Shore Bancshares (NASDAQ:SHBI) Shares Gap Up After Earnings Beat

Shore Bancshares, Inc. (NASDAQ:SHBI) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $15.79, but opened at $17.24. Shore Bancshares shares last traded at $16.13, with a volume of 12,452 shares changing hands.

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 12.85% and a return on equity of 10.11%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods upgraded Shore Bancshares from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $16.00 to $20.00 in a research note on Wednesday, December 4th.

Insider Buying and Selling at Shore Bancshares

In other Shore Bancshares news, Director Konrad Wayson bought 3,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were acquired at an average cost of $16.94 per share, for a total transaction of $50,820.00. Following the acquisition, the director now directly owns 53,266 shares of the company’s stock, valued at $902,326.04. This trade represents a 5.97 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. 8.57% of the stock is owned by corporate insiders.

Institutional Trading of Shore Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can purchased a new stake in shares of Shore Bancshares in the second quarter valued at $899,000. Dimensional Fund Advisors LP lifted its stake 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 in the last quarter. Fourthstone LLC boosted its position in Shore Bancshares by 1.7% during the 3rd quarter. Fourthstone LLC now owns 3,329,922 shares of the bank’s stock worth $46,586,000 after acquiring an additional 54,679 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Shore Bancshares during the 3rd quarter valued at about $763,000. Finally, State Street Corp increased its holdings in shares of Shore Bancshares by 8.5% in the 3rd 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. Institutional investors and hedge funds own 59.76% of the company’s stock.

Shore Bancshares Stock Up 3.5 %

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 business’s 50-day moving average price is $16.06 and its 200-day moving average price is $14.85. The firm has a market capitalization of $544.95 million, a PE ratio of 13.08 and a beta of 0.97.

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.