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

Shore Bancshares, Inc. (NASDAQ:SHBI) declared a quarterly dividend on Thursday, February 6th,Wall Street Journal reports. Shareholders 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 2.89%. The ex-dividend date is Thursday, February 13th.

Shore Bancshares has a payout ratio of 28.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Shore Bancshares to earn $1.65 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 29.1%.

Shore Bancshares Price Performance

Shares of SHBI traded up $0.34 during trading hours on Thursday, hitting $16.60. 466,433 shares of the company were exchanged, compared to its average volume of 125,960. The firm has a fifty day simple moving average of $16.04 and a 200-day simple moving average of $14.91. The company has a market capitalization of $553.23 million, a PE ratio of 12.48 and a beta of 0.97. Shore Bancshares has a one year low of $10.06 and a one year high of $17.61. 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) last posted its quarterly earnings data on Thursday, January 30th. The bank reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.09. Shore Bancshares had a net margin of 13.44% and a return on equity of 10.40%. As a group, sell-side analysts predict that Shore Bancshares will post 1.46 earnings per share for the current year.

Insider Buying and Selling at Shore Bancshares

In related news, Director Konrad Wayson purchased 3,000 shares of Shore Bancshares stock in a transaction on Monday, November 25th. The stock was 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 of the company’s stock, valued at approximately $902,326.04. This represents a 5.97 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 8.57% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SHBI shares. Piper Sandler assumed coverage on shares of Shore Bancshares in a research report on Thursday. They set an “overweight” rating and a $20.00 price objective on the stock. Keefe, Bruyette & Woods raised shares of Shore Bancshares from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $16.00 to $20.00 in a research note on Wednesday, December 4th.

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.