Shore Bancshares (NASDAQ:SHBI) Shares Cross Above 200 Day Moving Average – Should You Sell?

Shares of Shore Bancshares, Inc. (NASDAQ:SHBI) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $15.16 and traded as high as $15.24. Shore Bancshares shares last traded at $15.07, with a volume of 139,593 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Keefe, Bruyette & Woods upgraded shares of Shore Bancshares from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $16.00 to $20.00 in a report on Wednesday, December 4th. Piper Sandler assumed coverage on shares of Shore Bancshares in a report on Thursday, February 6th. They set an “overweight” rating and a $20.00 price objective for the company.

Shore Bancshares Price Performance

The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.23. The stock has a market cap of $502.24 million, a P/E ratio of 11.33 and a beta of 0.97. The business’s 50-day simple moving average is $15.79 and its two-hundred day simple moving average is $15.16.

Shore Bancshares (NASDAQ:SHBI) last issued its earnings results on Thursday, January 30th. The bank reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.09. Shore Bancshares had a net margin of 13.44% and a return on equity of 10.40%. Sell-side analysts expect that Shore Bancshares, Inc. will post 1.59 EPS for the current year.

Shore Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 27th. Stockholders of record on Thursday, February 13th will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, February 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.19%. Shore Bancshares’s dividend payout ratio (DPR) is currently 36.09%.

Hedge Funds Weigh In On Shore Bancshares

A number of large investors have recently modified their holdings of SHBI. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Shore Bancshares in the third quarter valued at approximately $763,000. Geode Capital Management LLC raised its stake in Shore Bancshares by 1.9% in the third quarter. Geode Capital Management LLC now owns 712,895 shares of the bank’s stock valued at $9,976,000 after purchasing an additional 13,445 shares in the last quarter. State Street Corp raised its stake in Shore Bancshares by 8.5% in the third quarter. State Street Corp now owns 537,140 shares of the bank’s stock valued at $7,515,000 after purchasing an additional 41,971 shares in the last quarter. Barclays PLC raised its stake in Shore Bancshares by 48.2% in the third quarter. Barclays PLC now owns 84,942 shares of the bank’s stock valued at $1,189,000 after purchasing an additional 27,627 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Shore Bancshares by 61.1% during the third quarter. JPMorgan Chase & Co. now owns 21,078 shares of the bank’s stock worth $295,000 after acquiring an additional 7,994 shares in the last quarter. 59.76% of the stock is currently owned by institutional investors.

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.