Shore Bancshares (NASDAQ:SHBI) Releases Earnings Results, Beats Estimates By $0.06 EPS

by · The Cerbat Gem

Shore Bancshares (NASDAQ:SHBI – Get Free Report) posted its quarterly earnings data on Thursday. The bank reported $0.40 EPS for the quarter, topping the consensus estimate of $0.34 by $0.06, reports. Shore Bancshares had a net margin of 7.18% and a return on equity of 8.37%. The company had revenue of $50.55 million during the quarter.

Shore Bancshares Trading Down 0.7 %

Shares of NASDAQ:SHBI traded down $0.10 during trading on Friday, reaching $14.34. 55,781 shares of the company were exchanged, compared to its average volume of 83,275. The business’s fifty day simple moving average is $13.95 and its 200-day simple moving average is $12.43. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.94 and a quick ratio of 0.93. Shore Bancshares has a 12-month low of $10.05 and a 12-month high of $14.99. The firm has a market capitalization of $476.43 million, a PE ratio of 24.72 and a beta of 0.96.

Shore Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 12th were given a $0.12 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $0.48 annualized dividend and a yield of 3.35%. Shore Bancshares’s dividend payout ratio (DPR) is 82.76%.

Analyst Ratings Changes

A number of research firms recently weighed in on SHBI. Keefe, Bruyette & Woods increased their price objective on shares of Shore Bancshares from $13.00 to $15.00 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Janney Montgomery Scott downgraded Shore Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, July 30th.

Get Our Latest Stock Report on Shore Bancshares

Institutional Investors Weigh In On Shore Bancshares

Several hedge funds have recently made changes to their positions in SHBI. AQR Capital Management LLC purchased a new position in Shore Bancshares during the second quarter valued at approximately $147,000. SG Americas Securities LLC purchased a new position in shares of Shore Bancshares in the 3rd quarter valued at $156,000. Quadrature Capital Ltd bought a new position in shares of Shore Bancshares in the 1st quarter worth $200,000. Diversify Advisory Services LLC bought a new position in shares of Shore Bancshares in the 1st quarter worth $216,000. Finally, Black Maple Capital Management LP lifted its stake in shares of Shore Bancshares by 20.0% during the 1st quarter. Black Maple Capital Management LP now owns 30,028 shares of the bank’s stock worth $345,000 after purchasing an additional 5,000 shares during the last quarter. 59.76% of the stock is currently owned by hedge funds and other institutional investors.

Shore Bancshares Company Profile

(Get Free Report)

Shore Bancshares, Inc operates as a bank holding company for the Shore United Bank, N.A. that provides various commercial and consumer banking products and services to individuals, businesses, and other organizations. It offers checking, savings, overnight investment sweep, and money market accounts; and regular and IRA certificates of deposit, as well as CDARS programs and cash management services.

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