Shore Bancshares Inc (NASDAQ:SHBI) Given Consensus Rating of “Buy” by Analysts

Shore Bancshares Inc (NASDAQ:SHBI) has been given an average recommendation of “Buy” by the five brokerages that are covering the company, MarketBeat reports. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $21.3333.

A number of research analysts have weighed in on the company. Weiss Ratings raised Shore Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, April 6th. Piper Sandler increased their target price on Shore Bancshares from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, May 4th. Zacks Research raised Shore Bancshares from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 28th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $20.00 target price on shares of Shore Bancshares in a report on Thursday, April 9th. Finally, Hovde Group raised their price objective on Shore Bancshares from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd.

Shore Bancshares Trading Up 0.3%

Shares of NASDAQ:SHBI opened at $19.46 on Wednesday. Shore Bancshares has a 1 year low of $14.03 and a 1 year high of $20.68. The stock’s fifty day moving average price is $18.80 and its 200-day moving average price is $18.22. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.95 and a quick ratio of 0.94. The company has a market cap of $651.13 million, a P/E ratio of 10.35 and a beta of 0.83.

Shore Bancshares (NASDAQ:SHBI) last posted its earnings results on Thursday, April 23rd. The bank reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.10. Shore Bancshares had a return on equity of 11.84% and a net margin of 18.20%.The company had revenue of $59.89 million for the quarter, compared to the consensus estimate of $58.35 million. Sell-side analysts expect that Shore Bancshares will post 2.12 earnings per share for the current year.

Shore Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Wednesday, March 4th. Shore Bancshares’s dividend payout ratio (DPR) is 25.53%.

Hedge Funds Weigh In On Shore Bancshares

Several institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC purchased a new position in shares of Shore Bancshares in the 2nd quarter worth approximately $31,000. Geneos Wealth Management Inc. purchased a new position in shares of Shore Bancshares in the 4th quarter worth approximately $48,000. IFP Advisors Inc boosted its holdings in shares of 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 purchasing an additional 1,553 shares during the period. Federated Hermes Inc. boosted 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 valued at $57,000 after acquiring an additional 2,179 shares during the period. Finally, State of Alaska Department of Revenue boosted its holdings in Shore Bancshares by 207.4% during the 4th quarter. State of Alaska Department of Revenue now owns 4,138 shares of the bank’s stock valued at $72,000 after acquiring an additional 2,792 shares during the period. Hedge funds and other 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.