Shore Bancshares, Inc. Plans Quarterly Dividend of $0.12 (NASDAQ:SHBI)

Shore Bancshares, Inc. (NASDAQ:SHBI - Get Free Report) declared a quarterly dividend on Monday, February 3rd,Wall Street Journal reports. Investors of record on Thursday, February 13th will be given a dividend of 0.12 per share by the bank on Thursday, February 27th. This represents a $0.48 annualized dividend and a dividend yield of 2.92%. The ex-dividend date is Thursday, February 13th.

Shore Bancshares has a dividend payout ratio of 26.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Shore Bancshares to earn $1.70 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 28.2%.

Shore Bancshares Stock Performance

Shore Bancshares stock traded down $0.06 during midday trading on Monday, hitting $16.43. The company's stock had a trading volume of 226,722 shares, compared to its average volume of 140,439. The company has a 50-day moving average price of $16.04 and a two-hundred day moving average price of $14.97. Shore Bancshares has a 1-year low of $10.06 and a 1-year high of $17.61. The company has a market cap of $547.56 million, a price-to-earnings ratio of 12.35 and a beta of 0.97. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.93.

Shore Bancshares (NASDAQ:SHBI - Get Free Report) last issued its quarterly earnings results on Thursday, January 30th. The bank reported $0.44 earnings per share (EPS) 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%. As a group, sell-side analysts predict that Shore Bancshares will post 1.51 earnings per share for the current year.

Insider Activity at Shore Bancshares

In related news, Director Konrad Wayson acquired 3,000 shares of the company's stock in a transaction that occurred on Monday, November 25th. The stock was acquired at an average price of $16.94 per share, with a total value of $50,820.00. Following the purchase, the director now directly owns 53,266 shares in the company, valued at approximately $902,326.04. This trade represents a 5.97 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 8.57% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on SHBI. Keefe, Bruyette & Woods raised shares of Shore Bancshares from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $16.00 to $20.00 in a research report on Wednesday, December 4th. Piper Sandler started coverage on shares of Shore Bancshares in a report on Thursday. They set an "overweight" rating and a $20.00 price target for the company.

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.