Shore Bancshares' (SHBI) Hold (C+) Rating Reaffirmed at Weiss Ratings

Key Points

• Shore Bancshares' stock has been reaffirmed with a "hold (C+)" rating by Weiss Ratings, following a recent downgrade from Zacks Research from a "strong-buy" to a "hold" rating.
• The company's stock opened at $16.07, with a market capitalization of $537.06 million, but analysts have given it an average price target of $20.00.
• Insider trading activity includes Director Michael Brian Adams purchasing 10,000 shares at $15.00 each, increasing his stake by 28.64% to a total value of approximately $673,680.

Shore Bancshares (NASDAQ:SHBI - Get Free Report)'s stock had its "hold (c+)" rating restated by investment analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

A number of other brokerages also recently weighed in on SHBI. Zacks Research downgraded shares of Shore Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 26th. Wall Street Zen raised shares of Shore Bancshares from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $20.00.

Shore Bancshares Stock Performance

Shares of Shore Bancshares stock opened at $16.07 on Wednesday. Shore Bancshares has a fifty-two week low of $11.47 and a fifty-two week high of $17.67. 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 firm has a market capitalization of $537.06 million, a P/E ratio of 9.98 and a beta of 1.10. The company's 50 day moving average price is $16.48 and its two-hundred day moving average price is $15.21.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The bank reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.10. The firm had revenue of $56.57 million during the quarter, compared to the consensus estimate of $53.77 million. Shore Bancshares had a net margin of 15.98% and a return on equity of 10.98%. On average, equities analysts forecast that Shore Bancshares will post 1.59 earnings per share for the current fiscal year.

Insider Transactions at Shore Bancshares

In other news, Director Michael Brian Adams acquired 10,000 shares of Shore Bancshares stock in a transaction on Friday, August 1st. The stock was 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 approximately $673,680. This trade represents a 28.64% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.69% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SHBI. IFP Advisors Inc boosted its stake in Shore Bancshares by 31,320.0% in the second quarter. IFP Advisors Inc now owns 1,571 shares of the bank's stock valued at $25,000 after acquiring an additional 1,566 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new stake in shares of Shore Bancshares during the 2nd quarter valued at approximately $31,000. PNC Financial Services Group Inc. lifted its stake in shares of Shore Bancshares by 108.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,020 shares of the bank's stock valued at $47,000 after buying an additional 1,571 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Shore Bancshares by 239.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,500 shares of the bank's stock valued at $71,000 after buying an additional 3,173 shares in the last quarter. Finally, State of Wyoming lifted its stake in shares of Shore Bancshares by 150.6% during the 2nd quarter. State of Wyoming now owns 4,682 shares of the bank's stock valued at $74,000 after buying an additional 2,814 shares in the last quarter. 59.76% of the stock is currently owned by hedge funds and other 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.

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