Shore Bancshares, Inc. (NASDAQ:SHBI) Announces 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. Equities 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 Trading Up 2.1 %

NASDAQ SHBI opened at $16.60 on Friday. 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 12 month low of $10.06 and a 12 month high of $17.61. The company has a market capitalization of $553.28 million, a PE ratio of 12.48 and a beta of 0.97. The stock has a 50-day simple moving average of $16.04 and a 200 day simple moving average of $14.92.

Shore Bancshares (NASDAQ:SHBI) last announced its quarterly 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 net margin of 13.44% and a return on equity of 10.40%. Research analysts forecast that Shore Bancshares will post 1.46 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Piper Sandler assumed coverage on shares of Shore Bancshares in a 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 research note on Wednesday, December 4th.

Insider Buying and Selling

In other Shore Bancshares news, Director Konrad Wayson bought 3,000 shares of Shore Bancshares stock in a transaction that occurred on Monday, November 25th. The stock was acquired at an average price of $16.94 per share, for a total transaction of $50,820.00. Following the completion of the acquisition, the director now owns 53,266 shares of the company’s stock, valued at $902,326.04. This trade represents a 5.97 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 8.57% of the stock is owned by corporate 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.