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

Shore Bancshares, Inc. (NASDAQ:SHBI) declared a quarterly dividend on Thursday, February 6th,Wall Street Journal reports. Stockholders 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 of this dividend is Thursday, February 13th.

Shore Bancshares has a dividend payout ratio of 28.2% indicating that its dividend is sufficiently covered by earnings. Research 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 Stock Performance

Shares of NASDAQ:SHBI traded up $0.34 during trading on Thursday, hitting $16.60. 466,433 shares of the stock were exchanged, compared to its average volume of 125,960. The company’s fifty day simple moving average is $16.04 and its 200-day simple moving average is $14.91. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.93 and a current ratio of 0.94. The company has a market capitalization of $553.23 million, a price-to-earnings ratio of 12.48 and a beta of 0.97. Shore Bancshares has a 1-year low of $10.06 and a 1-year high of $17.61.

Shore Bancshares (NASDAQ:SHBI) last announced its quarterly earnings results on Thursday, January 30th. The bank reported $0.44 earnings per share (EPS) for the quarter, beating 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%. Sell-side analysts expect that Shore Bancshares will post 1.46 EPS for the current fiscal year.

Insider Transactions at Shore Bancshares

In other Shore Bancshares news, Director Konrad Wayson acquired 3,000 shares of Shore Bancshares stock in a transaction on Monday, November 25th. The shares were bought at an average price of $16.94 per share, with a total value of $50,820.00. Following the completion of the purchase, the director now owns 53,266 shares in the company, valued at $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 SEC, which is available through the SEC website. 8.57% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on SHBI shares. Piper Sandler assumed coverage on shares of Shore Bancshares in a research report on Thursday. They issued an “overweight” rating and a $20.00 price target for the company. Keefe, Bruyette & Woods raised Shore Bancshares from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $16.00 to $20.00 in a report 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.