Shore Bancshares (NASDAQ:SHBI) Reaches New 1-Year High – Still a Buy?

by · The Cerbat Gem

Shore Bancshares Inc (NASDAQ:SHBI – Get Free Report) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $17.70 and last traded at $17.6550, with a volume of 110250 shares traded. The stock had previously closed at $17.44.

Analyst Ratings Changes

Several research analysts have recently issued reports on SHBI shares. Hovde Group began coverage on Shore Bancshares in a research report on Wednesday, November 19th. They issued an “outperform” rating and a $19.00 price target on the stock. Wall Street Zen cut Shore Bancshares from a “buy” rating to a “hold” rating in a research report on Saturday, October 25th. Piper Sandler boosted their target price on Shore Bancshares from $18.00 to $18.50 and gave the stock an “overweight” rating in a report on Friday, November 14th. Zacks Research lowered Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 26th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Shore Bancshares in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.17.

View Our Latest Stock Report on Shore Bancshares

Shore Bancshares Trading Up 1.6%

The firm has a 50-day moving average of $16.20 and a 200-day moving average of $15.93. The firm has a market capitalization of $592.16 million, a P/E ratio of 10.41 and a beta of 1.10. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94.

Shore Bancshares (NASDAQ:SHBI – Get Free Report) last posted its earnings results on Monday, September 19th. The bank reported $0.37 EPS for the quarter. Shore Bancshares had a net margin of 16.78% and a return on equity of 11.37%. The firm had revenue of $16.91 million during the quarter. On average, equities research analysts anticipate that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

Shore Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Shareholders of record on Thursday, November 13th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, November 13th. This represents a $0.48 annualized dividend and a yield of 2.7%. Shore Bancshares’s payout ratio is currently 28.24%.

Insider Activity

In other news, EVP Aaron Michael Kaslow acquired 6,500 shares of the company’s stock in a transaction on Tuesday, November 18th. The stock was bought at an average cost of $15.56 per share, with a total value of $101,140.00. Following the completion of the purchase, the executive vice president directly owned 6,500 shares of the company’s stock, valued at $101,140. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 8.69% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. lifted its stake in shares of Shore Bancshares by 18.6% in the first quarter. Goldman Sachs Group Inc. now owns 219,494 shares of the bank’s stock worth $2,972,000 after buying an additional 34,453 shares in the last quarter. Hsbc Holdings PLC raised its position in shares of Shore Bancshares by 40.3% during the 1st quarter. Hsbc Holdings PLC now owns 58,549 shares of the bank’s stock worth $793,000 after purchasing an additional 16,806 shares during the last quarter. Vanguard Group Inc. increased its position in Shore Bancshares by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 1,661,598 shares of the bank’s stock worth $22,498,000 after purchasing an additional 19,531 shares in the last quarter. American Century Companies Inc. boosted its position in Shore Bancshares by 26.6% during the first quarter. American Century Companies Inc. now owns 594,103 shares of the bank’s stock worth $8,044,000 after acquiring an additional 124,921 shares during the last quarter. Finally, Atlantic Union Bankshares Corp purchased a new position in Shore Bancshares in the 2nd quarter worth approximately $8,622,000. 59.76% of the stock is owned by institutional investors.

About Shore Bancshares

(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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