Shore Bancshares (NASDAQ:SHBI) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Shore Bancshares (NASDAQ:SHBI) announced its earnings results on Wednesday. The bank reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.05, Zacks reports. The firm had revenue of $59.11 million for the quarter, compared to analyst estimates of $57.55 million. Shore Bancshares had a net margin of 16.78% and a return on equity of 11.25%.

Shore Bancshares Stock Up 0.4%

NASDAQ:SHBI traded up $0.07 during trading hours on Thursday, hitting $18.44. 451,762 shares of the stock traded hands, compared to its average volume of 168,410. Shore Bancshares has a fifty-two week low of $11.47 and a fifty-two week high of $19.39. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.16. The firm has a market cap of $616.28 million, a price-to-earnings ratio of 10.84 and a beta of 0.94. The firm has a 50 day moving average price of $17.96 and a 200 day moving average price of $16.86.

Shore Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 26th. Investors of record on Thursday, November 13th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Thursday, November 13th. Shore Bancshares’s payout ratio is presently 28.24%.

Insider Activity at Shore Bancshares

In other news, EVP Aaron Michael Kaslow acquired 6,500 shares of Shore Bancshares stock in a transaction that occurred on Tuesday, November 18th. The stock was purchased at an average price of $15.56 per share, with a total value of $101,140.00. Following the completion of the transaction, the executive vice president owned 6,500 shares in the company, valued at approximately $101,140. This trade represents a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have purchased 7,700 shares of company stock worth $121,994 in the last ninety days. Company insiders own 8.57% of the company’s stock.

Institutional Investors Weigh In On Shore Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC acquired a new stake in Shore Bancshares in the 2nd quarter valued at $31,000. Tower Research Capital LLC TRC boosted its stake in shares of Shore Bancshares by 239.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,500 shares of the bank’s stock valued at $71,000 after purchasing an additional 3,173 shares in the last quarter. State of Wyoming grew its holdings in shares of Shore Bancshares by 150.6% in the 2nd quarter. State of Wyoming now owns 4,682 shares of the bank’s stock worth $74,000 after purchasing an additional 2,814 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of Shore Bancshares by 29.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,879 shares of the bank’s stock worth $96,000 after purchasing an additional 1,324 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV bought a new position in Shore Bancshares during the 3rd quarter valued at about $275,000. 59.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Piper Sandler raised their price target on shares of 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 reiterated a “hold (c+)” rating on shares of Shore Bancshares in a research note on Thursday, January 22nd. Hovde Group began coverage on Shore Bancshares in a research note on Wednesday, November 19th. They set an “outperform” rating and a $19.00 price objective on the stock. Finally, Wall Street Zen lowered Shore Bancshares from a “buy” rating to a “hold” rating in a research report on Saturday, October 25th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Shore Bancshares currently has a consensus rating of “Moderate Buy” and an average price target of $18.75.

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.