Shore Bancshares (NASDAQ:SHBI) Given New $15.00 Price Target at Keefe, Bruyette & Woods

Shore Bancshares (NASDAQ:SHBI) had its price objective increased by Keefe, Bruyette & Woods from $13.00 to $15.00 in a research note published on Friday, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

Shore Bancshares Trading Down 0.8 %

Shares of Shore Bancshares stock opened at $14.53 on Friday. The company’s fifty day simple moving average is $11.66 and its 200-day simple moving average is $11.49. The company has a market cap of $482.69 million, a price-to-earnings ratio of 25.05 and a beta of 0.97. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.08. Shore Bancshares has a 1 year low of $9.66 and a 1 year high of $14.99.

Shore Bancshares (NASDAQ:SHBI) last posted its quarterly earnings results on Thursday, May 2nd. The bank reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. Shore Bancshares had a net margin of 7.18% and a return on equity of 8.42%. The firm had revenue of $47.78 million for the quarter, compared to the consensus estimate of $49.88 million.

Shore Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Thursday, May 16th were paid a dividend of $0.12 per share. The ex-dividend date was Wednesday, May 15th. This represents a $0.48 dividend on an annualized basis and a yield of 3.30%. Shore Bancshares’s dividend payout ratio is currently 82.76%.

Insiders Place Their Bets

In other Shore Bancshares news, Director Clyde V. Kelly III purchased 5,000 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were purchased at an average price of $11.19 per share, for a total transaction of $55,950.00. Following the completion of the purchase, the director now directly owns 23,888 shares of the company’s stock, valued at $267,306.72. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 8.57% of the company’s stock.

Institutional Investors Weigh In On Shore Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in shares of Shore Bancshares by 5.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 252,577 shares of the bank’s stock valued at $2,892,000 after purchasing an additional 13,345 shares in the last quarter. Black Maple Capital Management LP boosted its stake in shares of Shore Bancshares by 20.0% in the 1st quarter. Black Maple Capital Management LP now owns 30,028 shares of the bank’s stock valued at $345,000 after purchasing an additional 5,000 shares in the last quarter. Gendell Jeffrey L boosted its stake in shares of Shore Bancshares by 3.7% in the 1st quarter. Gendell Jeffrey L now owns 283,410 shares of the bank’s stock valued at $3,259,000 after purchasing an additional 10,000 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Shore Bancshares by 12.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 57,086 shares of the bank’s stock valued at $657,000 after purchasing an additional 6,321 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in shares of Shore Bancshares in the 1st quarter valued at $200,000. Institutional investors and hedge funds 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.