Shares of Shore Bancshares Inc. (NASDAQ:SHBI) shot up 2.8% during trading on Monday . The stock traded as high as $11.93 and last traded at $11.87, with a volume of 52,907 shares changing hands. The stock had previously closed at $11.55.

Several research firms recently commented on SHBI. Boenning Scattergood cut Shore Bancshares from an “outperform” rating to a “neutral” rating in a research report on Friday, April 22nd. Zacks Investment Research cut Shore Bancshares from a “buy” rating to a “hold” rating in a research report on Thursday, June 23rd.

The stock has a market capitalization of $150.20 million and a PE ratio of 17.20. The stock’s 50-day moving average price is $11.39 and its 200 day moving average price is $11.52.

Shore Bancshares (NASDAQ:SHBI) last issued its earnings results on Thursday, July 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. On average, equities research analysts predict that Shore Bancshares Inc. will post $0.73 earnings per share for the current year.

A number of hedge funds recently modified their holdings of the stock. Morgan Stanley raised its stake in shares of Shore Bancshares by 0.5% in the fourth quarter. Morgan Stanley now owns 119,845 shares of the company’s stock worth $1,304,000 after buying an additional 601 shares in the last quarter. Brown Advisory Inc. raised its stake in shares of Shore Bancshares by 0.7% in the fourth quarter. Brown Advisory Inc. now owns 212,276 shares of the company’s stock worth $2,309,000 after buying an additional 1,537 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Shore Bancshares by 2.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 144,210 shares of the company’s stock worth $1,569,000 after buying an additional 3,542 shares in the last quarter.

Shore Bancshares, Inc is a financial holding company. The Company acts as the parent company to several financial institution and insurance entities. The Company has two business segments: Community Banking, and Insurance Products and Services. Its Community Banking segment provides services to consumers and small businesses on the Eastern Shore of Maryland and in Delaware.