Shore Bancshares (NASDAQ:SHBI) Shares Cross Above 200 Day Moving Average – What’s Next?

Shares of Shore Bancshares, Inc. (NASDAQ:SHBI) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $12.25 and traded as high as $14.59. Shore Bancshares shares last traded at $14.52, with a volume of 92,450 shares traded.

Wall Street Analyst Weigh In

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

Shore Bancshares Trading Up 1.3 %

The stock’s fifty day simple moving average is $13.71 and its two-hundred day simple moving average is $12.25. The firm has a market cap of $482.41 million, a PE ratio of 25.03 and a beta of 0.96. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.29.

Shore Bancshares (NASDAQ:SHBI) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.06. Shore Bancshares had a return on equity of 8.37% and a net margin of 7.18%. The firm had revenue of $50.66 million for the quarter. On average, sell-side analysts forecast that Shore Bancshares, Inc. will post 1.5 EPS for the current fiscal year.

Shore Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Monday, August 12th were paid a $0.12 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.31%. Shore Bancshares’s dividend payout ratio is currently 82.76%.

Hedge Funds Weigh In On Shore Bancshares

Several large investors have recently modified their holdings of SHBI. Vanguard Group Inc. increased its stake in Shore Bancshares by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 1,619,605 shares of the bank’s stock valued at $18,625,000 after purchasing an additional 11,544 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Shore Bancshares by 6.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,208,740 shares of the bank’s stock worth $13,839,000 after acquiring an additional 77,961 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Shore Bancshares by 12.4% in the 2nd quarter. Renaissance Technologies LLC now owns 411,615 shares of the bank’s stock worth $4,713,000 after acquiring an additional 45,300 shares during the last quarter. Gendell Jeffrey L lifted its position in Shore Bancshares by 3.7% in the 1st quarter. Gendell Jeffrey L now owns 283,410 shares of the bank’s stock valued at $3,259,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Shore Bancshares by 5.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 252,577 shares of the bank’s stock valued at $2,892,000 after purchasing an additional 13,345 shares during 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.