Shore Bancshares (NASDAQ:SHBI) Shares Gap Up Following Earnings Beat

Shore Bancshares, Inc. (NASDAQ:SHBI)’s stock price gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $15.79, but opened at $17.24. Shore Bancshares shares last traded at $16.13, with a volume of 12,452 shares.

The bank reported $0.44 EPS for the quarter, topping the consensus estimate of $0.35 by $0.09. Shore Bancshares had a return on equity of 10.11% and a net margin of 12.85%.

Analysts Set New Price Targets

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

Insider Activity at Shore Bancshares

In related news, Director Konrad Wayson bought 3,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 53,266 shares in the company, valued at approximately $902,326.04. This represents a 5.97 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 8.57% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SHBI. SG Americas Securities LLC purchased a new position in shares of Shore Bancshares during the 3rd quarter valued at $156,000. AQR Capital Management LLC bought a new position in Shore Bancshares in the 2nd quarter worth about $147,000. JPMorgan Chase & Co. boosted its stake in Shore Bancshares by 61.1% in 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 period. Janney Montgomery Scott LLC boosted its stake in 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 Shore Bancshares by 30.6% in the 3rd quarter. Creative Planning now owns 37,674 shares of the bank’s stock worth $527,000 after purchasing an additional 8,831 shares during the period. Hedge funds and other institutional investors own 59.76% of the company’s stock.

Shore Bancshares Trading Up 3.5 %

The firm has a 50 day simple moving average of $16.06 and a 200 day simple moving average of $14.84. 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 $544.95 million, a P/E ratio of 13.08 and a beta of 0.97.

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.