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

Shore Bancshares Inc (NASDAQ:SHBI)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $17.38 and traded as high as $19.79. Shore Bancshares shares last traded at $19.42, with a volume of 188,565 shares changing hands.

Wall Street Analysts Forecast Growth

SHBI has been the subject of a number of analyst reports. Weiss Ratings upgraded shares of Shore Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, February 17th. Keefe, Bruyette & Woods raised their price target on Shore Bancshares from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Piper Sandler lifted their price target on Shore Bancshares from $18.00 to $18.50 and gave the stock an “overweight” rating in a report on Friday, November 14th. Finally, Hovde Group upped their price objective on Shore Bancshares from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 3rd. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $20.17.

Shore Bancshares Price Performance

The stock has a market capitalization of $649.21 million, a price-to-earnings ratio of 10.91 and a beta of 0.92. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.16. The company’s 50 day moving average is $18.73 and its 200 day moving average is $17.38.

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, topping the consensus estimate of $0.48 by $0.04. Shore Bancshares had a return on equity of 11.62% and a net margin of 17.36%.The company had revenue of $59.20 million for the quarter, compared to analyst estimates of $57.55 million. Research analysts anticipate that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th will be paid a $0.12 dividend. The ex-dividend date is Wednesday, March 4th. This represents a $0.48 dividend on an annualized basis and a yield of 2.5%. Shore Bancshares’s payout ratio is currently 26.97%.

Insider Buying and Selling at Shore Bancshares

In other news, Director William E. Esham III acquired 5,000 shares of the firm’s stock in a transaction dated Thursday, February 5th. The stock was acquired at an average cost of $19.99 per share, with a total value of $99,950.00. Following the completion of the acquisition, the director owned 5,510 shares of the company’s stock, valued at $110,144.90. The trade was a 980.39% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 8.69% of the company’s stock.

Institutional Trading of Shore Bancshares

Large investors have recently bought and sold shares of the business. Atlantic Union Bankshares Corp acquired a new position in Shore Bancshares in the second quarter valued at $8,622,000. Fourthstone LLC grew its holdings in shares of Shore Bancshares by 61.6% during the fourth quarter. Fourthstone LLC now owns 918,202 shares of the bank’s stock worth $16,234,000 after buying an additional 350,012 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Shore Bancshares by 168.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 495,965 shares of the bank’s stock valued at $8,769,000 after acquiring an additional 311,266 shares during the period. HoldCo Asset Management LP purchased a new stake in Shore Bancshares during the 2nd quarter valued at approximately $4,215,000. Finally, Wellington Management Group LLP lifted its position in Shore Bancshares by 19.7% during the 3rd quarter. Wellington Management Group LLP now owns 1,065,910 shares of the bank’s stock worth $17,492,000 after acquiring an additional 175,282 shares during the period. Institutional investors and hedge funds own 59.76% of the company’s stock.

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.