Shore Bancshares (NASDAQ:SHBI) Price Target Raised to $25.00 at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods raised Shore Bancshares’ price target from $22.00 to $25.00 while maintaining a “market perform” rating, implying 4.6% potential upside. The stock has an overall “Moderate Buy” consensus rating and an average target of $26.00.
• Shore Bancshares reported quarterly earnings of $0.60 per share, exceeding the $0.50 analyst consensus, while revenue of $61.84 million also topped estimates.
• The bank authorized a $30 million share-buyback program, allowing it to repurchase up to 4.5% of outstanding shares; institutional investors currently own 59.76% of the stock.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) had its price target increased by equities researchers at Keefe, Bruyette & Woods from $22.00 to $25.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "market perform" rating on the bank's stock. Keefe, Bruyette & Woods' price objective points to a potential upside of 4.60% from the company's current price.

Several other brokerages have also recently weighed in on SHBI. Zacks Research cut Shore Bancshares from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 30th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Shore Bancshares in a report on Friday, July 17th. Hovde Group lifted their price objective on Shore Bancshares from $23.50 to $26.50 and gave the stock an "outperform" rating in a research report on Monday. Finally, Piper Sandler boosted their price objective on Shore Bancshares from $24.00 to $26.50 and gave the stock an "overweight" rating in a research note on Monday. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Shore Bancshares presently has an average rating of "Moderate Buy" and an average price target of $26.00.

Shore Bancshares Price Performance

Shares of NASDAQ SHBI opened at $23.90 on Tuesday. The firm has a 50-day simple moving average of $22.02 and a 200-day simple moving average of $20.00. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $799.69 million, a price-to-earnings ratio of 12.07 and a beta of 0.82. Shore Bancshares has a 52 week low of $14.93 and a 52 week high of $24.12.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.10. Shore Bancshares had a net margin of 19.15% and a return on equity of 12.24%. The firm had revenue of $61.84 million for the quarter, compared to analyst estimates of $60.42 million. On average, equities analysts predict that Shore Bancshares will post 2.12 earnings per share for the current fiscal year.

Shore Bancshares announced that its board has approved a stock buyback plan on Thursday, May 21st that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC acquired a new position in shares of Shore Bancshares in the 2nd quarter valued at $31,000. Geneos Wealth Management Inc. acquired a new position in Shore Bancshares in the fourth quarter valued at about $48,000. IFP Advisors Inc lifted its position in Shore Bancshares by 98.9% in the third quarter. IFP Advisors Inc now owns 3,124 shares of the bank's stock valued at $51,000 after buying an additional 1,553 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Shore Bancshares by 239.1% during the second quarter. Tower Research Capital LLC TRC now owns 4,500 shares of the bank's stock worth $71,000 after buying an additional 3,173 shares during the period. Finally, State of Alaska Department of Revenue boosted its stake in Shore Bancshares by 207.4% during the fourth quarter. State of Alaska Department of Revenue now owns 4,138 shares of the bank's stock worth $72,000 after buying an additional 2,792 shares during the period. 59.76% of the stock is currently owned by hedge funds and other institutional investors.

About Shore Bancshares

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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