Upcoming Dividend • May 27
Upcoming dividend of US$0.14 per share Eligible shareholders must have bought the stock before 03 June 2026. Payment date: 17 June 2026. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of American dividend payers (4.2%). In line with average of industry peers (2.4%). Announcement • May 23
Shore Bancshares, Inc. announces Quarterly dividend, payable on June 17, 2026 Shore Bancshares, Inc. announced Quarterly dividend of USD 0.1400 per share payable on June 17, 2026, ex-date on June 03, 2026 and record date on June 03, 2026. Announcement • May 22
Shore Bancshares, Inc. (NasdaqGS:SHBI) announces an Equity Buyback for $30 million worth of its shares. Shore Bancshares, Inc. (NasdaqGS:SHBI) announces a share repurchase program. Under the program, the company will repurchase up to $30 million worth of its common stock. The program will be valid for 12 months. Announcement • Apr 24
Shore Bancshares, Inc. Reports Net Charge Offs for the First Quarter Ended March 31, 2026 Shore Bancshares, Inc. reported net charge offs for the first quarter ended March 31, 2026. For the period, the company reported net charge-offs of $847,000 compared to $554,000 a year ago. Reported Earnings • Mar 04
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: US$1.78 (up from US$1.32 in FY 2024). Revenue: US$216.7m (up 10.0% from FY 2024). Net income: US$59.5m (up 36% from FY 2024). Profit margin: 28% (up from 22% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.36% (up from 3.10% in FY 2024). Cost-to-income ratio: 57.4% (down from 61.4% in FY 2024). Non-performing loans: 0.82% (up from 0.45% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 25
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 04 March 2026. Payment date: 18 March 2026. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.2%). In line with average of industry peers (2.4%). Announcement • Feb 19
Shore Bancshares, Inc. Announces Quarterly Dividend, Payable on March 18, 2026 Shore Bancshares, Inc. announced that the Board of Directors has declared a quarterly common stock dividend in the amount of $0.12 per share, payable March 18, 2026 to stockholders of record on March 4, 2026. Recent Insider Transactions • Feb 10
Independent Director recently bought US$100k worth of stock On the 5th of February, William Esham bought around 5k shares on-market at roughly US$19.99 per share. This transaction amounted to 63% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth US$101k. Insiders have collectively bought US$491k more in shares than they have sold in the last 12 months. Reported Earnings • Feb 03
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: US$1.78 (up from US$1.32 in FY 2024). Revenue: US$216.7m (up 10.0% from FY 2024). Net income: US$59.5m (up 36% from FY 2024). Profit margin: 28% (up from 22% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 01
Price target increased by 8.8% to US$20.00 Up from US$18.38, the current price target is an average from 3 analysts. New target price is 5.4% above last closing price of US$18.97. Stock is up 16% over the past year. The company is forecast to post earnings per share of US$1.77 for next year compared to US$1.32 last year. Announcement • Jan 03
Shore Bancshares, Inc. to Report Q4, 2025 Results on Jan 27, 2026 Shore Bancshares, Inc. announced that they will report Q4, 2025 results at 4:30 PM, US Eastern Standard Time on Jan 27, 2026 Recent Insider Transactions • Nov 21
Executive VP recently bought US$101k worth of stock On the 18th of November, Aaron Kaslow bought around 7k shares on-market at roughly US$15.56 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$439k more in shares than they have sold in the last 12 months. Announcement • Nov 14
Shore Bancshares, Inc. announced that it has received $60 million in funding Shore Bancshares, Inc. announced that it has entered into Subordinated Note Purchase Agreements with qualified institutional buyers and accredited investors to issue and sold $60.0 million in gross principal amount of its 6.25% Fixed to Floating Rate Subordinated Notes due 2035. The Notes were issued by the Company to the Purchasers at a price equal to 100% of their face amount. The Notes mature on November 15, 2035 and bear interest at a fixed annual rate of 6.25%, payable semi-annually in arrears, to but excluding November 15, 2030. Declared Dividend • Nov 06
Third quarter dividend of US$0.12 announced Dividend of US$0.12 is the same as last year. Ex-date: 13th November 2025 Payment date: 26th November 2025 Dividend yield will be 3.0%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (28% payout ratio) and is expected to be well covered in 3 years' time (25% forecast payout ratio). The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 22% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 04
