Shore Bancshares Inc (NASDAQ:SHBI) Receives $20.17 Average Price Target from Brokerages

Shares of Shore Bancshares Inc (NASDAQ:SHBI) have been given an average recommendation of “Moderate Buy” by the five brokerages that are presently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $20.1667.

A number of research firms recently weighed in on SHBI. Hovde Group upped their target price on shares of Shore Bancshares from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd. Keefe, Bruyette & Woods boosted their price target on shares of Shore Bancshares from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Finally, Weiss Ratings downgraded Shore Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, March 19th.

Insiders Place Their Bets

In other Shore Bancshares news, Director William E. Esham III purchased 5,000 shares of the stock in a transaction on Thursday, February 5th. The shares were purchased at an average price of $19.99 per share, with a total value of $99,950.00. Following the acquisition, the director directly owned 5,510 shares in the company, valued at approximately $110,144.90. The trade was a 980.39% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 8.57% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SHBI. Tred Avon Family Wealth LLC purchased a new stake in Shore Bancshares in the third quarter valued at approximately $1,027,000. Assenagon Asset Management S.A. purchased a new position in Shore Bancshares in the 3rd quarter worth approximately $955,000. LSV Asset Management increased its holdings in shares of Shore Bancshares by 323.8% in the 3rd quarter. LSV Asset Management now owns 118,971 shares of the bank’s stock worth $1,952,000 after buying an additional 90,900 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Shore Bancshares by 33.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 438,780 shares of the bank’s stock worth $6,898,000 after buying an additional 109,903 shares during the last quarter. Finally, Creative Planning raised its position in shares of Shore Bancshares by 90.0% during the 2nd quarter. Creative Planning now owns 92,651 shares of the bank’s stock valued at $1,456,000 after buying an additional 43,890 shares in the last quarter. Hedge funds and other institutional investors own 59.76% of the company’s stock.

Shore Bancshares Stock Performance

NASDAQ:SHBI opened at $18.32 on Tuesday. The business’s fifty day moving average is $18.79 and its 200 day moving average is $17.62. The firm has a market cap of $612.25 million, a price-to-earnings ratio of 10.29 and a beta of 0.90. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.94 and a current ratio of 0.95. Shore Bancshares has a 52-week low of $11.47 and a 52-week high of $20.68.

Shore Bancshares (NASDAQ:SHBI) last posted its earnings results on Wednesday, January 28th. The bank reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. Shore Bancshares had a return on equity of 11.50% and a net margin of 17.36%.The business had revenue of $59.20 million during the quarter, compared to analyst estimates of $57.55 million. Research analysts predict that Shore Bancshares will post 1.59 EPS for the current year.

Shore Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.6%. The ex-dividend date was Wednesday, March 4th. Shore Bancshares’s payout ratio is presently 26.97%.

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.