Shore Bancshares (NASDAQ:SHBI) Shares Cross Below 50 Day Moving Average – What’s Next?

Shares of Shore Bancshares Inc (NASDAQ:SHBI) crossed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $22.86 and traded as low as $22.65. Shore Bancshares shares last traded at $22.85, with a volume of 151,176 shares trading hands.

Analyst Ratings Changes

Several research firms recently weighed in on SHBI. Hovde Group upped their price objective on shares of Shore Bancshares from $23.50 to $26.50 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Weiss Ratings reissued a “buy (b)” rating on shares of Shore Bancshares in a report on Thursday, October 15th. DA Davidson began coverage on shares of Shore Bancshares in a report on Monday, September 28th. They issued a “neutral” rating and a $25.00 target price on the stock. Piper Sandler set a $26.00 target price on shares of Shore Bancshares and gave the company an “overweight” rating in a research report on Monday, October 26th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Shore Bancshares from $22.00 to $25.00 and gave the stock a “market perform” rating in a report on Tuesday, July 28th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Shore Bancshares currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.62.

Shore Bancshares Price Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.93 and a current ratio of 0.94. The company has a market cap of $756.39 million, a price-to-earnings ratio of 11.10 and a beta of 0.83. The business has a fifty day moving average price of $22.86 and a 200 day moving average price of $21.32.

Shore Bancshares (NASDAQ:SHBI) last announced its quarterly earnings data on Thursday, October 22nd. The bank reported $0.54 earnings per share for the quarter, hitting the consensus estimate of $0.54. Shore Bancshares had a return on equity of 12.26% and a net margin of 19.69%. The business had revenue of $62.89 million during the quarter, compared to the consensus estimate of $61.31 million. As a group, research analysts anticipate that Shore Bancshares Inc will post 2.28 earnings per share for the current year.

Shore Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Wednesday, September 2nd. Shore Bancshares’s dividend payout ratio (DPR) is presently 27.32%.

Hedge Funds Weigh In On Shore Bancshares

Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in Shore Bancshares in the second quarter valued at approximately $73,784,000. Dimensional Fund Advisors LP increased its holdings in shares of Shore Bancshares by 3.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,683,403 shares of the bank’s stock worth $31,445,000 after buying an additional 53,381 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Shore Bancshares in the 2nd quarter valued at $20,311,000. Jupiter Topco LLC bought a new position in shares of Shore Bancshares in the 2nd quarter valued at $17,110,000. Finally, Janus Henderson Group PLC lifted its stake in shares of Shore Bancshares by 578.2% in the 1st quarter. Janus Henderson Group PLC now owns 380,283 shares of the bank’s stock valued at $7,104,000 after acquiring an additional 324,208 shares during the last quarter. 59.76% of the stock is currently owned by institutional investors and hedge funds.

About Shore Bancshares

Shore Bancshares, Inc. is a bank holding company headquartered in Easton, Maryland. Its principal subsidiary, Shore United Bank, provides community banking services to individuals, businesses and organizations, primarily in Maryland and Delaware. The bank offers deposit accounts, residential and commercial lending, cash management and digital banking services. Through affiliated businesses, Shore Bancshares also provides trust, investment and wealth management services. The company has roots in community banking on Maryland’s Eastern Shore and has expanded its presence through acquisitions, including its 2022 combination with Severn Bancorp.