Shore Bancshares (NASDAQ:SHBI) Sets New 12-Month High - Still a Buy?

Key Points

• Shore Bancshares (NASDAQ:SHBI) reached a new 52-week high of $17.67, closing at $17.25 with a trading volume of 56,648 shares.
• Wall Street Zen upgraded the stock from a "hold" to a "buy" rating, with an average price target of $20.00 based on the opinions of analysts.
• The company announced a quarterly dividend of $0.12, yielding 2.8%, set against a dividend payout ratio of 29.81%.

Shore Bancshares Inc (NASDAQ:SHBI - Get Free Report) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $17.67 and last traded at $17.25, with a volume of 56648 shares traded. The stock had previously closed at $17.45.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised Shore Bancshares from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Shore Bancshares has an average rating of "Buy" and an average price target of $20.00.

Shore Bancshares Trading Down 1.4%

The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The stock's 50 day moving average is $16.41 and its 200-day moving average is $14.97. The company has a market capitalization of $575.16 million, a P/E ratio of 10.69 and a beta of 1.05.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last posted its earnings results on Thursday, July 24th. The bank reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.10. The firm had revenue of $56.57 million for the quarter, compared to the consensus estimate of $53.77 million. Shore Bancshares had a return on equity of 10.98% and a net margin of 15.98%. As a group, equities research analysts anticipate that Shore Bancshares Inc will post 1.59 earnings per share for the current year.

Shore Bancshares Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Monday, August 11th. Shore Bancshares's payout ratio is 29.81%.

Insider Buying and Selling at Shore Bancshares

In other Shore Bancshares news, Director Michael Brian Adams purchased 10,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was bought 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. The trade was a 28.64% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Shore Bancshares

Several hedge funds have recently added to or reduced their stakes in SHBI. Bank of America Corp DE increased its holdings in shares of Shore Bancshares by 18.8% during the fourth quarter. Bank of America Corp DE now owns 47,663 shares of the bank's stock valued at $755,000 after acquiring an additional 7,541 shares in the last quarter. Deutsche Bank AG raised its holdings in Shore Bancshares by 29.6% in the 4th quarter. Deutsche Bank AG now owns 30,302 shares of the bank's stock worth $480,000 after acquiring an additional 6,929 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Shore Bancshares by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,446 shares of the bank's stock worth $277,000 after purchasing an additional 609 shares in the last quarter. Millennium Management LLC purchased a new position in shares of Shore Bancshares in the fourth quarter worth $802,000. Finally, Nuveen Asset Management LLC lifted its holdings in shares of Shore Bancshares by 67.8% during the fourth quarter. Nuveen Asset Management LLC now owns 116,031 shares of the bank's stock valued at $1,839,000 after purchasing an additional 46,890 shares in the last quarter. 59.76% of the stock is owned by institutional investors.

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.