Shore Bancshares (NASDAQ:SHBI) Posts Quarterly Earnings Results, Meets Estimates

Shore Bancshares (NASDAQ:SHBI) issued its quarterly earnings data on Wednesday. The bank reported $0.48 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.48, FiscalAI reports. The business had revenue of $59.11 million for the quarter, compared to analysts’ expectations of $57.55 million. Shore Bancshares had a return on equity of 11.25% and a net margin of 16.78%.

Shore Bancshares Trading Down 0.1%

NASDAQ:SHBI traded down $0.02 during trading hours on Thursday, reaching $18.35. The company’s stock had a trading volume of 29,099 shares, compared to its average volume of 147,748. The firm has a 50-day simple moving average of $17.96 and a 200-day simple moving average of $16.86. 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 1 year low of $11.47 and a 1 year high of $19.39. The firm has a market capitalization of $613.54 million, a price-to-earnings ratio of 10.83 and a beta of 0.94.

Shore Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 26th. Investors of record on Thursday, November 13th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, November 13th. This represents a $0.48 annualized dividend and a dividend yield of 2.6%. Shore Bancshares’s dividend payout ratio (DPR) is currently 28.24%.

Insider Activity at Shore Bancshares

In related news, EVP Aaron Michael Kaslow bought 6,500 shares of the stock in a transaction dated Tuesday, November 18th. The stock was bought at an average price of $15.56 per share, with a total value of $101,140.00. Following the purchase, the executive vice president owned 6,500 shares in the company, valued at approximately $101,140. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders bought a total of 7,700 shares of company stock valued at $121,994 in the last quarter. 8.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Shore Bancshares

A number of large investors have recently bought and sold shares of the stock. Wellington Management Group LLP boosted its stake in shares of Shore Bancshares by 19.7% during the third quarter. Wellington Management Group LLP now owns 1,065,910 shares of the bank’s stock valued at $17,492,000 after purchasing an additional 175,282 shares during the period. AQR Capital Management LLC boosted its position in Shore Bancshares by 143.3% during the 2nd quarter. AQR Capital Management LLC now owns 273,109 shares of the bank’s stock valued at $4,293,000 after buying an additional 160,850 shares during the period. Hotchkis & Wiley Capital Management LLC grew its holdings in Shore Bancshares by 62.6% in the 3rd 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 during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Shore Bancshares by 4.2% in the third quarter. Dimensional Fund Advisors LP now owns 1,609,616 shares of the bank’s stock valued at $26,414,000 after acquiring an additional 64,175 shares during the period. Finally, Creative Planning raised its stake in shares of Shore Bancshares by 62.6% during the third quarter. Creative Planning now owns 150,650 shares of the bank’s stock valued at $2,472,000 after acquiring an additional 57,999 shares during the last quarter. 59.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SHBI shares. Wall Street Zen lowered shares of Shore Bancshares from a “buy” rating to a “hold” rating in a research report on Saturday, October 25th. Piper Sandler boosted their price target 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. Weiss Ratings reiterated a “hold (c+)” rating on shares of Shore Bancshares in a research report on Thursday, January 22nd. Finally, Hovde Group initiated coverage on Shore Bancshares in a research report on Wednesday, November 19th. They set an “outperform” rating and a $19.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.75.

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.