Hovde Group Issues Positive Forecast for Shore Bancshares (NASDAQ:SHBI) Stock Price

Shore Bancshares (NASDAQ:SHBI) had its price objective raised by Hovde Group from $23.50 to $26.50 in a research note issued on Monday. The brokerage presently has an “outperform” rating on the bank’s stock. Hovde Group’s price target points to a potential upside of 12.24% from the company’s previous close.

Several other analysts also recently commented on SHBI. Piper Sandler increased their price objective on shares of Shore Bancshares from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $20.00 target price on shares of Shore Bancshares in a research note on Thursday, April 9th. Zacks Research cut shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Shore Bancshares in a research report on Friday, July 17th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Shore Bancshares has an average rating of “Moderate Buy” and a consensus target price of $23.50.

Shore Bancshares Stock Performance

Shore Bancshares stock opened at $23.61 on Monday. Shore Bancshares has a 12 month low of $14.93 and a 12 month high of $23.92. The company has a market capitalization of $789.99 million, a price-to-earnings ratio of 11.92 and a beta of 0.82. The business’s fifty day simple moving average is $21.92 and its two-hundred day simple moving average is $19.96. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.15.

Shore Bancshares (NASDAQ:SHBI) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.10. The firm had revenue of $61.84 million during the quarter, compared to the consensus estimate of $60.42 million. Shore Bancshares had a return on equity of 12.24% and a net margin of 19.15%. As a group, equities analysts predict that Shore Bancshares will post 2.12 earnings per share for the current fiscal year.

Shore Bancshares declared that its board has initiated a stock buyback plan on Thursday, May 21st that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Shore Bancshares

A number of large investors have recently made changes to their positions in SHBI. PNC Financial Services Group Inc. raised its holdings in shares of Shore Bancshares by 20.1% during the first 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Shore Bancshares by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,226 shares of the bank’s stock valued at $247,000 after buying an additional 780 shares during the period. Curi Capital LLC lifted its holdings in shares of Shore Bancshares by 0.5% during the 2nd quarter. Curi Capital LLC now owns 176,046 shares of the bank’s stock valued at $2,767,000 after buying an additional 882 shares during the period. Man Group plc boosted its stake in shares of Shore Bancshares by 5.0% in the 4th quarter. Man Group plc now owns 19,053 shares of the bank’s stock worth $337,000 after buying an additional 903 shares during the last quarter. Finally, Mariner LLC boosted its stake in shares of Shore Bancshares by 8.1% in the 4th quarter. Mariner LLC now owns 14,222 shares of the bank’s stock worth $251,000 after buying an additional 1,069 shares during the last quarter. 59.76% of the stock is currently owned by institutional investors.

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.