Shore Bancshares (NASDAQ:SHBI) Share Price Crosses Above 200 Day Moving Average – Here’s Why

Shares of Shore Bancshares Inc (NASDAQ:SHBI) passed above its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $21.75 and traded as high as $22.70. Shore Bancshares shares last traded at $22.27, with a volume of 217,056 shares changing hands.

Analyst Ratings Changes

Several research analysts recently commented on the stock. DA Davidson started coverage on shares of Shore Bancshares in a report on Monday, September 28th. They issued a “neutral” rating and a $25.00 price objective for the company. Zacks Research lowered shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Keefe, Bruyette & Woods boosted their price target on shares of Shore Bancshares from $22.00 to $25.00 and gave the company a “market perform” rating in a research report on Tuesday, July 28th. Hovde Group upped their target price on shares of Shore Bancshares from $23.50 to $26.50 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Finally, Piper Sandler lifted their price objective on Shore Bancshares from $24.00 to $26.50 and gave the company an “overweight” rating in a research note on Monday, July 27th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Shore Bancshares currently has an average rating of “Moderate Buy” and a consensus price target of $25.75.

Shore Bancshares Stock Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.94 and a current ratio of 0.95. The company has a market capitalization of $743.15 million, a P/E ratio of 11.25 and a beta of 0.82. The business’s fifty day simple moving average is $23.27 and its 200-day simple moving average is $21.75.

Shore Bancshares (NASDAQ:SHBI) last posted its earnings results on Thursday, July 23rd. The bank reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.10. The firm had revenue of $61.75 million for the quarter, compared to the consensus estimate of $60.42 million. Shore Bancshares had a net margin of 19.15% and a return on equity of 12.11%. As a group, equities analysts anticipate that Shore Bancshares Inc will post 2.26 earnings per share for the current fiscal year.

Shore Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Wednesday, September 2nd. Shore Bancshares’s dividend payout ratio is currently 28.28%.

Institutional Trading of Shore Bancshares

Several large investors have recently bought and sold shares of the stock. Lazard Asset Management LLC acquired a new position in Shore Bancshares in the 1st quarter worth approximately $1,635,000. Janus Henderson Group PLC raised its position in Shore Bancshares by 578.2% during the first quarter. Janus Henderson Group PLC now owns 380,283 shares of the bank’s stock valued at $7,104,000 after acquiring an additional 324,208 shares in the last quarter. Ieq Capital LLC acquired a new position in Shore Bancshares in the second quarter valued at approximately $1,485,000. Equitable Holdings Inc. purchased a new position in shares of Shore Bancshares during the 2nd quarter valued at approximately $1,167,000. Finally, Dimensional Fund Advisors LP increased its holdings in Shore Bancshares by 3.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,683,403 shares of the bank’s stock valued at $31,445,000 after buying an additional 53,381 shares in the last quarter. Hedge funds and other institutional investors own 59.76% of the company’s stock.

Shore Bancshares Company Profile

Shore Bancshares, Inc was a financial holding company headquartered in Easton, Maryland. Through its principal banking subsidiary, Shore United Bank, the company provided banking and financial services to individuals, families, businesses and public-sector organizations.

Shore United Bank offered deposit accounts, residential and commercial real estate lending, business loans, consumer financing, treasury management and online banking services. The company also provided wealth management, investment and insurance-related services through affiliated businesses and served customers across Maryland’s Eastern Shore, portions of Delaware and other areas of the Mid-Atlantic region.

Shore Bancshares expanded its presence through the 2023 acquisition of Severn Bancorp, Inc and its subsidiary, Severn Savings Bank.