Shore Bancshares Inc (NASDAQ:SHBI) Receives Average Rating of “Moderate Buy” from Brokerages

Shore Bancshares Inc (NASDAQ:SHBI) has earned an average rating of “Moderate Buy” from the five ratings firms that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $19.1667.

Several research firms have recently weighed in on SHBI. Piper Sandler upped 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. Hovde Group assumed coverage on shares of Shore Bancshares in a research note on Wednesday. They issued an “outperform” rating and a $19.00 price objective for the company. Wall Street Zen cut Shore Bancshares from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Shore Bancshares in a report on Wednesday, October 8th. Finally, Zacks Research cut Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 26th.

Shore Bancshares Trading Up 0.1%

Shares of SHBI stock opened at $15.55 on Wednesday. The company’s fifty day simple moving average is $16.25 and its two-hundred day simple moving average is $15.85. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. Shore Bancshares has a 1 year low of $11.47 and a 1 year high of $17.67. The stock has a market capitalization of $519.79 million, a price-to-earnings ratio of 9.15 and a beta of 1.10.

Shore Bancshares (NASDAQ:SHBI) last posted its quarterly earnings results on Monday, September 19th. The bank reported $0.37 EPS for the quarter. The firm had revenue of $16.91 million during the quarter. Shore Bancshares had a return on equity of 11.37% and a net margin of 16.78%. As a group, analysts anticipate that Shore Bancshares will post 1.59 earnings per share for the current year.

Shore Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Thursday, November 13th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, November 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.1%. Shore Bancshares’s payout ratio is presently 28.24%.

Hedge Funds Weigh In On Shore Bancshares

A number of institutional investors have recently bought and sold shares of SHBI. IFP Advisors Inc boosted its position in Shore Bancshares by 31,320.0% during the 2nd quarter. IFP Advisors Inc now owns 1,571 shares of the bank’s stock valued at $25,000 after acquiring an additional 1,566 shares in the last quarter. EverSource Wealth Advisors LLC purchased a new position in shares of Shore Bancshares in the 2nd quarter valued at approximately $31,000. PNC Financial Services Group Inc. boosted its position in shares of Shore Bancshares by 108.4% during the second quarter. PNC Financial Services Group Inc. now owns 3,020 shares of the bank’s stock valued at $47,000 after purchasing an additional 1,571 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of 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 purchasing an additional 2,179 shares in the last quarter. Finally, Financial Consulate Inc. purchased a new stake in Shore Bancshares in the third quarter worth $71,000. 59.76% of the stock is owned by institutional investors.

About Shore Bancshares

Shore Bancshares, Inc operates as a bank holding company for the Shore United Bank, N.A. that provides various commercial and consumer banking products and services to individuals, businesses, and other organizations. It offers checking, savings, overnight investment sweep, and money market accounts; and regular and IRA certificates of deposit, as well as CDARS programs and cash management services.