Shore Bancshares (NASDAQ:SHBI) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Shore Bancshares, Inc. (NASDAQ:SHBI) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $12.89 and traded as high as $16.63. Shore Bancshares shares last traded at $16.25, with a volume of 107,429 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SHBI. Janney Montgomery Scott lowered shares of Shore Bancshares from a “buy” rating to a “neutral” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods upped their price objective on shares of Shore Bancshares from $13.00 to $15.00 and gave the company a “market perform” rating in a research note on Friday, July 26th.

Shore Bancshares Stock Performance

The firm has a market capitalization of $541.61 million, a P/E ratio of 13.00 and a beta of 0.95. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.23. The business’s 50 day simple moving average is $14.32 and its two-hundred day simple moving average is $12.89.

Shore Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 12th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date is Tuesday, November 12th. Shore Bancshares’s payout ratio is 38.40%.

Hedge Funds Weigh In On Shore Bancshares

Several large investors have recently added to or reduced their stakes in the company. Bank of Montreal Can purchased a new position in shares of Shore Bancshares in the second quarter worth $899,000. Dimensional Fund Advisors LP lifted its holdings in shares of Shore Bancshares by 6.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,208,740 shares of the bank’s stock worth $13,839,000 after buying an additional 77,961 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Shore Bancshares in the third quarter worth $763,000. American Century Companies Inc. lifted its holdings in shares of Shore Bancshares by 30.5% in the second quarter. American Century Companies Inc. now owns 195,418 shares of the bank’s stock worth $2,238,000 after buying an additional 45,692 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Shore Bancshares by 12.4% in the second quarter. Renaissance Technologies LLC now owns 411,615 shares of the bank’s stock worth $4,713,000 after buying an additional 45,300 shares in the last quarter. Hedge funds and other institutional investors own 59.76% of the company’s stock.

Shore Bancshares Company Profile

Shore Bancshares, Inc operates as a bank holding company for the Shore United Bank, N.A. that provides various commercial and consumer banking products and services to individuals, businesses, and other organizations. It offers checking, savings, overnight investment sweep, and money market accounts; and regular and IRA certificates of deposit, as well as CDARS programs and cash management services.