Shore Bancshares (NASDAQ:SHBI) Issues Quarterly Earnings Results

Shore Bancshares (NASDAQ:SHBI - Get Free Report) posted its earnings results on Tuesday. The bank reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.10, Zacks reports. The business had revenue of $53.03 million for the quarter, compared to analysts' expectations of $50.78 million. Shore Bancshares had a net margin of 13.44% and a return on equity of 10.40%.

Shore Bancshares Stock Performance

NASDAQ SHBI traded up $0.46 during trading hours on Friday, hitting $14.37. 170,561 shares of the company's stock traded hands, compared to its average volume of 124,283. Shore Bancshares has a 52 week low of $10.36 and a 52 week high of $17.61. The firm has a market capitalization of $479.58 million, a P/E ratio of 10.80 and a beta of 0.93. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.23. The business's fifty day moving average price is $13.36 and its two-hundred day moving average price is $14.99.

Shore Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Monday, May 12th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.34%. The ex-dividend date is Monday, May 12th. Shore Bancshares's dividend payout ratio (DPR) is presently 32.21%.

Insiders Place Their Bets

In related news, Director Konrad Wayson acquired 5,000 shares of Shore Bancshares stock in a transaction dated Friday, May 2nd. The stock was purchased at an average cost of $14.25 per share, for a total transaction of $71,250.00. Following the purchase, the director now directly owns 59,328 shares of the company's stock, valued at approximately $845,424. This trade represents a 9.20 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 8.57% of the company's stock.

Analysts Set New Price Targets

Separately, Piper Sandler started coverage on shares of Shore Bancshares in a report on Thursday, February 6th. They set an "overweight" rating and a $20.00 price objective for the company.

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.