Shore Bancshares (NASDAQ:SHBI) Sets New 52-Week High – Still a Buy?

Shore Bancshares, Inc. (NASDAQ:SHBI)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $16.40 and last traded at $16.40, with a volume of 499 shares trading hands. The stock had previously closed at $14.61.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SHBI shares. Keefe, Bruyette & Woods lifted their price objective 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. Janney Montgomery Scott lowered Shore Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 30th.

Shore Bancshares Stock Down 3.2 %

The company has a debt-to-equity ratio of 0.29, a current ratio of 0.94 and a quick ratio of 0.93. The stock has a 50 day moving average price of $14.15 and a 200-day moving average price of $12.71. The stock has a market capitalization of $530.12 million, a P/E ratio of 12.73 and a beta of 0.95.

Shore Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th will be issued a dividend of $0.12 per share. The ex-dividend date is Tuesday, November 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.02%. Shore Bancshares’s dividend payout ratio is currently 38.40%.

Institutional Trading of Shore Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Shore Bancshares by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 1,619,605 shares of the bank’s stock worth $18,625,000 after purchasing an additional 11,544 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Shore Bancshares by 6.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,208,740 shares of the bank’s stock valued at $13,839,000 after purchasing an additional 77,961 shares in the last quarter. Renaissance Technologies LLC grew its stake in Shore Bancshares by 12.4% in the second quarter. Renaissance Technologies LLC now owns 411,615 shares of the bank’s stock worth $4,713,000 after purchasing an additional 45,300 shares during the period. Gendell Jeffrey L raised its holdings in Shore Bancshares by 3.7% in the first 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 in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Shore Bancshares by 5.6% during the second quarter. Bank of New York Mellon Corp now owns 252,577 shares of the bank’s stock valued at $2,892,000 after buying an additional 13,345 shares during the period. Hedge funds and other institutional investors 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.