Shore Bancshares (NASDAQ:SHBI) Stock Price Crosses Above 200 Day Moving Average – Here’s What Happened

Shore Bancshares Inc (NASDAQ:SHBI)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $18.14 and traded as high as $19.91. Shore Bancshares shares last traded at $19.76, with a volume of 126,333 shares.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Hovde Group boosted their price objective on shares of Shore Bancshares from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $20.00 price objective on shares of Shore Bancshares in a research note on Thursday, April 9th. Piper Sandler boosted their price objective on shares of Shore Bancshares from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, May 4th. Weiss Ratings raised shares of Shore Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, April 6th. Finally, Zacks Research raised shares of Shore Bancshares from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Shore Bancshares presently has a consensus rating of “Buy” and a consensus target price of $21.33.

Shore Bancshares Stock Down 0.2%

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 firm has a market cap of $659.83 million, a P/E ratio of 10.49 and a beta of 0.83. The stock’s 50-day simple moving average is $18.78 and its 200 day simple moving average is $18.14.

Shore Bancshares (NASDAQ:SHBI) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.10. The business had revenue of $59.89 million for the quarter, compared to analysts’ expectations of $58.35 million. Shore Bancshares had a net margin of 18.20% and a return on equity of 11.84%. As a group, research analysts forecast that Shore Bancshares Inc will post 2.12 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, March 4th. This represents a $0.48 dividend on an annualized basis and a yield of 2.4%. Shore Bancshares’s dividend payout ratio is 25.53%.

Institutional Trading of Shore Bancshares

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Shore Bancshares by 2.8% during the third quarter. Vanguard Group Inc. now owns 1,781,501 shares of the bank’s stock valued at $29,234,000 after acquiring an additional 48,390 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Shore Bancshares by 3.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,683,403 shares of the bank’s stock valued at $31,445,000 after acquiring an additional 53,381 shares during the last quarter. Wellington Management Group LLP boosted its position in Shore Bancshares by 7.9% during the fourth quarter. Wellington Management Group LLP now owns 1,150,208 shares of the bank’s stock valued at $20,336,000 after acquiring an additional 84,298 shares during the last quarter. Fourthstone LLC boosted its position in Shore Bancshares by 61.6% during the fourth quarter. Fourthstone LLC now owns 918,202 shares of the bank’s stock valued at $16,234,000 after acquiring an additional 350,012 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Shore Bancshares by 168.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 495,965 shares of the bank’s stock valued at $8,769,000 after acquiring an additional 311,266 shares during the last quarter. Institutional investors own 59.76% of the company’s stock.

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.