Shore Bancshares (NASDAQ:SHBI - Get Free Report) released its quarterly earnings data on Thursday, April 23rd. The bank reported $0.55 EPS for the quarter, topping the consensus estimate of $0.45 by $0.10, Zacks reports. Shore Bancshares had a return on equity of 11.97% and a net margin of 18.20%.The firm had revenue of $59.89 million for the quarter, compared to the consensus estimate of $58.35 million.
Shore Bancshares Trading Down 1.1%
Shares of SHBI stock traded down $0.22 during trading hours on Monday, reaching $19.28. The company's stock had a trading volume of 106,174 shares, compared to its average volume of 240,702. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.15. Shore Bancshares has a one year low of $14.03 and a one year high of $20.68. The stock has a market capitalization of $644.92 million, a P/E ratio of 10.26 and a beta of 0.83. The firm's fifty day simple moving average is $18.75 and its 200 day simple moving average is $18.05.
Shore Bancshares Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Wednesday, March 4th. Shore Bancshares's dividend payout ratio (DPR) is currently 25.53%.
Insider Activity at Shore Bancshares
In other Shore Bancshares news, Director William E. Esham III purchased 5,000 shares of the company's stock in a transaction that occurred on Thursday, February 5th. The stock was bought at an average price of $19.99 per share, with a total value of $99,950.00. Following the completion of the purchase, the director directly owned 5,510 shares of the company's stock, valued at $110,144.90. The trade was a 980.39% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 8.70% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in SHBI. EverSource Wealth Advisors LLC bought a new position in Shore Bancshares in the 2nd quarter worth $31,000. Tower Research Capital LLC TRC boosted its stake in shares of Shore Bancshares by 239.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,500 shares of the bank's stock valued at $71,000 after purchasing an additional 3,173 shares in the last quarter. State of Wyoming increased its position in shares of Shore Bancshares by 150.6% during the second quarter. State of Wyoming now owns 4,682 shares of the bank's stock valued at $74,000 after buying an additional 2,814 shares during the period. BNP Paribas Financial Markets increased its position in shares of Shore Bancshares by 29.1% during the third quarter. BNP Paribas Financial Markets now owns 5,879 shares of the bank's stock valued at $96,000 after buying an additional 1,324 shares during the period. Finally, Brooklyn Investment Group bought a new position in Shore Bancshares in the fourth quarter worth about $225,000. 59.76% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities analysts recently issued reports on SHBI shares. Weiss Ratings upgraded Shore Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, April 6th. Hovde Group boosted their price objective on Shore Bancshares from $19.00 to $22.00 and gave the company an "outperform" rating in a research report on Tuesday, February 3rd. Zacks Research raised Shore Bancshares from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 28th. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $20.00 target price on shares of Shore Bancshares in a report on Thursday, April 9th. Finally, Piper Sandler lifted their target price on shares of Shore Bancshares from $21.00 to $22.00 and gave the stock an "overweight" rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Shore Bancshares has an average rating of "Buy" and an average target price of $21.33.
View Our Latest Report on Shore Bancshares
About Shore Bancshares
(
Get Free Report)
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.
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