Shore Bancshares (NASDAQ:SHBI) Shares Cross Above 200-Day Moving Average – Should You Sell?

Shore Bancshares Inc (NASDAQ:SHBI)’s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $17.38 and traded as high as $19.79. Shore Bancshares shares last traded at $19.42, with a volume of 188,565 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SHBI. Weiss Ratings raised Shore Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, February 17th. Keefe, Bruyette & Woods upped their price objective on shares of Shore Bancshares from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. Piper Sandler lifted their target price 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. Finally, Hovde Group boosted their price target on shares of Shore Bancshares from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.17.

Shore Bancshares Stock Performance

The stock’s 50 day moving average price is $18.73 and its two-hundred day moving average price is $17.38. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $649.21 million, a price-to-earnings ratio of 10.91 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 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.04. Shore Bancshares had a net margin of 17.36% and a return on equity of 11.62%. The firm had revenue of $59.20 million for the quarter, compared to the consensus estimate of $57.55 million. On average, analysts forecast that Shore Bancshares Inc will post 1.59 EPS for the current year.

Shore Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, March 4th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.5%. Shore Bancshares’s dividend payout ratio is currently 26.97%.

Insiders Place Their Bets

In other news, Director William E. Esham III acquired 5,000 shares of Shore Bancshares stock in a transaction that occurred on Thursday, February 5th. The stock was purchased at an average cost 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 in the company, valued at $110,144.90. This trade represents a 980.39% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 8.69% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC purchased a new stake in shares of Shore Bancshares in the 2nd quarter worth about $31,000. PNC Financial Services Group Inc. raised its position in Shore Bancshares by 108.4% during the second quarter. PNC Financial Services Group Inc. now owns 3,020 shares of the bank’s stock worth $47,000 after acquiring an additional 1,571 shares during the last quarter. Geneos Wealth Management Inc. purchased a new stake in shares of Shore Bancshares in the fourth quarter valued at about $48,000. IFP Advisors Inc grew its position in shares of Shore Bancshares by 98.9% in the third quarter. IFP Advisors Inc now owns 3,124 shares of the bank’s stock valued at $51,000 after purchasing an additional 1,553 shares during the last quarter. Finally, Federated Hermes Inc. grew its position in shares of Shore Bancshares by 168.7% in the third 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.

About Shore Bancshares

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.