Shore Bancshares Inc (NASDAQ:SHBI) Stock Now Rated "Moderate Buy" by Sell-Side Analysts

Key Points

• Analysts give Shore Bancshares a “Moderate Buy” consensus, split between three buy ratings and three holds, with an average 12-month price target of $25.75.
• Shore Bancshares beat quarterly expectations, reporting $0.60 in earnings per share versus the $0.50 consensus and revenue of $61.75 million versus $60.42 million expected.
• The company pays a quarterly dividend of $0.14, equivalent to $0.56 annually and a 2.5% yield; institutional investors own approximately 59.76% of outstanding shares.

Shares of Shore Bancshares Inc (NASDAQ:SHBI - Get Free Report) have earned a consensus rating of "Moderate Buy" from the six analysts that are presently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $25.75.

A number of analysts recently weighed in on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Shore Bancshares in a research note on Friday, July 17th. Zacks Research cut shares of Shore Bancshares from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 30th. Hovde Group raised their target price on shares of Shore Bancshares from $23.50 to $26.50 and gave the company an "outperform" rating in a research report on Monday, July 27th. DA Davidson assumed coverage on shares of Shore Bancshares in a report on Monday, September 28th. They issued a "neutral" rating and a $25.00 price target for the company. Finally, Keefe, Bruyette & Woods upped their price target on shares of Shore Bancshares from $22.00 to $25.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 28th.

Shore Bancshares Trading Down 1.4%

SHBI opened at $22.27 on Friday. 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 stock's fifty day moving average is $23.27 and its two-hundred day moving average is $21.75. The company has a market capitalization of $743.15 million, a P/E ratio of 11.25 and a beta of 0.82. Shore Bancshares has a 52 week low of $14.93 and a 52 week high of $24.89.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last issued its earnings results on Thursday, July 23rd. The bank reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.10. The business had revenue of $61.75 million during the quarter, compared to analysts' expectations of $60.42 million. Shore Bancshares had a return on equity of 12.11% and a net margin of 19.15%. Analysts forecast that Shore Bancshares will post 2.26 earnings per share for the current year.

Shore Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd were paid a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, September 2nd. This represents a $0.56 dividend on an annualized basis and a yield of 2.5%. Shore Bancshares's payout ratio is 28.28%.

Institutional Trading of Shore Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. raised its position in shares of Shore Bancshares by 20.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,448 shares of the bank's stock worth $83,000 after acquiring an additional 743 shares in the last quarter. Allworth Financial LP lifted its stake in shares of Shore Bancshares by 82.7% during the 2nd quarter. Allworth Financial LP now owns 1,769 shares of the bank's stock worth $41,000 after purchasing an additional 801 shares during the last quarter. Royal Bank of Canada boosted its position in Shore Bancshares by 4.2% during the first quarter. Royal Bank of Canada now owns 28,101 shares of the bank's stock valued at $525,000 after purchasing an additional 1,139 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in Shore Bancshares during the second quarter valued at about $34,000. Finally, IFP Advisors Inc grew its stake in Shore Bancshares by 51.1% in the second quarter. IFP Advisors Inc now owns 6,116 shares of the bank's stock valued at $140,000 after purchasing an additional 2,068 shares during the last quarter. Institutional investors own 59.76% of the company's stock.

About Shore Bancshares

Shore Bancshares, Inc was a financial holding company headquartered in Easton, Maryland. Through its principal banking subsidiary, Shore United Bank, the company provided banking and financial services to individuals, families, businesses and public-sector organizations.

Shore United Bank offered deposit accounts, residential and commercial real estate lending, business loans, consumer financing, treasury management and online banking services. The company also provided wealth management, investment and insurance-related services through affiliated businesses and served customers across Maryland's Eastern Shore, portions of Delaware and other areas of the Mid-Atlantic region.

Shore Bancshares expanded its presence through the 2023 acquisition of Severn Bancorp, Inc and its subsidiary, Severn Savings Bank.

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