Shore Bancshares Inc (SHBI) to Distribute Quarterly Dividend of $0.14 on September 16th

Shore Bancshares Inc (NASDAQ:SHBI) declared a quarterly dividend on Thursday, August 20th. Shareholders of record on Wednesday, September 2nd will be given a dividend of 0.14 per share by the bank on Wednesday, September 16th. This represents a c) annualized dividend and a yield of 2.4%. The ex-dividend date is Wednesday, September 2nd.

Shore Bancshares has a dividend payout ratio of 31.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Shore Bancshares to earn $2.29 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 24.5%.

Shore Bancshares Trading Up 0.9%

Shares of NASDAQ:SHBI opened at $23.34 on Friday. Shore Bancshares has a 52 week low of $14.93 and a 52 week high of $24.89. The company’s 50 day moving average is $23.23 and its two-hundred day moving average is $20.75. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.14. The company has a market cap of $778.86 million, a PE ratio of 11.79 and a beta of 0.81.

Shore Bancshares (NASDAQ:SHBI) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.10. The business had revenue of $61.75 million for the quarter, compared to analyst estimates of $60.42 million. Shore Bancshares had a net margin of 19.15% and a return on equity of 12.11%. Equities analysts predict that Shore Bancshares will post 2.26 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Piper Sandler lifted their price target on Shore Bancshares from $24.00 to $26.50 and gave the stock an “overweight” rating in a report on Monday, July 27th. Hovde Group increased their price objective on Shore Bancshares from $23.50 to $26.50 and gave the company an “outperform” rating in a report on Monday, July 27th. Weiss Ratings reissued a “buy (b)” rating on shares of Shore Bancshares in a research report on Friday, July 17th. Keefe, Bruyette & Woods boosted their target price on Shore Bancshares from $22.00 to $25.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 28th. Finally, Zacks Research downgraded Shore Bancshares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $26.00.

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.