Shore Bancshares (NASDAQ:SHBI) Shares Cross Above 200 Day Moving Average – Should You Sell?

Shore Bancshares Inc (NASDAQ:SHBI)’s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $21.15 and traded as high as $23.68. Shore Bancshares shares last traded at $23.52, with a volume of 154,306 shares.

Analysts Set New Price Targets

Several brokerages have issued reports on SHBI. Piper Sandler raised their price objective on shares of Shore Bancshares from $24.00 to $26.50 and gave the stock an “overweight” rating in a research note on Monday, July 27th. Zacks Research downgraded Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Hovde Group boosted their target price on shares of Shore Bancshares from $23.50 to $26.50 and gave the company an “outperform” rating in a research note on Monday, July 27th. Weiss Ratings reissued a “buy (b)” rating on shares of Shore Bancshares in a research report on Friday, July 17th. Finally, Keefe, Bruyette & Woods increased their price objective on Shore Bancshares from $22.00 to $25.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 28th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Shore Bancshares currently has an average rating of “Moderate Buy” and an average price target of $26.00.

Shore Bancshares Price Performance

The firm has a market capitalization of $773.50 million, a P/E ratio of 11.71 and a beta of 0.80. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.94. The stock’s fifty day simple moving average is $23.45 and its 200 day simple moving average is $21.18.

Shore Bancshares (NASDAQ:SHBI) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.10. Shore Bancshares had a return on equity of 12.11% and a net margin of 19.15%.The business had revenue of $61.75 million for the quarter, compared to the consensus estimate of $60.42 million. On average, equities research analysts predict that Shore Bancshares Inc will post 2.26 EPS for the current year.

Shore Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Wednesday, September 2nd. Shore Bancshares’s payout ratio is presently 28.28%.

Shore Bancshares announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 21st that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Sequoia Financial Advisors LLC purchased a new position in Shore Bancshares during the 2nd quarter worth approximately $418,000. Integrated Wealth Concepts LLC acquired a new position in shares of Shore Bancshares in the 2nd quarter valued at about $34,000. IFP Advisors Inc grew its holdings in Shore Bancshares by 51.1% during the second quarter. IFP Advisors Inc now owns 6,116 shares of the bank’s stock worth $140,000 after acquiring an additional 2,068 shares during the period. Squarepoint Ops LLC acquired a new position in Shore Bancshares in the second quarter valued at approximately $633,000. Finally, Allworth Financial LP grew its stake in shares of Shore Bancshares by 82.7% during the 2nd quarter. Allworth Financial LP now owns 1,769 shares of the bank’s stock worth $41,000 after purchasing an additional 801 shares during the period. 59.76% of the stock is currently owned by hedge funds and other institutional investors.

About Shore Bancshares

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

Shore United Bank offers deposit accounts, commercial and residential real estate loans, commercial lending, consumer loans, home equity financing, and other credit products. Its services also include online and mobile banking, treasury management, wealth management, investment services, and insurance-related products.

The company has historically focused on communities across Maryland’s Eastern Shore and other parts of Maryland, with a presence extending into the Baltimore and Annapolis areas following its combination with Severn Bancorp.