Shore Bancshares (NASDAQ:SHBI) Earns Overweight Rating from Analysts at Piper Sandler

Piper Sandler began coverage on shares of Shore Bancshares (NASDAQ:SHBI) in a research note issued to investors on Thursday, Marketbeat Ratings reports. The firm set an “overweight” rating and a $20.00 price target on the bank’s stock. Piper Sandler’s price objective would indicate a potential upside of 21.29% from the stock’s current price.

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

Shore Bancshares Price Performance

Shares of SHBI opened at $16.49 on Thursday. The company has a 50 day moving average of $16.04 and a two-hundred day moving average of $14.92. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.23. Shore Bancshares has a twelve month low of $10.06 and a twelve month high of $17.61. The company has a market cap of $549.61 million, a price-to-earnings ratio of 12.40 and a beta of 0.97.

Shore Bancshares (NASDAQ:SHBI) last released its quarterly earnings results on Thursday, January 30th. The bank reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.09. Shore Bancshares had a return on equity of 10.40% and a net margin of 13.44%. As a group, analysts predict that Shore Bancshares will post 1.46 earnings per share for the current fiscal year.

Insider Transactions at Shore Bancshares

In other Shore Bancshares news, Director Konrad Wayson bought 3,000 shares of Shore Bancshares stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average price of $16.94 per share, with a total value of $50,820.00. Following the completion of the acquisition, the director now directly owns 53,266 shares in the company, valued at approximately $902,326.04. This trade represents a 5.97 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 8.57% of the company’s stock.

Hedge Funds Weigh In On Shore Bancshares

A number of institutional investors have recently modified their holdings of SHBI. Fourthstone LLC raised its position in Shore Bancshares by 1.7% during the third quarter. Fourthstone LLC now owns 3,329,922 shares of the bank’s stock valued at $46,586,000 after acquiring an additional 54,679 shares in the last quarter. Geode Capital Management LLC grew its stake in Shore Bancshares by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 712,895 shares of the bank’s stock valued at $9,976,000 after acquiring an additional 13,445 shares during the period. State Street Corp grew its position in shares of 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 during the period. Hotchkis & Wiley Capital Management LLC increased its stake in Shore Bancshares by 1.0% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 269,375 shares of the bank’s stock worth $3,769,000 after buying an additional 2,700 shares in the last quarter. Finally, Curi RMB Capital LLC increased its position in shares of Shore Bancshares by 13.8% during the third quarter. Curi RMB Capital LLC now owns 175,164 shares of the bank’s stock worth $2,451,000 after purchasing an additional 21,191 shares in 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.