Shore Bancshares (NASDAQ:SHBI) Shares Cross Above 200 Day Moving Average – Here’s What Happened

Shares of Shore Bancshares Inc (NASDAQ:SHBI) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $16.66 and traded as high as $18.24. Shore Bancshares shares last traded at $17.86, with a volume of 141,991 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SHBI. Piper Sandler upped their price target on shares of Shore Bancshares from $18.00 to $18.50 and gave the company an “overweight” rating in a research report on Friday, November 14th. Wall Street Zen lowered Shore Bancshares from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. Hovde Group began coverage on Shore Bancshares in a research note on Wednesday, November 19th. They issued an “outperform” rating and a $19.00 price target on the stock. Zacks Research cut shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a report on Friday, September 26th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Shore Bancshares in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.75.

Shore Bancshares Stock Down 1.4%

The company’s fifty day simple moving average is $17.36 and its 200 day simple moving average is $16.67. The firm has a market capitalization of $597.06 million, a P/E ratio of 10.51 and a beta of 0.94. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.16.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings results on Monday, September 19th. The bank reported $0.37 earnings per share (EPS) for the quarter. Shore Bancshares had a net margin of 16.78% and a return on equity of 11.25%. The company had revenue of $16.91 million during the quarter. Research analysts expect that Shore Bancshares Inc will post 1.59 EPS for the current year.

Shore Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 26th. Shareholders of record on Thursday, November 13th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Thursday, November 13th. Shore Bancshares’s payout ratio is 28.24%.

Insider Buying and Selling at Shore Bancshares

In related news, EVP Aaron Michael Kaslow purchased 6,500 shares of the stock in a transaction dated Tuesday, November 18th. The stock was purchased at an average price of $15.56 per share, with a total value of $101,140.00. Following the transaction, the executive vice president directly owned 6,500 shares in the company, valued at $101,140. This trade represents a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders acquired 7,700 shares of company stock worth $121,994 in the last ninety days. 8.69% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Atlantic Union Bankshares Corp purchased a new position in Shore Bancshares in the 2nd quarter worth approximately $8,622,000. HoldCo Asset Management LP purchased a new position in shares of Shore Bancshares in the second quarter worth $4,215,000. Wellington Management Group LLP lifted its holdings in shares of Shore Bancshares by 19.7% during the third quarter. Wellington Management Group LLP now owns 1,065,910 shares of the bank’s stock valued at $17,492,000 after purchasing an additional 175,282 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Shore Bancshares by 143.3% during the second quarter. AQR Capital Management LLC now owns 273,109 shares of the bank’s stock valued at $4,293,000 after buying an additional 160,850 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its holdings in Shore Bancshares by 62.6% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 386,889 shares of the bank’s stock worth $6,349,000 after buying an additional 148,995 shares in the last quarter. Institutional investors 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.