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

Shares of Shore Bancshares, Inc. (NASDAQ:SHBI) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $14.67 and traded as high as $15.82. Shore Bancshares shares last traded at $15.73, with a volume of 123,404 shares traded.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised shares of Shore Bancshares from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $16.00 to $20.00 in a research note on Wednesday, December 4th.

Shore Bancshares Trading Up 1.5 %

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 cap of $524.28 million, a price-to-earnings ratio of 12.58 and a beta of 0.97. The business has a fifty day simple moving average of $16.14 and a 200-day simple moving average of $14.67.

Shore Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.05%. The ex-dividend date was Tuesday, November 12th. Shore Bancshares’s dividend payout ratio is currently 38.40%.

Insider Activity at Shore Bancshares

In related news, Director Konrad Wayson acquired 3,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was acquired at an average cost of $16.94 per share, for a total transaction of $50,820.00. Following the completion of the acquisition, 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 position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 8.57% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new stake in shares of Shore Bancshares in the third quarter valued at about $156,000. AQR Capital Management LLC acquired a new stake in Shore Bancshares during the 2nd quarter valued at approximately $147,000. JPMorgan Chase & Co. raised its holdings in Shore Bancshares by 61.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 21,078 shares of the bank’s stock worth $295,000 after purchasing an additional 7,994 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Shore Bancshares by 10.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 21,741 shares of the bank’s stock worth $345,000 after purchasing an additional 1,984 shares during the period. Finally, Creative Planning boosted its stake in shares of Shore Bancshares by 30.6% in the 3rd quarter. Creative Planning now owns 37,674 shares of the bank’s stock valued at $527,000 after purchasing an additional 8,831 shares during the last quarter. 59.76% of the stock is 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.