Shore Bancshares Inc (NASDAQ:SHBI) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Shore Bancshares Inc (NASDAQ:SHBI) have earned a consensus recommendation of “Moderate Buy” from the five research firms that are presently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $20.1667.

Several research analysts recently issued reports on SHBI shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Shore Bancshares in a research report on Thursday, January 22nd. Wall Street Zen lowered shares of Shore Bancshares from a “buy” rating to a “hold” rating in a research report on Saturday, October 25th. Hovde Group increased their price target on shares of Shore Bancshares from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, February 3rd. Keefe, Bruyette & Woods boosted their price objective on shares of Shore Bancshares from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. Finally, Piper Sandler upped their price objective on Shore Bancshares from $18.00 to $18.50 and gave the stock an “overweight” rating in a report on Friday, November 14th.

Insider Activity

In other news, EVP Aaron Michael Kaslow purchased 6,500 shares of the business’s stock in a transaction dated Tuesday, November 18th. The shares were acquired at an average price of $15.56 per share, with a total value of $101,140.00. Following the completion of the purchase, the executive vice president directly owned 6,500 shares of the company’s stock, valued at $101,140. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.57% of the stock is owned by company insiders.

Institutional Trading of Shore Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in SHBI. IFP Advisors Inc raised its stake in shares of Shore Bancshares by 31,320.0% during the second quarter. IFP Advisors Inc now owns 1,571 shares of the bank’s stock worth $25,000 after buying an additional 1,566 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new stake in Shore Bancshares during the 2nd quarter worth $31,000. PNC Financial Services Group Inc. raised its position in shares of Shore Bancshares by 108.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,020 shares of the bank’s stock valued at $47,000 after acquiring an additional 1,571 shares during the last quarter. Geneos Wealth Management Inc. acquired a new position in shares of Shore Bancshares in the 4th quarter valued at $48,000. Finally, Federated Hermes Inc. boosted its position in shares of Shore Bancshares by 168.7% in the 3rd quarter. Federated Hermes Inc. now owns 3,471 shares of the bank’s stock worth $57,000 after purchasing an additional 2,179 shares during the last quarter. 59.76% of the stock is owned by institutional investors.

Shore Bancshares Stock Up 1.5%

NASDAQ SHBI opened at $20.33 on Monday. The stock’s 50 day simple moving average is $18.31 and its 200 day simple moving average is $17.00. Shore Bancshares has a one year low of $11.47 and a one year high of $20.50. The firm has a market cap of $679.63 million, a PE ratio of 11.42 and a beta of 0.92. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.95.

Shore Bancshares (NASDAQ:SHBI) last issued its quarterly earnings data on Wednesday, January 28th. The bank reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.04. The firm had revenue of $59.20 million during the quarter, compared to the consensus estimate of $57.55 million. Shore Bancshares had a return on equity of 11.62% and a net margin of 17.36%. As a group, sell-side analysts forecast that Shore Bancshares will post 1.59 earnings per share for the current fiscal year.

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.