Shore Bancshares (NASDAQ:SHBI) Releases Earnings Results

Shore Bancshares (NASDAQ:SHBI) issued its earnings results on Thursday. The bank reported $0.54 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.54, FiscalAI reports. Shore Bancshares had a return on equity of 12.11% and a net margin of 19.15%. The firm had revenue of $62.80 million for the quarter, compared to the consensus estimate of $61.31 million.

Shore Bancshares Stock Performance

Shares of Shore Bancshares stock opened at $23.38 on Friday. Shore Bancshares has a fifty-two week low of $14.93 and a fifty-two week high of $24.89. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.94. The firm has a market capitalization of $780.19 million, a P/E ratio of 10.58 and a beta of 0.82. The company’s 50 day moving average price is $23.01 and its two-hundred day moving average price is $22.04.

Shore Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd were given a $0.14 dividend. The ex-dividend date was Wednesday, September 2nd. This represents a $0.56 dividend on an annualized basis and a yield of 2.4%. Shore Bancshares’s dividend payout ratio (DPR) is currently 28.28%.

Wall Street Analysts Forecast Growth

SHBI has been the subject of several recent analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Shore Bancshares in a research report on Thursday, October 15th. DA Davidson initiated coverage on Shore Bancshares in a research note on Monday, September 28th. They issued a “neutral” rating and a $25.00 price objective on the stock. Hovde Group lifted their target price on Shore Bancshares from $23.50 to $26.50 and gave the company an “outperform” rating in a research report on Monday, July 27th. Zacks Research cut Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Finally, Piper Sandler boosted their target price on Shore Bancshares from $24.00 to $26.50 and gave the stock an “overweight” rating in a research note on Monday, July 27th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.75.

Shore Bancshares Company Profile

Shore Bancshares, Inc is a bank holding company headquartered in Easton, Maryland. Through its principal banking subsidiary, Shore United Bank, the company provides a range of financial services to individuals, businesses, nonprofit organizations and local governments.

Shore United Bank offers deposit accounts, consumer and commercial loans, mortgages, home equity financing, cash management and other business banking services. Its offerings also include wealth management, trust and investment services, helping customers manage borrowing, saving, investing and other financial needs.

The company serves communities primarily across Maryland and Delaware, with a network concentrated in the Eastern Shore and expanding into other Maryland markets.