Zacks: Brokerages Set $23.00 Target Price for Shore Bancshares, Inc. (SHBI)

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Shore Bancshares, Inc. (NASDAQ:SHBI) has earned a consensus broker rating score of 2.00 (Buy) from the one brokers that cover the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a buy recommendation.

Brokers have set a 1 year consensus price objective of $23.00 for the company, according to Zacks. Zacks has also given Shore Bancshares an industry rank of 115 out of 257 based on the ratings given to its competitors.

Several research analysts have recently weighed in on SHBI shares. Sandler O’Neill set a $23.00 target price on Shore Bancshares and gave the stock a “buy” rating in a research note on Monday, July 30th. Keefe, Bruyette & Woods started coverage on Shore Bancshares in a research note on Monday, July 16th. They set an “outperform” rating and a $23.00 target price for the company.

Shares of NASDAQ:SHBI opened at $16.67 on Wednesday. Shore Bancshares has a 12-month low of $15.25 and a 12-month high of $20.09. The company has a market capitalization of $209.45 million, a price-to-earnings ratio of 12.84 and a beta of 0.32.

Shore Bancshares (NASDAQ:SHBI) last announced its quarterly earnings results on Thursday, October 18th. The bank reported $0.35 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.01). The company had revenue of $17.66 million during the quarter. Shore Bancshares had a net margin of 21.52% and a return on equity of 9.89%.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Friday, November 16th will be paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 2.16%. This is an increase from Shore Bancshares’s previous quarterly dividend of $0.08. The ex-dividend date is Thursday, November 15th.

Several hedge funds have recently made changes to their positions in SHBI. MetLife Investment Advisors LLC acquired a new position in shares of Shore Bancshares during the 2nd quarter worth approximately $126,000. California Public Employees Retirement System raised its stake in shares of Shore Bancshares by 11.0% during the 1st quarter. California Public Employees Retirement System now owns 27,400 shares of the bank’s stock worth $517,000 after buying an additional 2,714 shares during the period. Wells Fargo & Company MN raised its stake in shares of Shore Bancshares by 33.1% during the 3rd quarter. Wells Fargo & Company MN now owns 31,211 shares of the bank’s stock worth $556,000 after buying an additional 7,760 shares during the period. Bailard Inc. raised its stake in shares of Shore Bancshares by 24.4% during the 2nd quarter. Bailard Inc. now owns 32,600 shares of the bank’s stock worth $620,000 after buying an additional 6,400 shares during the period. Finally, Globeflex Capital L P raised its stake in shares of Shore Bancshares by 15.1% during the 2nd quarter. Globeflex Capital L P now owns 59,300 shares of the bank’s stock worth $1,128,000 after buying an additional 7,800 shares during the period. 67.79% of the stock is owned by institutional investors and hedge funds.

About Shore Bancshares

Shore Bancshares, Inc operates as a bank holding company for the Shore United Bank that provides various commercial banking products and services to individuals, businesses, and other organizations. The company operates through two segments, Community Banking, and Insurance Products and Services. It offers various deposit products, including checking, savings, and money market accounts; and regular and IRA certificates of deposit, as well as CDARS programs and cash management services.

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