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

Shore Bancshares, Inc. (NASDAQ:SHBI) announced a quarterly dividend on Thursday, February 6th,Wall Street Journal reports. Stockholders of record on Thursday, February 13th will be paid 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 2.91%. 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. Equities 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 Down 0.7 %

NASDAQ:SHBI opened at $16.49 on Friday. The business’s fifty day moving average price is $16.04 and its 200 day moving average price is $14.92. The firm has a market capitalization of $549.61 million, a price-to-earnings ratio of 12.40 and a beta of 0.97. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.23. Shore Bancshares has a 1-year low of $10.06 and a 1-year high of $17.61.

Shore Bancshares (NASDAQ:SHBI) last issued its earnings results on Thursday, January 30th. The bank reported $0.44 earnings per share for the quarter, beating 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%. On average, sell-side analysts forecast that Shore Bancshares will post 1.51 earnings per share for the current fiscal year.

Insider Activity at Shore Bancshares

In other Shore Bancshares news, Director Konrad Wayson bought 3,000 shares of Shore Bancshares stock in a transaction on Monday, November 25th. The stock was purchased at an average cost of $16.94 per share, for a total transaction of $50,820.00. Following the completion of the purchase, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 8.57% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SHBI. Piper Sandler started coverage on shares of Shore Bancshares in a research report on Thursday. They issued an “overweight” rating and a $20.00 target price for the company. Keefe, Bruyette & Woods upgraded 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 report on Wednesday, December 4th.

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.