Shore Bancshares (NASDAQ:SHBI) Announces Quarterly Earnings Results

Key Points

• Shore Bancshares met earnings expectations, reporting quarterly EPS of $0.54 and revenue of $62.80 million, exceeding analysts’ $61.31 million estimate. Net margin was 19.15%, while return on equity reached 12.11%.
• Shares rose 2.3% to $23.38 following the results. The stock has traded between $14.93 and $24.89 over the past year and carries an average analyst rating of “Moderate Buy,” with a $25.75 target price.
• The company declared a quarterly dividend of $0.14 per share, equivalent to $0.56 annually and a 2.4% yield, with a payout ratio of 28.28%.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) posted its earnings results on Thursday. The bank reported $0.54 EPS for the quarter, hitting analysts' consensus estimates of $0.54, FiscalAI reports. Shore Bancshares had a net margin of 19.15% and a return on equity of 12.11%. The firm had revenue of $62.80 million during the quarter, compared to analysts' expectations of $61.31 million.

Shore Bancshares Trading Up 2.3%

Shares of NASDAQ:SHBI traded up $0.53 during mid-day trading on Thursday, reaching $23.38. 227,865 shares of the company's stock were exchanged, compared to its average volume of 221,293. The firm has a market capitalization of $780.24 million, a price-to-earnings ratio of 11.81 and a beta of 0.82. The business's fifty day moving average price is $23.02 and its 200-day moving average price is $22.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.94 and a current ratio of 0.95. Shore Bancshares has a twelve month low of $14.93 and a twelve month high of $24.89.

Shore Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Wednesday, September 2nd. Shore Bancshares's payout ratio is 28.28%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SHBI. Keefe, Bruyette & Woods lifted their price target on shares of Shore Bancshares from $22.00 to $25.00 and gave the company a "market perform" rating in a report on Tuesday, July 28th. Piper Sandler raised their target price on shares of Shore Bancshares from $24.00 to $26.50 and gave the company an "overweight" rating in a research report on Monday, July 27th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Shore Bancshares in a research note on Thursday, October 15th. Hovde Group boosted their target price on shares of Shore Bancshares from $23.50 to $26.50 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Finally, Zacks Research downgraded shares of Shore Bancshares from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 30th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $25.75.

About Shore Bancshares

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

Shore United Bank offers deposit accounts, consumer and commercial loans, mortgages, home equity financing, cash management and other business banking services. Its offerings also include wealth management, trust and investment services, helping customers manage borrowing, saving, investing and other financial needs.

The company serves communities primarily across Maryland and Delaware, with a network concentrated in the Eastern Shore and expanding into other Maryland markets.

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