Shore Bancshares (NASDAQ:SHBI) Stock Rating Lowered by Zacks Research

Shore Bancshares (NASDAQ:SHBI) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

Several other research analysts have also recently issued reports on SHBI. Piper Sandler lifted their target price on shares of Shore Bancshares from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Weiss Ratings upgraded shares of Shore Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, April 6th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $20.00 price target on shares of Shore Bancshares in a research report on Thursday, April 9th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.00.

Shore Bancshares Trading Up 2.0%

Shore Bancshares stock opened at $23.40 on Tuesday. Shore Bancshares has a 12 month low of $14.93 and a 12 month high of $23.58. The company has a market capitalization of $782.96 million, a price-to-earnings ratio of 12.45 and a beta of 0.82. The business’s fifty day simple moving average is $20.72 and its two-hundred day simple moving average is $19.39. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.15.

Shore Bancshares (NASDAQ:SHBI) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.10. The firm had revenue of $59.89 million during the quarter, compared to the consensus estimate of $58.35 million. Shore Bancshares had a return on equity of 11.84% and a net margin of 18.20%. As a group, equities analysts predict that Shore Bancshares will post 2.12 earnings per share for the current fiscal year.

Shore Bancshares announced that its board has approved a share repurchase plan on Thursday, May 21st that permits the company to buyback $30.00 million in shares. This buyback authorization permits the bank to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. LSV Asset Management lifted its stake in shares of Shore Bancshares by 54.5% in the 4th quarter. LSV Asset Management now owns 183,777 shares of the bank’s stock worth $3,249,000 after purchasing an additional 64,806 shares during the period. Knights of Columbus Asset Advisors LLC purchased a new position in shares of Shore Bancshares in the fourth quarter worth approximately $1,867,000. Parallel Advisors LLC grew its position in Shore Bancshares by 6,263.2% during the first quarter. Parallel Advisors LLC now owns 4,836 shares of the bank’s stock valued at $90,000 after buying an additional 4,760 shares during the period. Commonwealth Financial Services LLC purchased a new stake in Shore Bancshares during the first quarter valued at approximately $254,000. Finally, Integrated Advisors Network LLC purchased a new stake in Shore Bancshares during the first quarter valued at approximately $235,000. 59.76% of the stock is owned by hedge funds and other institutional investors.

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.