Shore Bancshares (NASDAQ:SHBI) Stock Rating Upgraded by Keefe, Bruyette & Woods

Shore Bancshares (NASDAQ:SHBI) was upgraded by equities research analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research note issued on Wednesday, MarketBeat.com reports. The brokerage presently has a $20.00 target price on the bank’s stock, up from their prior target price of $16.00. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 17.03% from the company’s current price.

Shore Bancshares Trading Down 2.0 %

Shares of Shore Bancshares stock opened at $17.09 on Wednesday. Shore Bancshares has a fifty-two week low of $10.06 and a fifty-two week high of $17.49. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market capitalization of $569.61 million, a price-to-earnings ratio of 13.67 and a beta of 0.97. The stock has a 50 day moving average of $15.11 and a 200 day moving average of $13.48.

Insider Buying and Selling

In related news, Director Konrad Wayson purchased 3,000 shares of Shore Bancshares stock in a transaction on Monday, November 25th. The shares were bought at an average price of $16.94 per share, with a total value of $50,820.00. Following the transaction, the director now directly owns 53,266 shares of the company’s stock, valued at approximately $902,326.04. This trade represents a 5.97 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.57% of the stock is owned by corporate insiders.

Institutional Trading of Shore Bancshares

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings 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 purchasing an additional 11,544 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Shore Bancshares by 12.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 57,086 shares of the bank’s stock worth $657,000 after buying an additional 6,321 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Shore Bancshares by 5.6% in the 2nd 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 in the last quarter. Rhumbline Advisers grew its position in shares of 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 buying an additional 2,639 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in Shore Bancshares by 30.5% during the 2nd quarter. American Century Companies Inc. now owns 195,418 shares of the bank’s stock worth $2,238,000 after acquiring an additional 45,692 shares in 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.