Shore Bancshares (NASDAQ:SHBI) Posts Earnings Results, Hits Estimates

Shore Bancshares (NASDAQ:SHBI) announced its earnings results on Thursday. The bank reported $0.54 EPS for the quarter, meeting the consensus estimate of $0.54, FiscalAI reports. Shore Bancshares had a return on equity of 12.11% and a net margin of 19.15%. The business had revenue of $62.80 million for the quarter, compared to analysts’ expectations of $61.31 million.

Shore Bancshares Stock Up 2.3%

NASDAQ:SHBI traded up $0.53 during trading hours on Thursday, reaching $23.38. The company had a trading volume of 227,865 shares, compared to its average volume of 221,293. Shore Bancshares has a twelve month low of $14.93 and a twelve month high of $24.89. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a market cap of $780.24 million, a price-to-earnings ratio of 11.81 and a beta of 0.82. The business’s 50-day simple moving average is $23.02 and its two-hundred day simple moving average is $22.00.

Shore Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Wednesday, September 2nd. Shore Bancshares’s dividend payout ratio (DPR) is presently 28.28%.

Wall Street Analyst Weigh In

Several research firms have issued reports on SHBI. Zacks Research lowered shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Shore Bancshares in a research note on Thursday, October 15th. Keefe, Bruyette & Woods upped their price objective on shares of Shore Bancshares from $22.00 to $25.00 and gave the company a “market perform” rating in a research note on Tuesday, July 28th. Hovde Group increased 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. Finally, DA Davidson began coverage on shares of Shore Bancshares in a research note on Monday, September 28th. They set a “neutral” rating and a $25.00 target price for the company. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.75.

About Shore Bancshares

Shore Bancshares, Inc is a bank holding company headquartered in Easton, Maryland. Through its principal banking subsidiary, Shore United Bank, the company provides a range of financial services to individuals, businesses, nonprofit organizations and local governments.

Shore United Bank offers deposit accounts, consumer and commercial loans, mortgages, home equity financing, cash management and other business banking services. Its offerings also include wealth management, trust and investment services, helping customers manage borrowing, saving, investing and other financial needs.

The company serves communities primarily across Maryland and Delaware, with a network concentrated in the Eastern Shore and expanding into other Maryland markets.