Shore Bancshares (NASDAQ:SHBI) Shares Cross Above 200 Day Moving Average – Here’s What Happened

Shore Bancshares Inc (NASDAQ:SHBI) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $18.37 and traded as high as $19.73. Shore Bancshares shares last traded at $19.70, with a volume of 172,969 shares traded.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Zacks Research raised shares of Shore Bancshares from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 28th. Piper Sandler increased their price objective on shares of Shore Bancshares from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, May 4th. Weiss Ratings raised shares of Shore Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, April 6th. Hovde Group increased their price objective 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, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $20.00 price objective on shares of Shore Bancshares in a research note on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $21.33.

Shore Bancshares Stock Up 2.9%

The company has a market capitalization of $659.16 million, a PE ratio of 10.48 and a beta of 0.83. The company’s 50 day moving average is $18.92 and its two-hundred day moving average is $18.37. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.15.

Shore Bancshares (NASDAQ:SHBI) last posted its earnings results on Thursday, April 23rd. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.10. The company had revenue of $59.89 million during the quarter, compared to analysts’ expectations of $58.35 million. Shore Bancshares had a net margin of 18.20% and a return on equity of 11.84%. On average, analysts anticipate that Shore Bancshares Inc will post 2.12 earnings per share for the current year.

Hedge Funds Weigh In On Shore Bancshares

Institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC purchased a new position in Shore Bancshares during the second quarter valued at $31,000. Geneos Wealth Management Inc. purchased a new position in Shore Bancshares during the fourth quarter valued at $48,000. IFP Advisors Inc grew its stake in Shore Bancshares by 98.9% during the third quarter. IFP Advisors Inc now owns 3,124 shares of the bank’s stock valued at $51,000 after acquiring an additional 1,553 shares in the last quarter. Federated Hermes Inc. grew its stake in Shore Bancshares by 168.7% during the third quarter. Federated Hermes Inc. now owns 3,471 shares of the bank’s stock valued at $57,000 after acquiring an additional 2,179 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its stake in Shore Bancshares by 207.4% during the fourth quarter. State of Alaska Department of Revenue now owns 4,138 shares of the bank’s stock valued at $72,000 after acquiring an additional 2,792 shares in the last quarter. 59.76% of the stock is owned by hedge funds and other institutional investors.

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.