Shore Bancshares (NASDAQ:SHBI) Now Covered by Analysts at Piper Sandler

Piper Sandler assumed coverage on shares of Shore Bancshares (NASDAQ:SHBI) in a research report sent to investors on Thursday morning, Marketbeat reports. The brokerage issued an overweight rating and a $20.00 target price on the bank’s stock.

Separately, Keefe, Bruyette & Woods upgraded shares of Shore Bancshares from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $16.00 to $20.00 in a report on Wednesday, December 4th.

Shore Bancshares Price Performance

NASDAQ SHBI opened at $16.60 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.93 and a current ratio of 0.94. The stock has a market cap of $553.28 million, a price-to-earnings ratio of 12.48 and a beta of 0.97. The business has a 50 day simple moving average of $16.04 and a 200 day simple moving average of $14.92. Shore Bancshares has a 52-week low of $10.06 and a 52-week high of $17.61.

Shore Bancshares (NASDAQ:SHBI) last issued its quarterly earnings results on Thursday, January 30th. The bank reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.09. Shore Bancshares had a return on equity of 10.40% and a net margin of 13.44%. Analysts anticipate that Shore Bancshares will post 1.46 earnings per share for the current fiscal year.

Shore Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Thursday, February 13th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, February 13th. This represents a $0.48 dividend on an annualized basis and a yield of 2.89%. Shore Bancshares’s dividend payout ratio is 36.09%.

Insiders Place Their Bets

In other news, Director Konrad Wayson acquired 3,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was bought at an average price of $16.94 per share, with a total value of $50,820.00. Following the transaction, the director now directly owns 53,266 shares in the company, valued at approximately $902,326.04. The trade was a 5.97 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 8.57% of the company’s stock.

Institutional Investors Weigh In On Shore Bancshares

Several hedge funds have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Shore Bancshares during the third quarter worth approximately $763,000. Geode Capital Management LLC increased its holdings in shares of Shore Bancshares by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 712,895 shares of the bank’s stock worth $9,976,000 after acquiring an additional 13,445 shares during the last quarter. State Street Corp raised its stake in Shore Bancshares by 8.5% in the 3rd quarter. State Street Corp now owns 537,140 shares of the bank’s stock valued at $7,515,000 after acquiring an additional 41,971 shares during the period. Barclays PLC lifted its holdings in Shore Bancshares by 48.2% during the 3rd quarter. Barclays PLC now owns 84,942 shares of the bank’s stock valued at $1,189,000 after purchasing an additional 27,627 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its position in Shore Bancshares by 53.9% during the third quarter. Thrivent Financial for Lutherans now owns 72,458 shares of the bank’s stock worth $1,013,000 after purchasing an additional 25,370 shares during the period. 59.76% of the stock is currently owned by institutional investors and hedge funds.

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.