Janney Montgomery Scott Lowers Shore Bancshares (NASDAQ:SHBI) to Neutral

Janney Montgomery Scott downgraded shares of Shore Bancshares (NASDAQ:SHBI) from a buy rating to a neutral rating in a research report sent to investors on Tuesday, MarketBeat Ratings reports.

Separately, Keefe, Bruyette & Woods lifted their target price on Shore Bancshares from $13.00 to $15.00 and gave the stock a market perform rating in a report on Friday, July 26th.

Shore Bancshares Trading Down 4.9 %

NASDAQ SHBI opened at $13.81 on Tuesday. The stock has a market cap of $458.77 million, a P/E ratio of 23.81 and a beta of 0.97. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.08. Shore Bancshares has a 12-month low of $9.66 and a 12-month high of $14.99. The company has a fifty day simple moving average of $11.79 and a two-hundred day simple moving average of $11.53.

Shore Bancshares (NASDAQ:SHBI) last issued its quarterly earnings results on Thursday, May 2nd. The bank reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. The company had revenue of $47.78 million during the quarter, compared to analysts’ expectations of $49.88 million. Shore Bancshares had a return on equity of 8.42% and a net margin of 7.18%.

Insider Buying and Selling at Shore Bancshares

In related news, Director Clyde V. Kelly III acquired 5,000 shares of Shore Bancshares stock in a transaction on Thursday, May 9th. The stock was acquired at an average price of $11.19 per share, for a total transaction of $55,950.00. Following the purchase, the director now owns 23,888 shares of the company’s stock, valued at approximately $267,306.72. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 8.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Shore Bancshares

Several hedge funds have recently bought and sold shares of SHBI. Rhumbline Advisers increased its holdings in Shore Bancshares by 6.5% in the second quarter. Rhumbline Advisers now owns 43,240 shares of the bank’s stock valued at $495,000 after buying an additional 2,639 shares in the last quarter. SG Americas Securities LLC raised its holdings in Shore Bancshares by 27.3% in the 4th quarter. SG Americas Securities LLC now owns 16,248 shares of the bank’s stock worth $232,000 after purchasing an additional 3,485 shares during the period. Black Maple Capital Management LP raised its holdings in Shore Bancshares by 18.0% in the 4th quarter. Black Maple Capital Management LP now owns 25,028 shares of the bank’s stock worth $357,000 after purchasing an additional 3,821 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Shore Bancshares by 12.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 57,086 shares of the bank’s stock worth $657,000 after purchasing an additional 6,321 shares in the last quarter. Finally, Empowered Funds LLC grew its holdings in Shore Bancshares by 8.1% in the first quarter. Empowered Funds LLC now owns 130,246 shares of the bank’s stock valued at $1,498,000 after purchasing an additional 9,800 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.