Insider Buying: Shore Bancshares (NASDAQ:SHBI) Director Purchases 5,000 Shares of Stock

Shore Bancshares Inc (NASDAQ:SHBI) Director William Esham III bought 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 5th. The stock was bought at an average price of $19.99 per share, with a total value of $99,950.00. Following the completion of the acquisition, the director owned 5,510 shares of the company’s stock, valued at $110,144.90. This trade represents a 980.39% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Shore Bancshares Stock Up 0.8%

Shares of Shore Bancshares stock traded up $0.16 on Monday, reaching $20.49. 280,975 shares of the company were exchanged, compared to its average volume of 232,695. The stock’s 50 day moving average price is $18.31 and its 200-day moving average price is $17.00. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.95. Shore Bancshares Inc has a 1-year low of $11.47 and a 1-year high of $20.68. The company has a market cap of $684.81 million, a P/E ratio of 11.50 and a beta of 0.92.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings data on Wednesday, January 28th. The bank reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.04. The business had revenue of $59.20 million during the quarter, compared to analysts’ expectations of $57.55 million. Shore Bancshares had a net margin of 17.36% and a return on equity of 11.62%. As a group, equities analysts forecast that Shore Bancshares Inc will post 1.59 EPS for the current year.

Analyst Ratings Changes

SHBI has been the topic of several recent analyst reports. 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 research note on Friday, November 14th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Shore Bancshares in a research note on Thursday, January 22nd. Hovde Group boosted their price target on shares of Shore Bancshares from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, February 3rd. Wall Street Zen lowered Shore Bancshares from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Finally, Keefe, Bruyette & Woods lifted their target price on Shore Bancshares from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.17.

Institutional Trading of Shore Bancshares

Several large investors have recently bought and sold shares of SHBI. IFP Advisors Inc raised its position in Shore Bancshares by 31,320.0% during the second quarter. IFP Advisors Inc now owns 1,571 shares of the bank’s stock worth $25,000 after acquiring an additional 1,566 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new position in shares of Shore Bancshares in the second quarter worth $31,000. PNC Financial Services Group Inc. increased its position in Shore Bancshares by 108.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,020 shares of the bank’s stock worth $47,000 after purchasing an additional 1,571 shares in the last quarter. Geneos Wealth Management Inc. acquired a new position in Shore Bancshares in the 4th quarter valued at about $48,000. Finally, Federated Hermes Inc. raised its stake in Shore Bancshares by 168.7% in the 3rd quarter. Federated Hermes Inc. now owns 3,471 shares of the bank’s stock valued at $57,000 after purchasing an additional 2,179 shares during the last quarter. Institutional investors and hedge funds own 59.76% of the company’s stock.

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.