Shore Bancshares (NASDAQ:SHBI) Issues Earnings Results

Shore Bancshares (NASDAQ:SHBI) released its earnings results on Thursday, July 23rd. The bank reported $0.60 EPS for the quarter, topping the consensus estimate of $0.50 by $0.10, Zacks reports. Shore Bancshares had a net margin of 19.15% and a return on equity of 12.11%. The firm had revenue of $61.75 million for the quarter, compared to the consensus estimate of $60.42 million.

Shore Bancshares Trading Down 0.4%

SHBI traded down $0.09 on Tuesday, hitting $23.14. The company had a trading volume of 24,480 shares, compared to its average volume of 226,003. The business’s fifty day simple moving average is $23.25 and its 200 day simple moving average is $20.78. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. Shore Bancshares has a 12-month low of $14.93 and a 12-month high of $24.89. The company has a market cap of $772.18 million, a PE ratio of 11.69 and a beta of 0.81.

Shore Bancshares Dividend Announcement

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

Shore Bancshares declared that its board has approved a stock buyback program on Thursday, May 21st that authorizes the company to repurchase $30.00 million in shares. This repurchase authorization authorizes the bank to buy up to 4.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Shore Bancshares

Several institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC bought a new position in shares of Shore Bancshares during the 2nd quarter valued at approximately $31,000. Tower Research Capital LLC TRC lifted its position in Shore Bancshares by 239.1% in the second quarter. Tower Research Capital LLC TRC now owns 4,500 shares of the bank’s stock worth $71,000 after buying an additional 3,173 shares during the last quarter. State of Wyoming boosted its stake in Shore Bancshares by 150.6% during the second quarter. State of Wyoming now owns 4,682 shares of the bank’s stock worth $74,000 after buying an additional 2,814 shares during the period. BNP Paribas Financial Markets increased its position in Shore Bancshares by 29.1% during the third quarter. BNP Paribas Financial Markets now owns 5,879 shares of the bank’s stock valued at $96,000 after acquiring an additional 1,324 shares during the last quarter. Finally, Brooklyn Investment Group bought a new position in Shore Bancshares during the fourth quarter valued at $225,000. 59.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on SHBI shares. Keefe, Bruyette & Woods boosted their price target on shares of Shore Bancshares from $22.00 to $25.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 28th. Zacks Research lowered Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Hovde Group lifted their target price on Shore Bancshares from $23.50 to $26.50 and gave the stock an “outperform” rating in a report on Monday, July 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Shore Bancshares in a research report on Friday, July 17th. Finally, Piper Sandler increased their price target on Shore Bancshares from $24.00 to $26.50 and gave the company an “overweight” rating in a research note on Monday, July 27th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $26.00.

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.