Shore Bancshares Inc (NASDAQ:SHBI) Stock Now Rated “Moderate Buy” by Wall Street Brokerages

Shares of Shore Bancshares Inc (NASDAQ:SHBI) have received an average recommendation of “Moderate Buy” from the six ratings firms that are currently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $25.62.

A number of brokerages recently commented on SHBI. Keefe, Bruyette & Woods increased their price target on shares of Shore Bancshares from $22.00 to $25.00 and gave the company a “market perform” rating in a report on Tuesday, July 28th. DA Davidson initiated coverage on Shore Bancshares in a research note on Monday, September 28th. They set a “neutral” rating and a $25.00 price objective on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Shore Bancshares in a research note on Thursday, October 15th. Hovde Group upped their price objective on Shore Bancshares from $23.50 to $26.50 and gave the company an “outperform” rating in a research report on Monday, July 27th. Finally, Piper Sandler set a $26.00 price objective on Shore Bancshares and gave the company an “overweight” rating in a research note on Monday, October 26th.

Shore Bancshares Trading Down 0.9%

Shares of SHBI opened at $22.81 on Wednesday. The stock has a market capitalization of $761.17 million, a PE ratio of 11.13 and a beta of 0.83. The company’s fifty day moving average is $22.90 and its 200 day moving average is $21.17. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.94 and a current ratio of 0.95. Shore Bancshares has a fifty-two week low of $15.48 and a fifty-two week high of $24.89.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings data on Thursday, October 22nd. The bank reported $0.54 EPS for the quarter, meeting the consensus estimate of $0.54. Shore Bancshares had a net margin of 19.69% and a return on equity of 12.34%. The business had revenue of $62.89 million during the quarter, compared to analyst estimates of $61.31 million. Sell-side analysts expect that Shore Bancshares will post 2.28 earnings per share for the current fiscal year.

Shore Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.5%. The ex-dividend date was Wednesday, September 2nd. Shore Bancshares’s dividend payout ratio is presently 27.32%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC purchased a new stake in shares of Shore Bancshares in the second quarter valued at $34,000. Allworth Financial LP purchased a new position in shares of Shore Bancshares during the 2nd quarter worth about $41,000. Legal & General Group Plc purchased a new position in shares of Shore Bancshares during the 2nd quarter worth about $70,000. PNC Financial Services Group Inc. boosted its stake in shares of Shore Bancshares by 20.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,448 shares of the bank’s stock worth $83,000 after purchasing an additional 743 shares during the period. Finally, Parallel Advisors LLC grew its holdings in Shore Bancshares by 6,263.2% during the 1st 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 during the last quarter. 59.76% of the stock is owned by hedge funds and other institutional investors.

Shore Bancshares Company Profile

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

Shore United Bank offers deposit accounts, consumer and commercial loans, mortgages, home equity financing, cash management and other business banking services. Its offerings also include wealth management, trust and investment services, helping customers manage borrowing, saving, investing and other financial needs.

The company serves communities primarily across Maryland and Delaware, with a network concentrated in the Eastern Shore and expanding into other Maryland markets.