Piper Sandler Begins Coverage on Shore Bancshares (NASDAQ:SHBI)

Stock analysts at Piper Sandler began coverage on shares of Shore Bancshares (NASDAQ:SHBI) in a report released on Thursday, MarketBeat.com reports. The brokerage set an “overweight” rating and a $20.00 price target on the bank’s stock. Piper Sandler’s price target suggests a potential upside of 21.29% from the company’s previous close.

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

Shore Bancshares Trading Down 0.7 %

Shares of NASDAQ SHBI opened at $16.49 on Thursday. Shore Bancshares has a fifty-two week low of $10.06 and a fifty-two week high of $17.61. 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 company has a market cap of $549.61 million, a price-to-earnings ratio of 12.40 and a beta of 0.97. The business’s 50 day moving average price is $16.04 and its 200-day moving average price is $14.92.

Shore Bancshares (NASDAQ:SHBI) last released its earnings results on Thursday, January 30th. The bank reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.09. Shore Bancshares had a return on equity of 10.40% and a net margin of 13.44%. On average, sell-side analysts expect that Shore Bancshares will post 1.46 earnings per share for the current year.

Insiders Place Their Bets

In other 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 purchased 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 $902,326.04. The trade was a 5.97 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 8.57% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC purchased a new stake in shares of Shore Bancshares in the 2nd quarter worth approximately $147,000. SG Americas Securities LLC purchased a new stake in Shore Bancshares during the third quarter worth $156,000. Creative Planning lifted its holdings in Shore Bancshares by 30.6% during the third quarter. Creative Planning now owns 37,674 shares of the bank’s stock worth $527,000 after buying an additional 8,831 shares during the period. Assenagon Asset Management S.A. boosted its position in Shore Bancshares by 9.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 48,706 shares of the bank’s stock valued at $681,000 after acquiring an additional 4,312 shares in the last quarter. Finally, Curi RMB Capital LLC increased its holdings in shares of Shore Bancshares by 13.8% in the 3rd quarter. Curi RMB Capital LLC now owns 175,164 shares of the bank’s stock valued at $2,451,000 after acquiring an additional 21,191 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.