Shore Bancshares (NASDAQ:SHBI) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Shore Bancshares (NASDAQ:SHBI - Get Free Report) posted its quarterly earnings results on Thursday. The bank reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.09, Zacks reports. Shore Bancshares had a net margin of 13.44% and a return on equity of 10.40%.

Shore Bancshares Stock Down 3.3 %

SHBI traded down $0.54 during trading on Monday, hitting $15.81. 80,009 shares of the company's stock were exchanged, compared to its average volume of 105,948. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.23. The business's 50 day moving average is $16.05 and its two-hundred day moving average is $14.88. The stock has a market cap of $526.95 million, a P/E ratio of 11.89 and a beta of 0.97. Shore Bancshares has a fifty-two week low of $10.06 and a fifty-two week high of $17.61.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods upgraded 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.

Insiders Place Their Bets

In related news, Director Konrad Wayson bought 3,000 shares of the company's stock in a transaction that occurred on Monday, November 25th. The stock was bought at an average cost of $16.94 per share, for a total transaction of $50,820.00. Following 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.57% of the stock is currently owned by insiders.

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.