Shore Bancshares (NASDAQ:SHBI) Share Price Breaks Below Fifty Day Moving Average – Should You Sell?

Shore Bancshares Inc (NASDAQ:SHBI)’s share price passed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $22.86 and traded as low as $22.65. Shore Bancshares shares last traded at $22.85, with a volume of 151,176 shares traded.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SHBI shares. DA Davidson started 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. Weiss Ratings reissued a “buy (b)” rating on shares of Shore Bancshares in a research report on Thursday, October 15th. Piper Sandler set a $26.00 price target on shares of Shore Bancshares and gave the company an “overweight” rating in a report on Monday, October 26th. Keefe, Bruyette & Woods raised their price target on shares of Shore Bancshares from $22.00 to $25.00 and gave the company a “market perform” rating in a report on Tuesday, July 28th. Finally, Hovde Group lifted their price target on shares of Shore Bancshares from $23.50 to $26.50 and gave the company an “outperform” rating in a research report on Monday, July 27th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.62.

Shore Bancshares Trading Down 0.2%

The firm has a market cap of $759.76 million, a price-to-earnings ratio of 11.15 and a beta of 0.83. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.14. The business has a 50 day moving average price of $22.86 and a 200-day moving average price of $21.28.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings results on Thursday, October 22nd. The bank reported $0.54 EPS for the quarter, hitting the consensus estimate of $0.54. The firm had revenue of $62.89 million for the quarter, compared to analyst estimates of $61.31 million. Shore Bancshares had a return on equity of 12.26% and a net margin of 19.69%. As a group, research analysts expect that Shore Bancshares Inc will post 2.28 EPS for the current fiscal year.

Shore Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd were paid a dividend of $0.14 per share. The ex-dividend date was Wednesday, September 2nd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.5%. Shore Bancshares’s dividend payout ratio (DPR) is currently 27.32%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SHBI. Knights of Columbus Asset Advisors LLC increased its stake in Shore Bancshares by 0.5% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 132,228 shares of the bank’s stock worth $2,961,000 after buying an additional 621 shares during the period. IFP Advisors Inc boosted its position in Shore Bancshares by 59.8% in the 3rd quarter. IFP Advisors Inc now owns 9,775 shares of the bank’s stock valued at $219,000 after buying an additional 3,659 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in Shore Bancshares in the 2nd quarter valued at about $418,000. Integrated Wealth Concepts LLC purchased a new position in Shore Bancshares in the 2nd quarter valued at about $34,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Shore Bancshares during the second quarter valued at about $633,000. 59.76% of the stock is currently owned by hedge funds and other institutional investors.

About Shore Bancshares

Shore Bancshares, Inc. is a bank holding company headquartered in Easton, Maryland. Its principal subsidiary, Shore United Bank, provides community banking services to individuals, businesses and organizations, primarily in Maryland and Delaware. The bank offers deposit accounts, residential and commercial lending, cash management and digital banking services. Through affiliated businesses, Shore Bancshares also provides trust, investment and wealth management services. The company has roots in community banking on Maryland’s Eastern Shore and has expanded its presence through acquisitions, including its 2022 combination with Severn Bancorp.