Shore Bancshares (NASDAQ:SHBI) Stock Crosses Above 200-Day Moving Average – Here’s What Happened

Shares of Shore Bancshares, Inc. (NASDAQ:SHBI) 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.

Analyst Ratings Changes

Several research firms have weighed in on SHBI. Keefe, Bruyette & Woods lifted their target price on Shore Bancshares from $13.00 to $15.00 and gave the company a “market perform” rating in a research report on Friday, July 26th. Janney Montgomery Scott downgraded shares of Shore Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 30th.

Shore Bancshares Price Performance

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

Shore Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend is Tuesday, November 12th. Shore Bancshares’s dividend payout ratio (DPR) is presently 38.40%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets lifted its position in shares of Shore Bancshares by 428.0% during the first quarter. BNP Paribas Financial Markets now owns 42,829 shares of the bank’s stock worth $493,000 after purchasing an additional 34,717 shares in the last quarter. Vanguard Group Inc. lifted its stake in Shore Bancshares by 0.7% in the first quarter. Vanguard Group Inc. now owns 1,619,605 shares of the bank’s stock valued at $18,625,000 after buying an additional 11,544 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of Shore Bancshares during the first quarter valued at $200,000. Price T Rowe Associates Inc. MD grew its position in shares of Shore Bancshares by 12.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 57,086 shares of the bank’s stock worth $657,000 after acquiring an additional 6,321 shares during the last quarter. Finally, Gendell Jeffrey L grew its position in Shore Bancshares by 3.7% in the 1st quarter. Gendell Jeffrey L now owns 283,410 shares of the bank’s stock worth $3,259,000 after purchasing an additional 10,000 shares during the last quarter. 59.76% of the stock is owned by hedge funds and other institutional investors.

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.