Shore Bancshares (NASDAQ:SHBI) Hits New 12-Month High After Analyst Upgrade

Shore Bancshares Inc (NASDAQ:SHBI)’s share price reached a new 52-week high during trading on Monday after Hovde Group raised their price target on the stock from $19.00 to $22.00. Hovde Group currently has an outperform rating on the stock. Shore Bancshares traded as high as $19.61 and last traded at $19.58, with a volume of 45738 shares changing hands. The stock had previously closed at $18.97.

A number of other equities analysts have also issued reports on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Shore Bancshares from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday. Wall Street Zen cut shares of Shore Bancshares from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. Piper Sandler lifted their target price on Shore Bancshares from $18.00 to $18.50 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Shore Bancshares in a report on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.17.

Insiders Place Their Bets

In other Shore Bancshares news, EVP Aaron Michael Kaslow purchased 6,500 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president directly owned 6,500 shares of the company’s stock, valued at approximately $101,140. This trade represents a ? increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought a total of 7,700 shares of company stock valued at $121,994 over the last quarter. Insiders own 8.57% of the company’s stock.

Institutional Investors Weigh In On Shore Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the business. IFP Advisors Inc raised its position in Shore Bancshares by 31,320.0% in the 2nd quarter. IFP Advisors Inc now owns 1,571 shares of the bank’s stock valued at $25,000 after purchasing an additional 1,566 shares during the last quarter. EverSource Wealth Advisors LLC bought a new position in shares of Shore Bancshares in the second quarter valued at about $31,000. PNC Financial Services Group Inc. lifted its position in Shore Bancshares by 108.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,020 shares of the bank’s stock worth $47,000 after buying an additional 1,571 shares in the last quarter. Geneos Wealth Management Inc. acquired a new position in Shore Bancshares during the 4th quarter worth about $48,000. Finally, Federated Hermes Inc. grew its holdings in Shore Bancshares by 168.7% during the 3rd quarter. Federated Hermes Inc. now owns 3,471 shares of the bank’s stock worth $57,000 after acquiring an additional 2,179 shares during the last quarter. 59.76% of the stock is owned by institutional investors and hedge funds.

Shore Bancshares Stock Up 1.4%

The stock has a market cap of $669.27 million, a price-to-earnings ratio of 11.25 and a beta of 0.92. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.95 and a current ratio of 0.96. The firm’s 50-day simple moving average is $18.16 and its two-hundred day simple moving average is $16.93.

Shore Bancshares (NASDAQ:SHBI) last issued its quarterly earnings results on Wednesday, January 28th. The bank reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. Shore Bancshares had a net margin of 17.36% and a return on equity of 11.62%. The business had revenue of $59.20 million during the quarter, compared to analyst estimates of $57.55 million. On average, sell-side analysts expect that Shore Bancshares Inc will post 1.59 EPS for the current fiscal year.

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.