 59.76% of the stock is owned by institutional investors.

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.