Shore Bancshares Inc (NASDAQ:SHBI - Get Free Report) was the target of a large increase in short interest during the month of September. As of September 30th, there was short interest totaling 484,300 shares, an increase of 49.4% from the September 15th total of 324,100 shares. Based on an average daily trading volume, of 132,700 shares, the days-to-cover ratio is currently 3.6 days. Based on an average daily trading volume, of 132,700 shares, the days-to-cover ratio is currently 3.6 days.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on SHBI. Zacks Research downgraded Shore Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 26th. Wall Street Zen upgraded Shore Bancshares from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Shore Bancshares in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Shore Bancshares has an average rating of "Moderate Buy" and an average price target of $20.00.
Read Our Latest Stock Analysis on SHBI
Insiders Place Their Bets
In other news, Director Michael Brian Adams purchased 10,000 shares of the business's stock in a transaction on Friday, August 1st. The stock was acquired at an average cost of $15.00 per share, for a total transaction of $150,000.00. Following the purchase, the director directly owned 44,912 shares in the company, valued at $673,680. This trade represents a 28.64% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 8.69% of the company's stock.
Institutional Trading of Shore Bancshares
Several hedge funds and other institutional investors have recently bought and sold shares of SHBI. Atlantic Union Bankshares Corp purchased a new stake in Shore Bancshares during the 2nd quarter valued at $8,622,000. Nuveen LLC purchased a new stake in Shore Bancshares during the 1st quarter valued at $3,716,000. HoldCo Asset Management LP purchased a new stake in Shore Bancshares during the 2nd quarter valued at $4,215,000. AQR Capital Management LLC raised its holdings in Shore Bancshares by 143.3% during the 2nd quarter. AQR Capital Management LLC now owns 273,109 shares of the bank's stock valued at $4,293,000 after buying an additional 160,850 shares during the period. Finally, Cubist Systematic Strategies LLC raised its holdings in Shore Bancshares by 309.6% during the 1st quarter. Cubist Systematic Strategies LLC now owns 165,475 shares of the bank's stock valued at $2,241,000 after buying an additional 125,079 shares during the period. Hedge funds and other institutional investors own 59.76% of the company's stock.
Shore Bancshares Stock Up 0.1%
Shares of SHBI opened at $15.92 on Thursday. The stock has a market capitalization of $532.05 million, a price-to-earnings ratio of 9.89 and a beta of 1.10. Shore Bancshares has a 1 year low of $11.47 and a 1 year high of $17.67. The business's 50 day simple moving average is $16.54 and its 200-day simple moving average is $15.38. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94.
Shore Bancshares (NASDAQ:SHBI - Get Free Report) last issued its quarterly earnings data on Monday, September 19th. The bank reported $0.37 earnings per share (EPS) for the quarter. The business had revenue of $16.91 million for the quarter. Shore Bancshares had a return on equity of 10.98% and a net margin of 15.98%. As a group, equities analysts expect that Shore Bancshares will post 1.59 earnings per share for the current fiscal year.
Shore Bancshares Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, August 11th. Shore Bancshares's dividend payout ratio is 29.81%.
Shore Bancshares Company Profile
(
Get Free Report)
Shore Bancshares, Inc operates as a bank holding company for the Shore United Bank, N.A. that provides various commercial and consumer banking products and services to individuals, businesses, and other organizations. It offers checking, savings, overnight investment sweep, and money market accounts; and regular and IRA certificates of deposit, as well as CDARS programs and cash management services.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Shore Bancshares, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Shore Bancshares wasn't on the list.
While Shore Bancshares currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
