Shore Bancshares (NASDAQ:SHBI) Shares Cross Above 200 Day Moving Average - Time to Sell?

Key Points

• Shore Bancshares (NASDAQ: SHBI) shares moved above their 200-day moving average, trading as high as $19.91 and last changing hands near $19.76, a technical signal that may attract investor attention.
• The company posted better-than-expected quarterly results, with EPS of $0.55 versus estimates of $0.45 and revenue of $59.89 million versus $58.35 million expected.
• Analyst sentiment remains constructive, with a consensus rating of “Buy” and an average price target of $21.33, while the stock also offers a quarterly dividend yielding about 2.4%.

Shares of Shore Bancshares Inc (NASDAQ:SHBI - Get Free Report) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $18.14 and traded as high as $19.91. Shore Bancshares shares last traded at $19.76, with a volume of 126,333 shares trading hands.

Analyst Ratings Changes

A number of analysts have commented on SHBI shares. Keefe, Bruyette & Woods restated a "market perform" rating and set a $20.00 price target on shares of Shore Bancshares in a research note on Thursday, April 9th. Piper Sandler boosted their price target on shares of Shore Bancshares from $21.00 to $22.00 and gave the company an "overweight" rating in a research note on Monday. Hovde Group boosted their price target on shares of Shore Bancshares from $19.00 to $22.00 and gave the company an "outperform" rating in a research note on Tuesday, February 3rd. Weiss Ratings upgraded shares of Shore Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, April 6th. Finally, Zacks Research upgraded shares of Shore Bancshares from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $21.33.

Shore Bancshares Stock Up 0.1%

The company has a market capitalization of $661.09 million, a P/E ratio of 10.51 and a beta of 0.83. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.94 and a current ratio of 0.95. The stock has a 50 day moving average price of $18.78 and a 200 day moving average price of $18.14.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last released its earnings results on Thursday, April 23rd. The bank reported $0.55 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.10. Shore Bancshares had a return on equity of 11.84% and a net margin of 18.20%.The company had revenue of $59.89 million for the quarter, compared to analysts' expectations of $58.35 million. Equities research analysts forecast that Shore Bancshares Inc will post 2.12 earnings per share for the current fiscal year.

Shore Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, March 4th. This represents a $0.48 annualized dividend and a yield of 2.4%. Shore Bancshares's dividend payout ratio (DPR) is 25.53%.

Institutional Investors Weigh In On Shore Bancshares

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Shore Bancshares by 2.8% in the 3rd quarter. Vanguard Group Inc. now owns 1,781,501 shares of the bank's stock worth $29,234,000 after acquiring an additional 48,390 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Shore Bancshares by 3.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,683,403 shares of the bank's stock worth $31,445,000 after acquiring an additional 53,381 shares during the last quarter. Wellington Management Group LLP increased its holdings in Shore Bancshares by 7.9% in the 4th quarter. Wellington Management Group LLP now owns 1,150,208 shares of the bank's stock worth $20,336,000 after acquiring an additional 84,298 shares during the last quarter. Fourthstone LLC increased its holdings in Shore Bancshares by 61.6% in the 4th quarter. Fourthstone LLC now owns 918,202 shares of the bank's stock worth $16,234,000 after acquiring an additional 350,012 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Shore Bancshares by 168.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 495,965 shares of the bank's stock worth $8,769,000 after acquiring an additional 311,266 shares during the last quarter. Hedge funds and other institutional investors own 59.76% of the company's stock.

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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