Shore Bancshares Inc (NASDAQ:SHBI) Stock Has Average Price Target of $25.75 According to Analysts

Shares of Shore Bancshares Inc (NASDAQ:SHBI) have earned a consensus rating of “Moderate Buy” from the six analysts that are presently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $25.75.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC purchased a new stake in shares of Shore Bancshares during the 1st quarter worth approximately $1,635,000. Janus Henderson Group PLC raised its holdings in shares of Shore Bancshares by 578.2% in the 1st quarter. Janus Henderson Group PLC now owns 380,283 shares of the bank’s stock worth $7,104,000 after purchasing an additional 324,208 shares during the period. Ieq Capital LLC purchased a new position in Shore Bancshares in the second quarter valued at approximately $1,485,000. Equitable Holdings Inc. purchased a new position in Shore Bancshares in the second quarter valued at approximately $1,167,000. Finally, Bank of America Corp DE purchased a new position in Shore Bancshares in the second quarter valued at approximately $1,271,000. 59.76% of the stock is currently owned by hedge funds and other institutional investors.

Shore Bancshares Stock Performance

Shares of NASDAQ SHBI traded up $0.01 during midday trading on Friday, reaching $22.55. The company’s stock had a trading volume of 289,494 shares, compared to its average volume of 231,862. The stock has a market capitalization of $752.49 million, a P/E ratio of 11.39 and a beta of 0.82. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.94. The firm has a 50 day moving average price of $23.09 and a 200-day moving average price of $21.90. 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 EPS for the quarter, beating 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 return on equity of 12.11% and a net margin of 19.15%. As a group, equities analysts predict that Shore Bancshares will post 2.25 earnings per share for the current year.

Shore Bancshares Dividend Announcement

The business also recently disclosed 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 of this dividend was Wednesday, September 2nd. This represents a $0.56 annualized dividend and a yield of 2.5%. Shore Bancshares’s payout ratio is currently 28.28%.

Shore Bancshares Company Profile

Shore Bancshares, Inc was a financial holding company headquartered in Easton, Maryland. Through its principal banking subsidiary, Shore United Bank, the company provided banking and financial services to individuals, families, businesses and public-sector organizations.

Shore United Bank offered deposit accounts, residential and commercial real estate lending, business loans, consumer financing, treasury management and online banking services. The company also provided wealth management, investment and insurance-related services through affiliated businesses and served customers across Maryland’s Eastern Shore, portions of Delaware and other areas of the Mid-Atlantic region.

Shore Bancshares expanded its presence through the 2023 acquisition of Severn Bancorp, Inc and its subsidiary, Severn Savings Bank.