Shore Bancshares (NASDAQ:SHBI) Downgraded to Neutral at Janney Montgomery Scott

Janney Montgomery Scott cut shares of Shore Bancshares (NASDAQ:SHBI) from a buy rating to a neutral rating in a research report report published on Tuesday morning, Marketbeat reports.

Separately, Keefe, Bruyette & Woods lifted their price objective on Shore Bancshares from $13.00 to $15.00 and gave the stock a market perform rating in a report on Friday, July 26th.

Shore Bancshares Price Performance

NASDAQ:SHBI opened at $13.43 on Tuesday. Shore Bancshares has a 52 week low of $9.66 and a 52 week high of $14.99. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $446.14 million, a PE ratio of 23.16 and a beta of 0.97. The stock’s 50-day moving average price is $11.84 and its 200-day moving average price is $11.54.

Shore Bancshares (NASDAQ:SHBI) last posted its earnings results on Thursday, May 2nd. The bank reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.08. Shore Bancshares had a return on equity of 8.42% and a net margin of 7.18%. The firm had revenue of $47.78 million for the quarter, compared to analysts’ expectations of $49.88 million.

Insider Buying and Selling

In other Shore Bancshares news, Director Clyde V. Kelly III bought 5,000 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were acquired at an average cost of $11.19 per share, with a total value of $55,950.00. Following the purchase, the director now directly owns 23,888 shares of the company’s stock, valued at approximately $267,306.72. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 8.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SHBI. Mendon Capital Advisors Corp purchased a new position in Shore Bancshares in the 4th quarter worth approximately $3,951,000. Sandy Spring Bank purchased a new position in Shore Bancshares in the 4th quarter worth approximately $1,704,000. Gendell Jeffrey L raised its position in shares of Shore Bancshares by 17.1% during the 4th quarter. Gendell Jeffrey L now owns 273,410 shares of the bank’s stock valued at $3,896,000 after buying an additional 40,000 shares during the period. BNP Paribas Financial Markets lifted its holdings in Shore Bancshares by 428.0% in the first quarter. BNP Paribas Financial Markets now owns 42,829 shares of the bank’s stock valued at $493,000 after acquiring an additional 34,717 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in Shore Bancshares by 38.0% in the first quarter. Assenagon Asset Management S.A. now owns 91,396 shares of the bank’s stock valued at $1,051,000 after acquiring an additional 25,155 shares during the last quarter. 59.76% of the stock is owned by hedge funds and other institutional investors.

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.