Shore Bancshares, Inc. Declares Quarterly Dividend, Payable November 26, 2025 Shore Bancshares, Inc. announced that the Board of Directors has declared a quarterly common stock dividend in the amount of $0.12 per share, payable November 26, 2025 to stockholders of record on November 13, 2025. Reported Earnings • Oct 24
Third quarter 2025 earnings released: EPS: US$0.43 (vs US$0.34 in 3Q 2024) Third quarter 2025 results: EPS: US$0.43 (up from US$0.34 in 3Q 2024). Revenue: US$53.4m (up 8.7% from 3Q 2024). Net income: US$14.3m (up 28% from 3Q 2024). Profit margin: 27% (up from 23% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Oct 24
Shore Bancshares, Inc. Announces Net Charge-Offs for the Third Quarter Ended September 30, 2025 Shore Bancshares, Inc. announced Net charge-offs for the third quarter ended September 30, 2025. Net charge-offs increased to $1,825,000 for the third quarter of 2025 compared to $649,000 for the second quarter of 2025, and increased compared to $1.3 million for the third quarter of 2024. The increase was driven by a large marine loan write-down in the third quarter 2025. Announcement • Oct 01
Shore Bancshares, Inc. to Report Q3, 2025 Results on Oct 23, 2025 Shore Bancshares, Inc. announced that they will report Q3, 2025 results at 4:30 PM, US Eastern Standard Time on Oct 23, 2025 Declared Dividend • Aug 06
Second quarter dividend of US$0.12 announced Dividend of US$0.12 is the same as last year. Ex-date: 11th August 2025 Payment date: 25th August 2025 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 7.8% over the next year, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • Aug 05
Insider recently bought US$150k worth of stock On the 1st of August, Michael Adams bought around 10k shares on-market at roughly US$15.00 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$319k more in shares than they have sold in the last 12 months. Announcement • Aug 02
Shore Bancshares, Inc. Reports Quarterly Common Stock Dividend, Payable on August 25, 2025 Shore Bancshares, Inc. announced that the Board of Directors has declared a quarterly common stock dividend in the amount of $0.12 per share, payable August 25, 2025 to stockholders of record on August 11, 2025. Reported Earnings • Jul 27
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.47 (up from US$0.34 in 2Q 2024). Revenue: US$55.0m (up 14% from 2Q 2024). Net income: US$15.5m (up 38% from 2Q 2024). Profit margin: 28% (up from 23% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 7% per year, which means it is performing significantly worse than earnings. Announcement • Jul 25
Shore Bancshares, Inc. Announces Net Charge-Offs for the Second Quarter Ended June 30, 2025 Shore Bancshares, Inc. announced Net charge-offs for the second quarter ended June 30, 2025. For the quarter, the company reported Net charge-offs of $649,000 against $886,000 a year ago. Declared Dividend • May 05
First quarter dividend of US$0.12 announced Dividend of US$0.12 is the same as last year. Ex-date: 12th May 2025 Payment date: 23rd May 2025 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 9.8% over the next year, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • May 04
Insider recently bought US$71k worth of stock On the 2nd of May, Konrad Wayson bought around 5k shares on-market at roughly US$14.25 per share. This transaction amounted to 6.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$205k more in shares than they have sold in the last 12 months. Announcement • May 02
Shore Bancshares, Inc. Declares Quarterly Common Stock Dividend, Payable on May 23, 2025 Shore Bancshares, Inc. announced that the Board of Directors has declared a quarterly common stock dividend in the amount of $0.12 per share, payable May 23, 2025 to stockholders of record on May 12, 2025. Price Target Changed • May 01
Price target decreased by 7.3% to US$17.00 Down from US$18.33, the current price target is an average from 3 analysts. New target price is 22% above last closing price of US$13.91. Stock is up 30% over the past year. The company is forecast to post earnings per share of US$1.61 for next year compared to US$1.32 last year. Reported Earnings • Apr 29
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$0.41 (up from US$0.25 in 1Q 2024). Revenue: US$52.0m (up 10.0% from 1Q 2024). Net income: US$13.8m (up 68% from 1Q 2024). Profit margin: 27% (up from 17% in 1Q 2024). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Revenue is forecast to grow 9.0% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 11% per year. Announcement • Apr 16
Shore Bancshares, Inc., Annual General Meeting, May 29, 2025 Shore Bancshares, Inc., Annual General Meeting, May 29, 2025. Buy Or Sell Opportunity • Apr 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to US$11.80. The fair value is estimated to be US$14.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has declined by 15%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. Price Target Changed • Apr 04
