Shore Bancshares (NASDAQ:SHBI) Stock Price Crosses Above Fifty Day Moving Average – Here’s Why

Shore Bancshares Inc (NASDAQ:SHBI)’s share price crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $22.90 and traded as high as $23.12. Shore Bancshares shares last traded at $23.02, with a volume of 262,525 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have commented on SHBI shares. Keefe, Bruyette & Woods upped their price objective on shares of Shore Bancshares from $22.00 to $25.00 and gave the stock a “market perform” rating in a report on Tuesday, July 28th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Shore Bancshares in a research note on Thursday, October 15th. DA Davidson began coverage on shares of Shore Bancshares in a research note on Monday, September 28th. They set a “neutral” rating and a $25.00 target price on the stock. Piper Sandler set a $26.00 price target on shares of Shore Bancshares and gave the company an “overweight” rating in a research report on Monday, October 26th. Finally, Hovde Group increased their price target on shares of Shore Bancshares from $23.50 to $26.50 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $25.62.

Shore Bancshares Trading Up 2.9%

The stock’s 50 day moving average is $22.90 and its 200-day moving average is $21.15. 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 $768.18 million, a P/E ratio of 11.23 and a beta of 0.82.

Shore Bancshares (NASDAQ:SHBI) last announced its quarterly earnings results on Thursday, October 22nd. The bank reported $0.54 earnings per share for the quarter, meeting the consensus estimate of $0.54. The company had revenue of $62.89 million during the quarter, compared to the consensus estimate of $61.31 million. Shore Bancshares had a net margin of 19.69% and a return on equity of 12.34%. Research analysts anticipate that Shore Bancshares Inc will post 2.28 earnings per share for the current fiscal year.

Shore Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd were paid a $0.14 dividend. The ex-dividend date was Wednesday, September 2nd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.4%. Shore Bancshares’s payout ratio is currently 27.32%.

Institutional Trading of Shore Bancshares

Several large investors have recently modified their holdings of SHBI. Integrated Wealth Concepts LLC bought a new stake in shares of Shore Bancshares during the 2nd quarter valued at about $34,000. Allworth Financial LP purchased a new stake in shares of Shore Bancshares in the second quarter worth $41,000. Legal & General Group Plc bought a new stake in Shore Bancshares during the second quarter valued at about $70,000. PNC Financial Services Group Inc. raised its stake in Shore Bancshares by 20.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,448 shares of the bank’s stock valued at $83,000 after purchasing an additional 743 shares during the period. Finally, Parallel Advisors LLC raised its position in shares of Shore Bancshares by 6,263.2% during the first quarter. Parallel Advisors LLC now owns 4,836 shares of the bank’s stock valued at $90,000 after buying an additional 4,760 shares during the last quarter. Institutional investors own 59.76% of the company’s stock.

Shore Bancshares Company Profile

Shore Bancshares, Inc is a bank holding company headquartered in Easton, Maryland. Through its principal banking subsidiary, Shore United Bank, the company provides a range of financial services to individuals, businesses, nonprofit organizations and local governments.

Shore United Bank offers deposit accounts, consumer and commercial loans, mortgages, home equity financing, cash management and other business banking services. Its offerings also include wealth management, trust and investment services, helping customers manage borrowing, saving, investing and other financial needs.

The company serves communities primarily across Maryland and Delaware, with a network concentrated in the Eastern Shore and expanding into other Maryland markets.