Shore Bancshares (NASDAQ:SHBI – Get Free Report) issued its quarterly earnings data on Thursday. The bank reported $0.54 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.54, FiscalAI reports. The company had revenue of $62.80 million for the quarter, compared to the consensus estimate of $61.31 million. Shore Bancshares had a return on equity of 12.11% and a net margin of 19.15%.
Shore Bancshares Stock Performance
Shares of NASDAQ SHBI traded up $0.53 during mid-day trading on Thursday, hitting $23.38. 227,865 shares of the company were exchanged, compared to its average volume of 221,293. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a market cap of $780.24 million, a price-to-earnings ratio of 11.81 and a beta of 0.82. Shore Bancshares has a 1-year low of $14.93 and a 1-year high of $24.89. The stock has a 50 day simple moving average of $23.02 and a 200-day simple moving average of $22.00.
Shore Bancshares Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, September 2nd. This represents a $0.56 annualized dividend and a dividend yield of 2.4%. Shore Bancshares’s dividend payout ratio (DPR) is currently 28.28%.
Analysts Set New Price Targets
A number of research analysts have weighed in on SHBI shares. Keefe, Bruyette & Woods lifted their price objective 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. Piper Sandler lifted their price target on shares of Shore Bancshares from $24.00 to $26.50 and gave the company an “overweight” rating in a research report on Monday, July 27th. Zacks Research downgraded shares of Shore Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Shore Bancshares in a report on Thursday, October 15th. Finally, DA Davidson began coverage on Shore Bancshares in a research note on Monday, September 28th. They issued a “neutral” rating and a $25.00 price target on the stock. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Shore Bancshares currently has an average rating of “Moderate Buy” and a consensus target price of $25.75.
Read Our Latest Report on Shore Bancshares
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.
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