Shore Bancshares (NASDAQ:SHBI) Price Target Raised to $26.50

Shore Bancshares (NASDAQ:SHBI) had its price target boosted by equities research analysts at Hovde Group from $23.50 to $26.50 in a note issued to investors on Monday. The firm currently has an “outperform” rating on the bank’s stock. Hovde Group’s target price indicates a potential upside of 12.24% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Zacks Research downgraded Shore Bancshares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Shore Bancshares in a research report on Friday, July 17th. Piper Sandler upped their target price on Shore Bancshares from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $20.00 price target on shares of Shore Bancshares in a research note on Thursday, April 9th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $23.50.

Shore Bancshares Stock Performance

Shares of SHBI opened at $23.61 on Monday. The stock has a market capitalization of $789.99 million, a P/E ratio of 11.92 and a beta of 0.82. Shore Bancshares has a twelve month low of $14.93 and a twelve month high of $23.92. 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 fifty day simple moving average of $21.92 and a two-hundred day simple moving average of $19.96.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.10. The firm had revenue of $61.84 million for the quarter, compared to analysts’ expectations of $60.42 million. Shore Bancshares had a net margin of 19.15% and a return on equity of 12.24%. On average, research analysts anticipate that Shore Bancshares will post 2.12 EPS for the current year.

Shore Bancshares announced that its board has authorized a stock buyback plan on Thursday, May 21st that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 4.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC bought a new position in Shore Bancshares in the second quarter worth $31,000. Geneos Wealth Management Inc. bought a new stake in shares of Shore Bancshares during the 4th quarter valued at $48,000. IFP Advisors Inc grew its position in shares of Shore Bancshares by 98.9% in the 3rd quarter. IFP Advisors Inc now owns 3,124 shares of the bank’s stock worth $51,000 after buying an additional 1,553 shares during the period. Tower Research Capital LLC TRC grew its position 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 worth $71,000 after buying an additional 3,173 shares during the period. Finally, State of Alaska Department of Revenue increased its stake in shares of Shore Bancshares by 207.4% in the 4th quarter. State of Alaska Department of Revenue now owns 4,138 shares of the bank’s stock worth $72,000 after acquiring an additional 2,792 shares in the last quarter. Hedge funds and other 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.