Shore Bancshares (NASDAQ:SHBI) Posts Earnings Results, Beats Estimates By $0.09 EPS

Shore Bancshares (NASDAQ:SHBI) released its earnings results on Thursday. The bank reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.09, Zacks reports. Shore Bancshares had a net margin of 12.85% and a return on equity of 10.11%.

Shore Bancshares Price Performance

SHBI stock traded up $0.07 during trading on Thursday, hitting $15.79. 83,765 shares of the company’s stock traded hands, compared to its average volume of 103,126. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.93 and a current ratio of 0.94. Shore Bancshares has a 52 week low of $10.06 and a 52 week high of $17.61. The business has a fifty day simple moving average of $16.08 and a 200 day simple moving average of $14.81. The stock has a market capitalization of $526.28 million, a price-to-earnings ratio of 12.63 and a beta of 0.97.

Analysts Set New Price Targets

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 stock from $16.00 to $20.00 in a research note on Wednesday, December 4th.

Insider Activity at Shore Bancshares

In other news, Director Konrad Wayson acquired 3,000 shares of the business’s stock in a transaction on Monday, November 25th. The shares were acquired at an average price of $16.94 per share, for a total transaction of $50,820.00. Following the completion of the transaction, the director now directly owns 53,266 shares of the company’s stock, valued at approximately $902,326.04. The trade was a 5.97 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.57% of the stock is owned by insiders.

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.