Shore Bancshares Inc (NASDAQ:SHBI) Receives $19.17 Average Price Target from Analysts

Shore Bancshares Inc (NASDAQ:SHBI) has been assigned an average rating of “Moderate Buy” from the five brokerages that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $20.1667.

SHBI has been the topic of a number of analyst reports. Keefe, Bruyette & Woods raised their price objective on shares of Shore Bancshares from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Wall Street Zen cut shares of Shore Bancshares from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. Piper Sandler increased their price target on shares of Shore Bancshares from $18.00 to $18.50 and gave the stock an “overweight” rating in a report on Friday, November 14th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Shore Bancshares in a report on Thursday, January 22nd. Finally, Hovde Group increased their target price on shares of Shore Bancshares from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday.

Shore Bancshares Stock Performance

NASDAQ SHBI opened at $20.33 on Monday. The firm has a market capitalization of $679.63 million, a P/E ratio of 11.42 and a beta of 0.92. The stock has a 50-day simple moving average of $18.31 and a two-hundred day simple moving average of $17.00. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.95 and a current ratio of 0.96. Shore Bancshares has a fifty-two week low of $11.47 and a fifty-two week high of $20.50.

Shore Bancshares (NASDAQ:SHBI) last posted its earnings results on Wednesday, January 28th. The bank reported $0.52 EPS for the quarter, topping the consensus estimate of $0.48 by $0.04. The firm had revenue of $59.20 million for the quarter, compared to analyst estimates of $57.55 million. Shore Bancshares had a return on equity of 11.62% and a net margin of 17.36%. On average, equities analysts forecast that Shore Bancshares will post 1.59 earnings per share for the current year.

Insiders Place Their Bets

In other Shore Bancshares news, EVP Aaron Michael Kaslow purchased 6,500 shares of the stock in a transaction on Tuesday, November 18th. The shares were bought 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 owned 6,500 shares of the company’s stock, valued at $101,140. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 8.69% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. 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. 59.76% of the stock is owned by institutional investors and hedge funds.

Shore Bancshares Company Profile

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.