Shore Bancshares (NASDAQ:SHBI) Releases Earnings Results

Shore Bancshares (NASDAQ:SHBI) posted its earnings results on Thursday. The bank reported $0.54 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.54, FiscalAI reports. The firm had revenue of $62.89 million for the quarter, compared to analysts’ expectations of $61.31 million. Shore Bancshares had a net margin of 19.69% and a return on equity of 12.34%.

Shore Bancshares Price Performance

Shares of NASDAQ:SHBI opened at $22.94 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.94 and a current ratio of 0.95. Shore Bancshares has a 52 week low of $14.93 and a 52 week high of $24.89. The firm has a market cap of $765.51 million, a PE ratio of 10.53 and a beta of 0.82. The firm’s fifty day moving average is $22.99 and its 200-day moving average is $22.04.

Shore Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Wednesday, September 2nd. Shore Bancshares’s payout ratio is 28.28%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Zacks Research downgraded Shore Bancshares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Shore Bancshares in a report on Thursday, October 15th. Keefe, Bruyette & Woods increased their target price on Shore Bancshares from $22.00 to $25.00 and gave the company a “market perform” rating in a research report on Tuesday, July 28th. DA Davidson started coverage on Shore Bancshares in a research report on Monday, September 28th. They issued a “neutral” rating and a $25.00 target price for the company. Finally, Hovde Group lifted their price target on Shore Bancshares from $23.50 to $26.50 and gave the company an “outperform” 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.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.75.

Shore Bancshares Company Profile

Shore Bancshares, Inc is a bank holding company headquartered in Easton, Maryland. Through its principal banking subsidiary, Shore United Bank, the company provides a range of financial services to individuals, businesses, nonprofit organizations and local governments.

Shore United Bank offers deposit accounts, consumer and commercial loans, mortgages, home equity financing, cash management and other business banking services. Its offerings also include wealth management, trust and investment services, helping customers manage borrowing, saving, investing and other financial needs.

The company serves communities primarily across Maryland and Delaware, with a network concentrated in the Eastern Shore and expanding into other Maryland markets.