Hovde Group Boosts Shore Bancshares (NASDAQ:SHBI) Price Target to $22.00

Shore Bancshares (NASDAQ:SHBI) had its target price hoisted by investment analysts at Hovde Group from $19.00 to $22.00 in a report released on Tuesday, MarketBeat reports. The firm presently has an “outperform” rating on the bank’s stock. Hovde Group’s target price would indicate a potential upside of 9.89% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on SHBI. Keefe, Bruyette & Woods boosted their target price on shares of Shore Bancshares from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Monday. Piper Sandler boosted their price objective 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. Wall Street Zen cut shares of Shore Bancshares from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Shore Bancshares in a research report on Thursday, January 22nd. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Shore Bancshares has an average rating of “Moderate Buy” and an average price target of $20.17.

Shore Bancshares Price Performance

Shore Bancshares stock opened at $20.02 on Tuesday. The company has a market capitalization of $669.27 million, a price-to-earnings ratio of 11.25 and a beta of 0.92. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.16. Shore Bancshares has a 12 month low of $11.47 and a 12 month high of $20.40. The stock’s 50 day moving average is $18.21 and its 200-day moving average is $16.95.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings results on Wednesday, January 28th. The bank reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.04. Shore Bancshares had a return on equity of 11.62% and a net margin of 17.36%.The business had revenue of $59.20 million during the quarter, compared to the consensus estimate of $57.55 million. Equities research analysts expect that Shore Bancshares will post 1.59 EPS for the current year.

Insider Buying and Selling at Shore Bancshares

In other news, EVP Aaron Michael Kaslow purchased 6,500 shares of Shore Bancshares stock in a transaction that occurred on 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 transaction, the executive vice president owned 6,500 shares of the company’s stock, valued at approximately $101,140. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Over the last ninety days, insiders have purchased 7,700 shares of company stock worth $121,994. Corporate insiders own 8.69% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp acquired a new stake in shares of Shore Bancshares in the 2nd quarter valued at $8,622,000. HoldCo Asset Management LP bought a new stake in shares of Shore Bancshares during the 2nd quarter worth $4,215,000. Wellington Management Group LLP boosted its stake in Shore Bancshares by 19.7% in the third quarter. Wellington Management Group LLP now owns 1,065,910 shares of the bank’s stock valued at $17,492,000 after buying an additional 175,282 shares in the last quarter. AQR Capital Management LLC grew its position in Shore Bancshares by 143.3% in the second quarter. AQR Capital Management LLC now owns 273,109 shares of the bank’s stock valued at $4,293,000 after acquiring an additional 160,850 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its stake in Shore Bancshares by 62.6% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 386,889 shares of the bank’s stock worth $6,349,000 after acquiring an additional 148,995 shares in the last quarter. 59.76% of the stock is currently owned by institutional investors and hedge funds.

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.