Shore Bancshares (NASDAQ:SHBI) Hits New 12-Month High - Should You 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)'s stock price hit a new 52-week high on Friday . The stock traded as high as $17.67 and last traded at $17.25, with a volume of 56648 shares. The stock had previously closed at $17.45.

Wall Street Analyst Weigh In

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

Shore Bancshares Stock Performance

The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94. The business's fifty day simple moving average is $16.42 and its 200-day simple moving average is $14.99. The firm has a market capitalization of $574.66 million, a PE ratio of 10.69 and a beta of 1.05.

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

Shore Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were issued a $0.12 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.8%. Shore Bancshares's dividend payout ratio (DPR) is 29.81%.

Insider Buying and Selling at Shore Bancshares

In other Shore Bancshares news, Director Michael Brian Adams bought 10,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average cost of $15.00 per share, with a total value of $150,000.00. Following the completion of the acquisition, the director owned 44,912 shares in the company, valued at $673,680. This trade represents a 28.64% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 8.57% of the company's stock.

Institutional Trading of Shore Bancshares

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Shore Bancshares by 1.2% during the first quarter. Vanguard Group Inc. now owns 1,661,598 shares of the bank's stock worth $22,498,000 after purchasing an additional 19,531 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Shore Bancshares by 5.0% during the second quarter. Geode Capital Management LLC now owns 749,327 shares of the bank's stock worth $11,782,000 after purchasing an additional 35,407 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Shore Bancshares by 15.0% during the second quarter. American Century Companies Inc. now owns 682,947 shares of the bank's stock worth $10,736,000 after purchasing an additional 88,844 shares during the last quarter. Atlantic Union Bankshares Corp bought a new stake in shares of Shore Bancshares during the second quarter worth $8,622,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Shore Bancshares by 33.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 438,780 shares of the bank's stock worth $6,898,000 after purchasing an additional 109,903 shares during the last quarter. 59.76% of the stock is currently 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.