Shore Bancshares (NASDAQ:SHBI) Stock Crosses Above 200-Day Moving Average - Here's What Happened

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%.

Shares of Shore Bancshares Inc (NASDAQ:SHBI - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-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 trading hands.

Analyst Ratings Changes

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

Shore Bancshares Stock Down 0.1%

The firm's 50 day simple moving average is $15.79 and its 200-day simple moving average is $14.77. 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 company has a market cap of $531.23 million, a price-to-earnings ratio of 9.87 and a beta of 1.04.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The bank reported $0.51 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $53.77 million. As a group, sell-side 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 declared a quarterly dividend, which will be paid on Monday, August 25th. Stockholders of record on Monday, August 11th will be given a $0.12 dividend. The ex-dividend date is Monday, August 11th. This represents a $0.48 annualized dividend and a dividend yield of 3.0%. Shore Bancshares's dividend payout ratio is currently 29.81%.

Insider Activity at Shore Bancshares

In other Shore Bancshares news, Director Michael Brian Adams purchased 10,000 shares of the stock in a transaction dated Friday, August 1st. The shares were acquired at an average cost of $15.00 per share, for a total transaction of $150,000.00. Following the completion of the transaction, the director directly owned 44,912 shares of the company's stock, valued at $673,680. This trade represents a 28.64% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have purchased 11,250 shares of company stock valued at $168,218 in the last quarter. 8.69% of the stock is owned by corporate insiders.

Institutional Trading of Shore Bancshares

Hedge funds have recently bought and sold shares of the company. CWM LLC raised its position in shares of Shore Bancshares by 1.4% in the 1st quarter. CWM LLC now owns 59,878 shares of the bank's stock worth $811,000 after buying an additional 843 shares during the period. GAMMA Investing LLC grew its position in shares of Shore Bancshares by 1,073.1% during the 1st quarter. GAMMA Investing LLC now owns 18,875 shares of the bank's stock valued at $256,000 after buying an additional 17,266 shares during the last quarter. Nuveen Asset Management LLC raised its stake in Shore Bancshares by 67.8% during the fourth quarter. Nuveen Asset Management LLC now owns 116,031 shares of the bank's stock worth $1,839,000 after acquiring an additional 46,890 shares during the period. Millennium Management LLC bought a new position in Shore Bancshares in the 4th quarter worth about $802,000. Finally, Man Group plc bought a new position in shares of Shore Bancshares in the fourth quarter valued at approximately $541,000. Institutional investors and hedge funds own 59.76% of the company's stock.

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.