Shore Bancshares Inc (NASDAQ:SHBI) Given Average Rating of “Moderate Buy” by Brokerages

by · The Cerbat Gem

Shore Bancshares Inc (NASDAQ:SHBI – Get Free Report) has been assigned a consensus recommendation of “Moderate Buy” from the five analysts that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $26.00.

SHBI has been the topic of several recent analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Shore Bancshares in a research report on Friday, July 17th. Keefe, Bruyette & Woods raised their price objective on Shore Bancshares from $22.00 to $25.00 and gave the company a “market perform” rating in a research note on Tuesday, July 28th. Piper Sandler increased their price objective on shares of Shore Bancshares from $24.00 to $26.50 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Zacks Research lowered Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 30th. Finally, Hovde Group upped their price objective on Shore Bancshares from $23.50 to $26.50 and gave the company an “outperform” rating in a research report on Monday, July 27th.

Read Our Latest Report on SHBI

Shore Bancshares Stock Performance

Shares of NASDAQ SHBI opened at $23.52 on Tuesday. Shore Bancshares has a 52-week low of $14.93 and a 52-week high of $24.89. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm’s 50-day moving average price is $23.43 and its 200-day moving average price is $21.15. The company has a market cap of $784.86 million, a PE ratio of 11.88 and a beta of 0.80.

Shore Bancshares (NASDAQ:SHBI – Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.10. Shore Bancshares had a return on equity of 12.11% and a net margin of 19.15%.The business had revenue of $61.75 million during the quarter, compared to the consensus estimate of $60.42 million. As a group, analysts anticipate that Shore Bancshares will post 2.26 EPS for the current year.

Shore Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be issued a dividend of $0.14 per share. The ex-dividend date is Wednesday, September 2nd. This represents a $0.56 dividend on an annualized basis and a yield of 2.4%. Shore Bancshares’s dividend payout ratio (DPR) is presently 28.28%.

Shore Bancshares announced that its board has initiated a stock repurchase plan on Thursday, May 21st that authorizes the company to repurchase $30.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Shore Bancshares

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Shore Bancshares in the 2nd quarter valued at about $73,784,000. The Manufacturers Life Insurance Company acquired a new stake in Shore Bancshares in the second quarter worth about $20,311,000. Jupiter Topco LLC purchased a new position in shares of Shore Bancshares in the second quarter worth $17,110,000. Janus Henderson Group PLC raised its position in Shore Bancshares by 578.2% during the 1st quarter. Janus Henderson Group PLC now owns 380,283 shares of the bank’s stock worth $7,104,000 after buying an additional 324,208 shares during the last quarter. Finally, Basswood Capital Management L.L.C. purchased a new position in Shore Bancshares during the second quarter valued at approximately $6,867,000. Hedge funds and other institutional investors own 59.76% of the company’s stock.

About Shore Bancshares

(Get Free Report)

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

Shore United Bank offers deposit accounts, commercial and residential real estate loans, commercial lending, consumer loans, home equity financing, and other credit products. Its services also include online and mobile banking, treasury management, wealth management, investment services, and insurance-related products.

The company has historically focused on communities across Maryland’s Eastern Shore and other parts of Maryland, with a presence extending into the Baltimore and Annapolis areas following its combination with Severn Bancorp.

Featured Stories