Shore Bancshares (NASDAQ:SHBI) Stock Passes Above 200-Day Moving Average – Should You Sell?

Shares of Shore Bancshares Inc (NASDAQ:SHBI) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $17.18 and traded as high as $19.91. Shore Bancshares shares last traded at $19.79, with a volume of 197,097 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Keefe, Bruyette & Woods lifted their price objective on Shore Bancshares from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. Wall Street Zen lowered Shore Bancshares from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings reissued a “hold (c+)” rating on shares of Shore Bancshares in a research report on Thursday, January 22nd. Piper Sandler raised their price objective on shares of Shore Bancshares from $18.00 to $18.50 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Finally, Hovde Group lifted 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. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $20.17.

Shore Bancshares Trading Up 0.6%

The firm has a market cap of $661.58 million, a price-to-earnings ratio of 11.12 and a beta of 0.92. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.95 and a current ratio of 0.96. The company has a 50 day moving average price of $18.59 and a 200 day moving average price of $17.18.

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

Insider Buying and Selling

In related news, Director William E. Esham III acquired 5,000 shares of the stock in a transaction that occurred on Thursday, February 5th. The stock was purchased at an average price of $19.99 per share, with a total value of $99,950.00. Following the transaction, the director owned 5,510 shares of the company’s stock, valued at approximately $110,144.90. This trade represents a 980.39% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Aaron Michael Kaslow bought 6,500 shares of the company’s stock in a transaction that occurred on 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 acquisition, the executive vice president directly owned 6,500 shares in the company, valued at $101,140. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 12,500 shares of company stock worth $218,760 over the last three months. Insiders own 8.57% of the company’s stock.

Institutional Investors Weigh In On Shore Bancshares

A number of institutional investors have recently modified their holdings of SHBI. IFP Advisors Inc raised its holdings in shares of Shore Bancshares by 31,320.0% in the 2nd quarter. IFP Advisors Inc now owns 1,571 shares of the bank’s stock valued at $25,000 after buying an additional 1,566 shares during the period. EverSource Wealth Advisors LLC acquired a new position in Shore Bancshares in the 2nd quarter valued at about $31,000. Geneos Wealth Management Inc. acquired a new position in Shore Bancshares in the 4th quarter valued at about $48,000. PNC Financial Services Group Inc. increased its stake in Shore Bancshares by 108.4% during the second quarter. PNC Financial Services Group Inc. now owns 3,020 shares of the bank’s stock worth $47,000 after purchasing an additional 1,571 shares during the period. Finally, Federated Hermes Inc. lifted 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 worth $57,000 after purchasing an additional 2,179 shares in the last quarter. 59.76% of the stock is owned by institutional investors and hedge funds.

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.