Shore Bancshares (NASDAQ:SHBI) Given New $13.00 Price Target at Keefe, Bruyette & Woods

Shore Bancshares (NASDAQ:SHBI) had its target price cut by Keefe, Bruyette & Woods from $14.00 to $13.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 16.70% from the stock’s previous close.

Several other equities analysts have also commented on SHBI. TheStreet lowered Shore Bancshares from a “b-” rating to a “c+” rating in a research note on Thursday, February 29th. StockNews.com upgraded Shore Bancshares from a “sell” rating to a “hold” rating in a report on Thursday, February 1st.

Shore Bancshares Trading Up 4.1 %

NASDAQ:SHBI traded up $0.44 during midday trading on Friday, hitting $11.14. 22,984 shares of the company traded hands, compared to its average volume of 79,599. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. The firm’s fifty day moving average is $10.91 and its 200-day moving average is $11.82. Shore Bancshares has a 12-month low of $9.66 and a 12-month high of $14.51. The firm has a market capitalization of $369.96 million, a P/E ratio of 16.46 and a beta of 0.94.

Shore Bancshares (NASDAQ:SHBI) last announced its quarterly earnings results on Wednesday, January 31st. The bank reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. The company had revenue of $49.15 million during the quarter, compared to analysts’ expectations of $51.20 million. Shore Bancshares had a return on equity of 6.47% and a net margin of 5.82%. On average, sell-side analysts predict that Shore Bancshares will post 1.49 EPS for the current year.

Insider Activity at Shore Bancshares

In related news, Director Dawn M. Willey purchased 10,000 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was bought at an average cost of $11.02 per share, with a total value of $110,200.00. Following the completion of the acquisition, the director now directly owns 17,500 shares in the company, valued at approximately $192,850. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director David S. Jones bought 8,043 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was bought at an average price of $11.01 per share, with a total value of $88,553.43. Following the completion of the transaction, the director now directly owns 35,235 shares of the company’s stock, valued at $387,937.35. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Dawn M. Willey bought 10,000 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was bought at an average cost of $11.02 per share, with a total value of $110,200.00. Following the transaction, the director now directly owns 17,500 shares of the company’s stock, valued at $192,850. The disclosure for this purchase can be found here. Insiders have acquired a total of 19,121 shares of company stock worth $211,067 over the last three months. 8.57% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Mendon Capital Advisors Corp acquired a new stake in shares of Shore Bancshares during the 4th quarter worth approximately $3,951,000. Gendell Jeffrey L raised its position in shares of Shore Bancshares by 17.1% during the 4th quarter. Gendell Jeffrey L now owns 273,410 shares of the bank’s stock worth $3,896,000 after purchasing an additional 40,000 shares during the period. Siena Capital Partners GP LLC raised its position in shares of Shore Bancshares by 609.5% during the 3rd quarter. Siena Capital Partners GP LLC now owns 195,287 shares of the bank’s stock worth $2,258,000 after purchasing an additional 167,761 shares during the period. Bank of New York Mellon Corp grew its holdings in Shore Bancshares by 60.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 152,807 shares of the bank’s stock worth $1,608,000 after buying an additional 57,595 shares in the last quarter. Finally, Sandy Spring Bank bought a new position in Shore Bancshares in the 4th quarter worth approximately $1,704,000. Institutional investors and hedge funds own 59.76% of the company’s stock.

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.