Shore Bancshares (NASDAQ:SHBI) Price Target Raised to $22.00

Shore Bancshares (NASDAQ:SHBI) had its price target hoisted by equities researchers at Hovde Group from $19.00 to $22.00 in a research report issued on Tuesday. The firm currently has an “outperform” rating on the bank’s stock. Hovde Group’s price objective points to a potential upside of 13.29% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Shore Bancshares in a research report on Thursday, January 22nd. Piper Sandler increased their price objective on shares of Shore Bancshares from $18.00 to $18.50 and gave the company an “overweight” rating in a report on Friday, November 14th. Keefe, Bruyette & Woods lifted their price objective on shares of Shore Bancshares from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Monday. Finally, Wall Street Zen downgraded shares of Shore Bancshares from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.17.

Shore Bancshares Stock Performance

Shares of NASDAQ SHBI opened at $19.42 on Tuesday. The stock has a market cap of $649.21 million, a PE ratio of 10.91 and a beta of 0.92. Shore Bancshares has a 1 year low of $11.47 and a 1 year high of $19.64. The firm has a fifty day moving average price of $18.12 and a 200-day moving average price of $16.91. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.95.

Shore Bancshares (NASDAQ:SHBI) last issued its earnings results on Wednesday, January 28th. The bank reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.04. The company had revenue of $59.20 million during the quarter, compared to the consensus estimate of $57.55 million. Shore Bancshares had a net margin of 17.36% and a return on equity of 11.62%. Equities analysts anticipate that Shore Bancshares will post 1.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Shore Bancshares news, EVP Aaron Michael Kaslow purchased 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 18th. The shares were bought at an average price 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 in the company, valued at $101,140. This trade represents a ? increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have acquired a total of 7,700 shares of company stock valued at $121,994 in the last quarter. Insiders own 8.57% of the company’s stock.

Institutional Trading of Shore Bancshares

A number of large investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Shore Bancshares by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,226 shares of the bank’s stock valued at $247,000 after purchasing an additional 780 shares during the period. Curi Capital LLC lifted its holdings in Shore Bancshares by 0.5% during the 2nd quarter. Curi Capital LLC now owns 176,046 shares of the bank’s stock valued at $2,767,000 after buying an additional 882 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in Shore Bancshares by 29.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,879 shares of the bank’s stock valued at $96,000 after buying an additional 1,324 shares in the last quarter. Rhumbline Advisers boosted its position in Shore Bancshares by 3.5% in the 3rd quarter. Rhumbline Advisers now owns 44,538 shares of the bank’s stock valued at $731,000 after buying an additional 1,525 shares during the period. Finally, IFP Advisors Inc grew its stake in Shore Bancshares by 98.9% in the 3rd quarter. IFP Advisors Inc now owns 3,124 shares of the bank’s stock worth $51,000 after acquiring an additional 1,553 shares in the last quarter. 59.76% of the stock is currently owned by institutional investors.

Shore Bancshares Company Profile

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.