Shore Bancshares (NASDAQ:SHBI) Shares Cross Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Shore Bancshares Inc (NASDAQ:SHBI) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $17.58 and traded as high as $18.50. Shore Bancshares shares last traded at $18.14, with a volume of 406,033 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SHBI. Weiss Ratings lowered Shore Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, March 19th. Keefe, Bruyette & Woods upped their target price on Shore Bancshares from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Finally, Hovde Group increased their target price on Shore Bancshares from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 3rd. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Shore Bancshares presently has a consensus rating of “Moderate Buy” and an average target price of $20.17.

Shore Bancshares Stock Up 0.2%

The stock has a fifty day moving average of $18.79 and a two-hundred day moving average of $17.59. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a market cap of $612.25 million, a price-to-earnings ratio of 10.29 and a beta of 0.90.

Shore Bancshares (NASDAQ:SHBI) last announced its quarterly earnings results on Wednesday, January 28th. The bank reported $0.52 EPS for the quarter, topping the consensus estimate of $0.48 by $0.04. The company had revenue of $59.20 million during the quarter, compared to analyst estimates of $57.55 million. Shore Bancshares had a return on equity of 11.50% and a net margin of 17.36%. As a group, analysts predict that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Wednesday, March 4th. Shore Bancshares’s dividend payout ratio is 26.97%.

Insider Buying and Selling

In other Shore Bancshares news, Director William E. Esham III purchased 5,000 shares of Shore Bancshares stock in a transaction on Thursday, February 5th. The shares were purchased at an average cost of $19.99 per share, with a total value of $99,950.00. Following the completion of the transaction, the director directly owned 5,510 shares in the company, valued at approximately $110,144.90. This represents a 980.39% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 8.69% of the company’s stock.

Institutional Investors Weigh In On Shore Bancshares

Several large investors have recently made changes to their positions in SHBI. Vanguard Group Inc. lifted its holdings in shares of Shore Bancshares by 2.8% during the 3rd quarter. Vanguard Group Inc. now owns 1,781,501 shares of the bank’s stock valued at $29,234,000 after acquiring an additional 48,390 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Shore Bancshares by 1.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,630,022 shares of the bank’s stock valued at $28,819,000 after purchasing an additional 20,406 shares in the last quarter. Wellington Management Group LLP raised its position in Shore Bancshares by 7.9% in the fourth quarter. Wellington Management Group LLP now owns 1,150,208 shares of the bank’s stock valued at $20,336,000 after purchasing an additional 84,298 shares during the period. Fourthstone LLC raised its position in Shore Bancshares by 61.6% in the fourth quarter. Fourthstone LLC now owns 918,202 shares of the bank’s stock valued at $16,234,000 after purchasing an additional 350,012 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Shore Bancshares by 5.0% during the second quarter. Geode Capital Management LLC now owns 749,327 shares of the bank’s stock worth $11,782,000 after purchasing an additional 35,407 shares in the last quarter. Institutional investors and hedge funds own 59.76% of the company’s stock.

Shore Bancshares Company Profile

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.