Price target decreased by 7.8% to US$17.67 Down from US$19.17, the current price target is an average from 3 analysts. New target price is 47% above last closing price of US$12.05. Stock is up 11% over the past year. The company is forecast to post earnings per share of US$1.57 for next year compared to US$1.32 last year. Reported Earnings • Mar 11
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$1.32 (up from US$0.42 in FY 2023). Revenue: US$197.0m (up 53% from FY 2023). Net income: US$43.9m (up 291% from FY 2023). Profit margin: 22% (up from 8.7% in FY 2023). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.10% (down from 3.11% in FY 2023). Non-performing loans: 0.45% (up from 0.29% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.1%. Revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 14% per year. Declared Dividend • Feb 10
Fourth quarter dividend of US$0.12 announced Dividend of US$0.12 is the same as last year. Ex-date: 13th February 2025 Payment date: 27th February 2025 Dividend yield will be 2.9%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (36% payout ratio) and is expected to be well covered in 3 years' time (28% forecast payout ratio). The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 33% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 31
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$1.32 (up from US$0.42 in FY 2023). Revenue: US$197.0m (up 53% from FY 2023). Net income: US$43.9m (up 291% from FY 2023). Profit margin: 22% (up from 8.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.1%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Price Target Changed • Dec 04
Price target increased by 16% to US$17.75 Up from US$15.25, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$17.43. Stock is up 38% over the past year. The company is forecast to post earnings per share of US$1.28 for next year compared to US$0.42 last year. Declared Dividend • Nov 03
Third quarter dividend of US$0.12 announced Dividend of US$0.12 is the same as last year. Ex-date: 12th November 2024 Payment date: 29th November 2024 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (39% payout ratio) and is expected to be well covered in 3 years' time (30% forecast payout ratio). The dividend has increased by an average of 22% per year over the past 9 years and payments have been stable during that time. EPS is expected to grow by 34% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Oct 31
Shore Bancshares, Inc. Declares Quarterly Dividend, Payable on November 29, 2024 Shore Bancshares, Inc. announced that the Board of Directors has declared a quarterly common stock dividend in the amount of $0.12 per share, payable November 29, 2024 to stockholders of record on November 12, 2024. Reported Earnings • Oct 25
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: US$0.34 (up from US$0.29 loss in 3Q 2023). Revenue: US$49.1m (up 108% from 3Q 2023). Net income: US$11.2m (up US$20.9m from 3Q 2023). Profit margin: 23% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 4.2%. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 05
Second quarter dividend of US$0.12 announced Dividend of US$0.12 is the same as last year. Ex-date: 12th August 2024 Payment date: 30th August 2024 Dividend yield will be 3.7%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 22% per year over the past 9 years and payments have been stable during that time. EPS is expected to grow by 47% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 02
Shore Bancshares, Inc. Declares Quarterly Dividend, Payable on August 30, 2024 Shore Bancshares, Inc. announced that the Board of Directors has declared a quarterly common stock dividend in the amount of $0.12 per share, payable August 30, 2024 to stockholders of record on August 12, 2024. Price Target Changed • Jul 28
Price target increased by 7.8% to US$13.75 Up from US$12.75, the current price target is an average from 2 analysts. New target price is 6.1% below last closing price of US$14.64. Stock is up 22% over the past year. The company is forecast to post earnings per share of US$1.31 for next year compared to US$0.42 last year. Reported Earnings • Jul 26
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.34 (up from US$0.20 in 2Q 2023). Revenue: US$48.5m (up 79% from 2Q 2023). Net income: US$11.2m (up 180% from 2Q 2023). Profit margin: 23% (up from 15% in 2Q 2023). Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 3.0%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Jul 26
Shore Bancshares, Inc. Reports Net Charge-Offs for the Second Quarter Ended June 30, 2024 Shore Bancshares, Inc. reported net charge-offs for the second quarter ended June 30, 2024. Net charge-offs for the second quarter of 2024 were $0.9 million compared to net charge-offs of $0.6 million for the first quarter of 2024 and net charge offs of $50,000 for the second quarter of 2023. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$13.54, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Banks industry in the US. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$7.47 per share. Recent Insider Transactions • May 17
