Shore Bancshares (NASDAQ:SHBI) Lowered to Hold Rating by Wall Street Zen

Key Points

• Shore Bancshares has been downgraded from a "buy" to a "hold" rating by Wall Street Zen, highlighting a shift in market sentiment regarding the stock.
• The company's stock has a consensus rating of "Moderate Buy" with an average price target of $20.00 according to MarketBeat.
• Recent insider trading saw Director Michael Brian Adams purchase 10,000 shares at $15.00 each, indicating confidence in the company's future performance.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday.

Several other research firms have also issued reports on SHBI. Zacks Research lowered shares of Shore Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Friday, September 26th. Weiss Ratings reissued a "hold (c+)" rating on shares of Shore Bancshares in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $20.00.

Shore Bancshares Stock Performance

Shares of SHBI stock opened at $15.75 on Friday. The firm has a market cap of $526.32 million, a price-to-earnings ratio of 9.26 and a beta of 1.10. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94. Shore Bancshares has a 52 week low of $11.47 and a 52 week high of $17.67. The firm's 50-day simple moving average is $16.53 and its two-hundred day simple moving average is $15.43.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last announced its quarterly earnings data on Monday, September 19th. The bank reported $0.37 EPS for the quarter. The business had revenue of $16.91 million for the quarter. Shore Bancshares had a net margin of 16.78% and a return on equity of 11.37%. As a group, equities analysts forecast that Shore Bancshares will post 1.59 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Michael Brian Adams bought 10,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average price of $15.00 per share, with a total value of $150,000.00. Following the acquisition, the director owned 44,912 shares of the company's stock, valued at approximately $673,680. The trade was a 28.64% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 8.69% of the company's stock.

Institutional Trading of Shore Bancshares

A number of hedge funds and other institutional investors have recently bought and sold shares of SHBI. IFP Advisors Inc increased its holdings in Shore Bancshares by 31,320.0% during the 2nd quarter. IFP Advisors Inc now owns 1,571 shares of the bank's stock worth $25,000 after acquiring an additional 1,566 shares during the period. EverSource Wealth Advisors LLC bought a new stake in Shore Bancshares during the 2nd quarter worth approximately $31,000. PNC Financial Services Group Inc. increased its holdings in Shore Bancshares by 108.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,020 shares of the bank's stock worth $47,000 after acquiring an additional 1,571 shares during the period. Financial Consulate Inc. bought a new stake in Shore Bancshares during the 3rd quarter worth approximately $71,000. Finally, Tower Research Capital LLC TRC increased its holdings in Shore Bancshares by 239.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,500 shares of the bank's stock worth $71,000 after acquiring an additional 3,173 shares during the period. Institutional investors own 59.76% of the company's stock.

Shore Bancshares Company Profile

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.

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