Shore Bancshares Inc (NASDAQ:SHBI) Stock Has Consensus Price Target of $25.62

Shore Bancshares Inc (NASDAQ:SHBI) has earned a consensus rating of “Moderate Buy” from the six brokerages that are currently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $25.62.

Several equities research analysts recently issued reports on SHBI shares. DA Davidson started coverage on shares of Shore Bancshares in a research report on Monday, September 28th. They issued a “neutral” rating and a $25.00 target price on the stock. Piper Sandler set a $26.00 price objective on Shore Bancshares and gave the stock an “overweight” rating in a report on Monday, October 26th. Hovde Group increased their target price on Shore Bancshares from $23.50 to $26.50 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Shore Bancshares in a report on Thursday, October 15th. Finally, Keefe, Bruyette & Woods boosted their price target on Shore Bancshares from $22.00 to $25.00 and gave the company a “market perform” rating in a research report on Tuesday, July 28th.

Institutional Trading of Shore Bancshares

Large investors have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC acquired a new position in Shore Bancshares in the second quarter worth about $34,000. Allworth Financial LP bought a new stake in shares of Shore Bancshares in the 2nd quarter worth approximately $41,000. Legal & General Group Plc bought a new stake in shares of Shore Bancshares in the 2nd quarter worth approximately $70,000. PNC Financial Services Group Inc. boosted its position 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 boosted its position in Shore Bancshares by 6,263.2% during the 1st quarter. Parallel Advisors LLC now owns 4,836 shares of the bank’s stock valued at $90,000 after purchasing an additional 4,760 shares during the period. 59.76% of the stock is currently owned by institutional investors and hedge funds.

Shore Bancshares Price Performance

Shore Bancshares stock opened at $22.85 on Wednesday. The company has a market cap of $759.76 million, a P/E ratio of 11.15 and a beta of 0.83. Shore Bancshares has a one year low of $15.48 and a one year high of $24.89. The business has a fifty day moving average of $22.86 and a two-hundred day moving average of $21.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.93 and a current ratio of 0.94.

Shore Bancshares (NASDAQ:SHBI) last posted its quarterly earnings results on Thursday, October 22nd. The bank reported $0.54 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 12.26%. As a group, analysts predict that Shore Bancshares will post 2.28 earnings per share for the current fiscal year.

Shore Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Wednesday, September 2nd. Shore Bancshares’s dividend payout ratio (DPR) is 27.32%.

Shore Bancshares Company Profile

Shore Bancshares, Inc. is a bank holding company headquartered in Easton, Maryland. Its principal subsidiary, Shore United Bank, provides community banking services to individuals, businesses and organizations, primarily in Maryland and Delaware. The bank offers deposit accounts, residential and commercial lending, cash management and digital banking services. Through affiliated businesses, Shore Bancshares also provides trust, investment and wealth management services. The company has roots in community banking on Maryland’s Eastern Shore and has expanded its presence through acquisitions, including its 2022 combination with Severn Bancorp.