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

Shore Bancshares, Inc. (NASDAQ:SHBI) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $14.01 and traded as high as $15.98. Shore Bancshares shares last traded at $15.98, with a volume of 32,551 shares traded.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised shares of Shore Bancshares from a “market perform” rating to an “outperform” rating and increased their target price for the company from $16.00 to $20.00 in a research note on Wednesday, December 4th.

Shore Bancshares Trading Up 1.1 %

The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.93 and a current ratio of 0.94. The stock has a fifty day moving average of $15.90 and a 200-day moving average of $14.01. The company has a market cap of $532.57 million, a PE ratio of 12.78 and a beta of 0.97.

Shore Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Tuesday, November 12th were issued a dividend of $0.12 per share. The ex-dividend date was Tuesday, November 12th. This represents a $0.48 dividend on an annualized basis and a yield of 3.00%. Shore Bancshares’s payout ratio is 38.40%.

Insider Buying and Selling at Shore Bancshares

In other Shore Bancshares news, Director Konrad Wayson bought 3,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were bought at an average cost of $16.94 per share, for a total transaction of $50,820.00. Following the acquisition, the director now directly owns 53,266 shares in the company, valued at approximately $902,326.04. The trade was a 5.97 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 8.57% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Shore Bancshares

Hedge funds have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Shore Bancshares during the third quarter valued at approximately $763,000. American Century Companies Inc. boosted its position in Shore Bancshares by 30.5% during the 2nd quarter. American Century Companies Inc. now owns 195,418 shares of the bank’s stock valued at $2,238,000 after acquiring an additional 45,692 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Shore Bancshares by 12.4% in the 2nd quarter. Renaissance Technologies LLC now owns 411,615 shares of the bank’s stock valued at $4,713,000 after acquiring an additional 45,300 shares during the period. Thrivent Financial for Lutherans raised its position in shares of Shore Bancshares by 53.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 72,458 shares of the bank’s stock worth $1,013,000 after acquiring an additional 25,370 shares in the last quarter. Finally, Creative Planning lifted its position in shares of Shore Bancshares by 30.6% during the third quarter. Creative Planning now owns 37,674 shares of the bank’s stock valued at $527,000 after buying an additional 8,831 shares during the last quarter. Hedge funds and other institutional investors own 59.76% of the company’s stock.

About Shore Bancshares

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.