Shore Bancshares (NASDAQ:SHBI) Shares Pass Above 200 Day Moving Average – Time to Sell?

Shore Bancshares Inc (NASDAQ:SHBI)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $16.53 and traded as high as $17.77. Shore Bancshares shares last traded at $17.68, with a volume of 148,898 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SHBI. Hovde Group started coverage on Shore Bancshares in a research report on Wednesday, November 19th. They issued an “outperform” rating and a $19.00 price target on the stock. Wall Street Zen cut Shore Bancshares from a “buy” rating to a “hold” rating in a research report on Saturday, October 25th. Zacks Research downgraded shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 26th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Shore Bancshares in a research note on Wednesday, October 8th. Finally, Piper Sandler increased their price target on shares of Shore Bancshares from $18.00 to $18.50 and gave the company an “overweight” rating in a report on Friday, November 14th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.75.

Shore Bancshares Trading Up 0.1%

The business has a 50-day moving average price of $17.11 and a 200-day moving average price of $16.53. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $591.04 million, a P/E ratio of 10.40 and a beta of 0.94.

Shore Bancshares (NASDAQ:SHBI) last posted its quarterly earnings results on Monday, September 19th. The bank reported $0.37 earnings per share for the quarter. The firm had revenue of $16.91 million for the quarter. Shore Bancshares had a net margin of 16.78% and a return on equity of 11.25%. Analysts anticipate that Shore Bancshares Inc will post 1.59 earnings per share for the current year.

Shore Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 26th. Stockholders of record on Thursday, November 13th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Thursday, November 13th. Shore Bancshares’s payout ratio is 28.24%.

Insiders Place Their Bets

In other Shore Bancshares news, EVP Aaron Michael Kaslow purchased 6,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 18th. The stock was purchased at an average price of $15.56 per share, with a total value of $101,140.00. Following the completion of the transaction, the executive vice president directly owned 6,500 shares of the company’s stock, valued at approximately $101,140. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought a total of 7,700 shares of company stock valued at $121,994 over the last quarter. Insiders own 8.69% of the company’s stock.

Institutional Investors Weigh In On Shore Bancshares

Institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc grew its stake in shares of Shore Bancshares by 31,320.0% in the 2nd quarter. IFP Advisors Inc now owns 1,571 shares of the bank’s stock valued at $25,000 after purchasing an additional 1,566 shares during the period. EverSource Wealth Advisors LLC acquired a new stake in Shore Bancshares in the 2nd quarter valued at $31,000. PNC Financial Services Group Inc. grew its position in Shore Bancshares by 108.4% in the second quarter. PNC Financial Services Group Inc. now owns 3,020 shares of the bank’s stock valued at $47,000 after acquiring an additional 1,571 shares during the period. Federated Hermes Inc. raised its stake in Shore Bancshares by 168.7% during the third quarter. Federated Hermes Inc. now owns 3,471 shares of the bank’s stock worth $57,000 after acquiring an additional 2,179 shares in the last quarter. Finally, Financial Consulate Inc. bought a new position in shares of Shore Bancshares during the third quarter valued at $71,000. 59.76% of the stock is owned by institutional investors and hedge funds.

Shore Bancshares Company Profile

Shore Bancshares, Inc (NASDAQ: SHBI) is the bank holding company for Shore Community Bank, a commercial bank headquartered in Mount Holly, New Jersey. The company provides a full suite of banking and financial services to individuals and businesses, including deposit accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Shore Bancshares focuses on delivering community-oriented banking services with an emphasis on personalized customer relationships.

Shore Community Bank’s lending portfolio includes commercial real estate, construction loans, agricultural loans, small business loans under government-sponsored programs, and conventional residential mortgages.