Shore Bancshares Inc (NASDAQ:SHBI) Stock Has Average Price Target of $25.75

Shares of Shore Bancshares Inc (NASDAQ:SHBI) have received a consensus rating of “Moderate Buy” from the six analysts that are presently covering the company, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $25.75.

A number of research firms have weighed in on SHBI. Zacks Research cut Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 30th. DA Davidson started coverage on Shore Bancshares in a research report on Monday, September 28th. They set a “neutral” rating and a $25.00 target price on the stock. Piper Sandler raised their target price on Shore Bancshares from $24.00 to $26.50 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Shore Bancshares in a report on Friday, July 17th. Finally, Hovde Group increased their price target 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.

Hedge Funds Weigh In On Shore Bancshares

Hedge funds have recently made changes to their positions in the company. Sequoia Financial Advisors LLC purchased a new stake in shares of Shore Bancshares in the second quarter valued at about $418,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Shore Bancshares during the second quarter worth about $34,000. IFP Advisors Inc boosted its stake in shares of 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 buying an additional 2,068 shares during the period. Squarepoint Ops LLC purchased a new position in shares of Shore Bancshares during the second quarter worth about $633,000. Finally, Allworth Financial LP increased its position in Shore Bancshares by 82.7% in the 2nd quarter. Allworth Financial LP now owns 1,769 shares of the bank’s stock valued at $41,000 after acquiring an additional 801 shares during the period. Hedge funds and other institutional investors own 59.76% of the company’s stock.

Shore Bancshares Stock Down 0.7%

SHBI stock opened at $22.32 on Friday. The company’s 50 day moving average price is $23.15 and its 200 day moving average price is $21.86. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.94 and a current ratio of 0.95. Shore Bancshares has a fifty-two week low of $14.93 and a fifty-two week high of $24.89. The firm has a market capitalization of $744.82 million, a price-to-earnings ratio of 11.27 and a beta of 0.82.

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 net margin of 19.15% and a return on equity of 12.11%. The company had revenue of $61.75 million during the quarter, compared to the consensus estimate of $60.42 million. On average, equities research analysts anticipate that Shore Bancshares will post 2.26 EPS for the current fiscal year.

Shore Bancshares Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Wednesday, September 2nd. Shore Bancshares’s dividend payout ratio (DPR) is 28.28%.

Shore Bancshares Company Profile

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.