Shore Bancshares (NASDAQ:SHBI) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Shore Bancshares Inc (NASDAQ:SHBI)’s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $17.18 and traded as high as $19.91. Shore Bancshares shares last traded at $19.79, with a volume of 197,097 shares traded.

Wall Street Analyst Weigh In

SHBI has been the subject of several recent research reports. Piper Sandler lifted their target price on shares of Shore Bancshares from $18.00 to $18.50 and gave the company an “overweight” rating in a report on Friday, November 14th. Hovde Group lifted their price objective on shares of Shore Bancshares from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. Keefe, Bruyette & Woods upped their price objective on shares of Shore Bancshares from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. Wall Street Zen lowered shares of Shore Bancshares from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Shore Bancshares in a research note on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Shore Bancshares currently has a consensus rating of “Moderate Buy” and an average price target of $20.17.

Shore Bancshares Trading Up 0.6%

The company’s fifty day simple moving average is $18.59 and its 200-day simple moving average is $17.18. The firm has a market capitalization of $661.58 million, a PE ratio of 11.12 and a beta of 0.92. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.95.

Shore Bancshares (NASDAQ:SHBI) last released its earnings results on Wednesday, January 28th. The bank reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.04. The business had revenue of $59.20 million during the quarter, compared to analysts’ expectations of $57.55 million. Shore Bancshares had a net margin of 17.36% and a return on equity of 11.62%. As a group, sell-side analysts expect that Shore Bancshares Inc will post 1.59 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Aaron Michael Kaslow bought 6,500 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The shares were acquired at an average price of $15.56 per share, for a total transaction of $101,140.00. Following the completion of the transaction, the executive vice president directly owned 6,500 shares in the company, valued at $101,140. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William E. Esham III purchased 5,000 shares of the stock in a transaction dated Thursday, February 5th. The stock was purchased at an average cost of $19.99 per share, for a total transaction of $99,950.00. Following the completion of the purchase, the director directly owned 5,510 shares of the company’s stock, valued at approximately $110,144.90. The trade was a 980.39% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 12,500 shares of company stock valued at $218,760 in the last three months. Insiders own 8.57% of the company’s stock.

Institutional Investors Weigh In On Shore Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in SHBI. IFP Advisors Inc raised its position in shares of Shore Bancshares by 31,320.0% in the second quarter. IFP Advisors Inc now owns 1,571 shares of the bank’s stock valued at $25,000 after buying an additional 1,566 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new stake in Shore Bancshares during the 2nd quarter valued at about $31,000. PNC Financial Services Group Inc. raised its holdings in Shore Bancshares by 108.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,020 shares of the bank’s stock valued at $47,000 after acquiring an additional 1,571 shares during the last quarter. Geneos Wealth Management Inc. acquired a new stake in Shore Bancshares in the 4th quarter valued at about $48,000. Finally, Federated Hermes Inc. lifted its stake in Shore Bancshares by 168.7% in the 3rd quarter. Federated Hermes Inc. now owns 3,471 shares of the bank’s stock worth $57,000 after purchasing an additional 2,179 shares in the last quarter. Institutional investors and hedge funds 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.