Shore Bancshares (NASDAQ:SHBI) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Shore Bancshares, Inc. (NASDAQ:SHBI)’s share price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $12.89 and traded as high as $16.63. Shore Bancshares shares last traded at $16.25, with a volume of 107,429 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SHBI shares. Janney Montgomery Scott cut shares of Shore Bancshares from a “buy” rating to a “neutral” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods raised their target price on shares of Shore Bancshares from $13.00 to $15.00 and gave the stock a “market perform” rating in a report on Friday, July 26th.

Shore Bancshares Price Performance

The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.23. The stock has a 50-day simple moving average of $14.37 and a 200 day simple moving average of $12.91. The stock has a market capitalization of $540.28 million, a price-to-earnings ratio of 13.01 and a beta of 0.95.

Shore Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th will be paid a $0.12 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $0.48 annualized dividend and a yield of 2.96%. Shore Bancshares’s dividend payout ratio is presently 38.40%.

Institutional Trading of Shore Bancshares

A number of institutional investors have recently added to or reduced their stakes in SHBI. Charles Schwab Investment Management Inc. raised its holdings in shares of Shore Bancshares by 2.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 86,435 shares of the bank’s stock valued at $1,209,000 after purchasing an additional 2,231 shares in the last quarter. Rhumbline Advisers boosted its holdings in Shore Bancshares by 6.5% in the 2nd quarter. Rhumbline Advisers now owns 43,240 shares of the bank’s stock valued at $495,000 after purchasing an additional 2,639 shares during the period. Hotchkis & Wiley Capital Management LLC increased its stake in Shore Bancshares by 1.0% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 269,375 shares of the bank’s stock valued at $3,769,000 after acquiring an additional 2,700 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Shore Bancshares by 9.7% in the third quarter. Assenagon Asset Management S.A. now owns 48,706 shares of the bank’s stock valued at $681,000 after purchasing an additional 4,312 shares in the last quarter. Finally, Black Maple Capital Management LP raised its position in Shore Bancshares by 20.0% in the first quarter. Black Maple Capital Management LP now owns 30,028 shares of the bank’s stock worth $345,000 after purchasing an additional 5,000 shares in the last quarter. 59.76% of the stock is currently owned by institutional investors and hedge funds.

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.