Shore Bancshares Inc (SHBI) – What Are Brokerages Saying About This Stock?

Shore Bancshares Inc (NASDAQ:SHBI) has received an average rating of “Moderate Buy” from the six research firms that are currently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $25.75.

Several equities research analysts have weighed in on SHBI shares. Piper Sandler raised their price target on Shore Bancshares from $24.00 to $26.50 and gave the stock an “overweight” rating in a report on Monday, July 27th. Keefe, Bruyette & Woods increased their price objective on shares of Shore Bancshares from $22.00 to $25.00 and gave the company a “market perform” rating in a research report on Tuesday, July 28th. DA Davidson started coverage on shares of Shore Bancshares in a research note on Monday, September 28th. They issued a “neutral” rating and a $25.00 target price for the company. Weiss Ratings reissued a “buy (b)” rating on shares of Shore Bancshares in a research report on Friday, July 17th. Finally, Zacks Research lowered shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 30th.

Institutional Inflows and Outflows

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

Shore Bancshares Trading Down 1.4%

NASDAQ:SHBI opened at $22.27 on Friday. Shore Bancshares has a 52 week low of $14.93 and a 52 week high of $24.89. The firm has a 50 day moving average of $23.27 and a 200 day moving average of $21.75. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $743.15 million, a price-to-earnings ratio of 11.25 and a beta of 0.82.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.10. The business had revenue of $61.75 million for the quarter, compared to analyst estimates of $60.42 million. Shore Bancshares had a net margin of 19.15% and a return on equity of 12.11%. As a group, sell-side analysts anticipate that Shore Bancshares will post 2.26 earnings per share for the current fiscal year.

Shore Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Wednesday, September 2nd. Shore Bancshares’s dividend payout ratio is presently 28.28%.

About Shore Bancshares

Shore Bancshares, Inc was a financial holding company headquartered in Easton, Maryland. Through its principal banking subsidiary, Shore United Bank, the company provided banking and financial services to individuals, families, businesses and public-sector organizations.

Shore United Bank offered deposit accounts, residential and commercial real estate lending, business loans, consumer financing, treasury management and online banking services. The company also provided wealth management, investment and insurance-related services through affiliated businesses and served customers across Maryland’s Eastern Shore, portions of Delaware and other areas of the Mid-Atlantic region.

Shore Bancshares expanded its presence through the 2023 acquisition of Severn Bancorp, Inc and its subsidiary, Severn Savings Bank.