Shore Bancshares Inc (NASDAQ:SHBI) Receives $20.17 Average PT from Brokerages

Shore Bancshares Inc (NASDAQ:SHBI) has received an average recommendation of “Moderate Buy” from the five research firms that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year target price among analysts that have covered the stock in the last year is $20.1667.

Several brokerages have recently commented on SHBI. Keefe, Bruyette & Woods upped their price target on Shore Bancshares from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Piper Sandler upped their target price on shares of Shore Bancshares from $18.00 to $18.50 and gave the company an “overweight” rating in a research report on Friday, November 14th. 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, February 3rd. Finally, Weiss Ratings raised shares of Shore Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, February 17th.

Insider Buying and Selling

In other news, Director William E. Esham III purchased 5,000 shares of the stock in a transaction dated Thursday, February 5th. The stock was acquired at an average cost of $19.99 per share, for a total transaction of $99,950.00. Following the completion of the transaction, the director directly owned 5,510 shares in the company, valued at approximately $110,144.90. This represents a 980.39% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 8.57% of the stock is owned by company insiders.

Institutional Investors Weigh In On Shore Bancshares

Several institutional investors and hedge funds have recently modified their holdings of SHBI. Tred Avon Family Wealth LLC acquired a new position in Shore Bancshares in the 3rd quarter valued at about $1,027,000. Assenagon Asset Management S.A. purchased a new position in shares of Shore Bancshares in the third quarter valued at approximately $955,000. Atlantic Union Bankshares Corp acquired a new position in shares of Shore Bancshares in the second quarter valued at approximately $8,622,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Shore Bancshares by 33.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 438,780 shares of the bank’s stock valued at $6,898,000 after purchasing an additional 109,903 shares in the last quarter. Finally, LSV Asset Management increased its stake in Shore Bancshares by 323.8% during the 3rd quarter. LSV Asset Management now owns 118,971 shares of the bank’s stock worth $1,952,000 after buying an additional 90,900 shares during the period. Hedge funds and other institutional investors own 59.76% of the company’s stock.

Shore Bancshares Stock Down 1.0%

Shares of NASDAQ SHBI opened at $18.61 on Friday. The company has a market capitalization of $622.13 million, a P/E ratio of 10.46 and a beta of 0.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.95. The company has a 50 day simple moving average of $18.75 and a 200-day simple moving average of $17.46. Shore Bancshares has a 1 year low of $11.47 and a 1 year high of $20.68.

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

Shore Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th will be given a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. Shore Bancshares’s payout ratio is presently 26.97%.

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.