Shore Bancshares (NASDAQ:SHBI) Stock Price Crosses Above Fifty Day Moving Average – Here’s Why

Shore Bancshares Inc (NASDAQ:SHBI) shares crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $22.90 and traded as high as $23.12. Shore Bancshares shares last traded at $23.02, with a volume of 262,525 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SHBI. Piper Sandler set a $26.00 price objective on Shore Bancshares and gave the company an “overweight” rating in a research report on Monday, October 26th. Keefe, Bruyette & Woods upped their price objective 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. Weiss Ratings reiterated a “buy (b)” rating on shares of Shore Bancshares in a research note on Thursday, October 15th. DA Davidson started coverage on Shore Bancshares in a research note on Monday, September 28th. They issued a “neutral” rating and a $25.00 target price on the stock. Finally, Hovde Group lifted 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. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $25.62.

Shore Bancshares Stock Performance

The company has a market capitalization of $768.18 million, a PE ratio of 11.23 and a beta of 0.82. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.14. The firm’s 50-day simple moving average is $22.90 and its 200-day simple moving average is $21.15.

Shore Bancshares (NASDAQ:SHBI) last issued its earnings results on Thursday, October 22nd. The bank reported $0.54 EPS for the quarter, hitting analysts’ consensus estimates of $0.54. The business had revenue of $62.89 million for 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 12.34%. On average, research analysts predict that Shore Bancshares Inc will post 2.28 earnings per share for the current year.

Shore Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd were issued a $0.14 dividend. The ex-dividend date was Wednesday, September 2nd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.4%. Shore Bancshares’s payout ratio is presently 27.32%.

Hedge Funds Weigh In On Shore Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in SHBI. Bank of America Corp DE purchased a new position in Shore Bancshares during the 2nd quarter valued at about $1,271,000. Lazard Asset Management LLC bought a new stake in shares of Shore Bancshares in the 1st quarter valued at about $1,635,000. Ieq Capital LLC bought a new stake in shares of Shore Bancshares in the 2nd quarter valued at about $1,485,000. Janus Henderson Group PLC lifted its position in shares of Shore Bancshares by 578.2% in the 1st quarter. Janus Henderson Group PLC now owns 380,283 shares of the bank’s stock worth $7,104,000 after purchasing an additional 324,208 shares during the period. Finally, Equitable Holdings Inc. purchased a new stake in shares of Shore Bancshares in the 2nd quarter worth approximately $1,167,000. Institutional investors own 59.76% of the company’s stock.

Shore Bancshares Company Profile

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

Shore United Bank offers deposit accounts, consumer and commercial loans, mortgages, home equity financing, cash management and other business banking services. Its offerings also include wealth management, trust and investment services, helping customers manage borrowing, saving, investing and other financial needs.

The company serves communities primarily across Maryland and Delaware, with a network concentrated in the Eastern Shore and expanding into other Maryland markets.