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

Key Points

• Shore Bancshares Inc (NASDAQ:SHBI) has seen its stock price rise above the 200-day moving average, reaching a high of $16.11, with the last trade at $16.06.
• Wall Street Zen upgraded Shore Bancshares from a "hold" rating to a "buy" rating, indicating positive market sentiment.
• The company recently announced a quarterly dividend of $0.12 per share, which will be paid on August 25th, representing an annualized yield of 3.1%.

Shore Bancshares Inc (NASDAQ:SHBI - Get Free Report)'s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $14.79 and traded as high as $16.11. Shore Bancshares shares last traded at $16.06, with a volume of 101,364 shares traded.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised Shore Bancshares from a "hold" rating to a "buy" rating in a report on Saturday, July 26th.

Shore Bancshares Price Performance

The business has a 50-day simple moving average of $15.77 and a 200 day simple moving average of $14.78. The firm has a market cap of $525.70 million, a P/E ratio of 9.77 and a beta of 1.04. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94.

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. Shore Bancshares had a return on equity of 10.98% and a net margin of 15.98%. The firm had revenue of $56.57 million for the quarter, compared to the consensus estimate of $53.77 million. On average, analysts anticipate that Shore Bancshares Inc will post 1.59 earnings per share for the current fiscal year.

Shore Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 25th. Investors of record on Monday, August 11th will be given a $0.12 dividend. The ex-dividend date of this dividend is Monday, August 11th. This represents a $0.48 annualized dividend and a yield of 3.1%. Shore Bancshares's dividend payout ratio is 29.81%.

Insider Transactions at Shore Bancshares

In other Shore Bancshares news, Director Michael Brian Adams acquired 10,000 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average cost of $15.00 per share, with a total value of $150,000.00. Following the transaction, the director owned 44,912 shares of the company's stock, valued at $673,680. The trade was a 28.64% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Over the last quarter, insiders purchased 11,250 shares of company stock valued at $168,218. Corporate insiders own 8.69% of the company's stock.

Hedge Funds Weigh In On Shore Bancshares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Shore Bancshares by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 1,661,598 shares of the bank's stock valued at $22,498,000 after buying an additional 19,531 shares during the period. Dimensional Fund Advisors LP raised its holdings in Shore Bancshares by 4.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,346,364 shares of the bank's stock valued at $21,340,000 after acquiring an additional 57,115 shares during the period. Geode Capital Management LLC raised its holdings in Shore Bancshares by 5.0% during the second quarter. Geode Capital Management LLC now owns 749,327 shares of the bank's stock valued at $11,782,000 after acquiring an additional 35,407 shares during the period. American Century Companies Inc. grew 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 valued at $10,736,000 after purchasing an additional 88,844 shares in the last quarter. Finally, Atlantic Union Bankshares Corp purchased a new position in shares of Shore Bancshares during the second quarter valued at about $8,622,000. 59.76% of the stock is owned by institutional investors.

About Shore Bancshares

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.