Shares of Shore Bancshares Inc (NASDAQ:SHBI – Get Free Report) have been assigned a consensus recommendation of “Buy” from the five brokerages that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $21.3333.
Several brokerages have recently issued reports on SHBI. Zacks Research upgraded Shore Bancshares from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 28th. Weiss Ratings upgraded Shore Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, April 6th. Piper Sandler boosted their price objective on Shore Bancshares from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, May 4th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $20.00 price objective on shares of Shore Bancshares in a research report on Thursday, April 9th.
Check Out Our Latest Research Report on SHBI
Shore Bancshares Stock Up 1.1%
Shore Bancshares (NASDAQ:SHBI – Get Free Report) last posted its earnings results on Thursday, April 23rd. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.45 by $0.10. The company had revenue of $59.89 million during the quarter, compared to analyst estimates of $58.35 million. Shore Bancshares had a return on equity of 11.84% and a net margin of 18.20%. Analysts predict that Shore Bancshares will post 2.12 EPS for the current year.
Shore Bancshares Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd will be given a dividend of $0.14 per share. This is a boost from Shore Bancshares’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Wednesday, June 3rd. Shore Bancshares’s payout ratio is presently 29.79%.
Shore Bancshares declared that its Board of Directors has initiated a stock buyback program on Thursday, May 21st that allows the company to buyback $30.00 million in shares. This buyback authorization allows the bank to repurchase up to 4.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Institutional Investors Weigh In On Shore Bancshares
A number of institutional investors have recently added to or reduced their stakes in SHBI. Fourthstone LLC lifted its position in Shore Bancshares by 61.6% in the fourth quarter. Fourthstone LLC now owns 918,202 shares of the bank’s stock worth $16,234,000 after purchasing an additional 350,012 shares during the period. Janus Henderson Group PLC lifted its position in Shore Bancshares by 578.2% in the first quarter. Janus Henderson Group PLC now owns 380,283 shares of the bank’s stock worth $7,104,000 after purchasing an additional 324,208 shares during the period. Goldman Sachs Group Inc. lifted its position in Shore Bancshares by 168.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 495,965 shares of the bank’s stock worth $8,769,000 after purchasing an additional 311,266 shares during the period. Wellington Management Group LLP lifted its position in Shore Bancshares by 19.7% in the third quarter. Wellington Management Group LLP now owns 1,065,910 shares of the bank’s stock worth $17,492,000 after purchasing an additional 175,282 shares during the period. Finally, AQR Capital Management LLC lifted its position in Shore Bancshares by 143.3% in the second quarter. AQR Capital Management LLC now owns 273,109 shares of the bank’s stock worth $4,293,000 after purchasing an additional 160,850 shares during the period. 59.76% of the stock is currently owned by institutional investors and hedge funds.
About Shore Bancshares
Shore Bancshares, Inc (NASDAQ: SHBI) is the bank holding company for Shore Community Bank, a commercial bank headquartered in Mount Holly, New Jersey. The company provides a full suite of banking and financial services to individuals and businesses, including deposit accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Shore Bancshares focuses on delivering community-oriented banking services with an emphasis on personalized customer relationships.
Shore Community Bank’s lending portfolio includes commercial real estate, construction loans, agricultural loans, small business loans under government-sponsored programs, and conventional residential mortgages.
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