Independent Director recently bought US$56k worth of stock On the 9th of May, Clyde Kelly bought around 5k shares on-market at roughly US$11.19 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$359k more in shares than they have sold in the last 12 months. Declared Dividend • May 06
First quarter dividend of US$0.12 announced Dividend of US$0.12 is the same as last year. Ex-date: 15th May 2024 Payment date: 31st May 2024 Dividend yield will be 4.3%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 22% per year over the past 9 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 23% to bring the payout ratio under control. EPS is expected to grow by 56% over the next year, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • May 03
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: US$0.24. Revenue: US$47.3m (up 59% from 1Q 2023). Net income: US$8.18m (up 27% from 1Q 2023). Profit margin: 17% (down from 22% in 1Q 2023). Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Banks industry in the US. Announcement • Apr 17
Shore Bancshares, Inc., Annual General Meeting, May 30, 2024 Shore Bancshares, Inc., Annual General Meeting, May 30, 2024, at 09:30 US Eastern Standard Time. Agenda: To consider election of directors; to consider advisory vote on executive compensation; and to consider other matters if any. Reported Earnings • Mar 17
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: US$0.42 (down from US$1.57 in FY 2022). Revenue: US$128.7m (up 5.1% from FY 2022). Net income: US$11.2m (down 64% from FY 2022). Profit margin: 8.7% (down from 26% in FY 2022). Net interest margin (NIM): 3.11% (down from 3.15% in FY 2022). Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 15% per year. Declared Dividend • Feb 07
Fourth quarter dividend of US$0.12 announced Dividend of US$0.12 is the same as last year. Ex-date: 9th February 2024 Payment date: 29th February 2024 Dividend yield will be 4.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (114% earnings payout ratio). However, the dividend is expected to be well covered in 3 years' time (29% forecast payout ratio). The dividend has increased by an average of 22% per year over the past 9 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 27% to bring the payout ratio under control. EPS is expected to grow by 132% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Price Target Changed • Feb 06
Price target decreased by 11% to US$14.08 Down from US$15.83, the current price target is an average from 3 analysts. New target price is 27% above last closing price of US$11.10. Stock is down 38% over the past year. The company is forecast to post earnings per share of US$1.45 for next year compared to US$0.42 last year. Announcement • Feb 03
Shore Bancshares, Inc. Declares Quarterly Dividend, Payable on February 29, 2024 Shore Bancshares, Inc. announced that the Board of Directors has declared a quarterly common stock dividend in the amount of $0.12 per share, payable February 29, 2024 to stockholders of record on February 12, 2024. Reported Earnings • Feb 02
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: US$0.42 (down from US$1.57 in FY 2022). Revenue: US$128.7m (up 5.1% from FY 2022). Net income: US$11.2m (down 64% from FY 2022). Profit margin: 8.7% (down from 26% in FY 2022). Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Feb 01
Shore Bancshares, Inc. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2023 Shore Bancshares, Inc. reported Net charge-offs for the fourth quarter ended December 31, 2023. For the quarter, the company reported Net charge-offs of $500,000 against $84,000 a year ago. Major Estimate Revision • Jan 11
Consensus EPS estimates increase by 44% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from US$0.61 to US$0.877. Revenue forecast unchanged at US$163.7m. Net income forecast to grow 367% next year vs 10% decline forecast for Banks industry in the US. Consensus price target up from US$15.17 to US$15.83. Share price fell 3.1% to US$13.14 over the past week. Reported Earnings • Dec 27
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: US$0.29 loss per share (down from US$0.49 profit in 3Q 2022). Revenue: US$23.6m (down 26% from 3Q 2022). Net loss: US$9.74m (down 201% from profit in 3Q 2022). Revenue missed analyst estimates by 11%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 1% per year. Price Target Changed • Dec 22
Price target increased by 12% to US$15.17 Up from US$13.58, the current price target is an average from 3 analysts. New target price is 6.9% above last closing price of US$14.19. Stock is down 19% over the past year. The company is forecast to post earnings per share of US$0.61 for next year compared to US$1.57 last year. Recent Insider Transactions • Dec 01
Independent Director recently bought US$92k worth of stock On the 30th of November, Dawn Willey bought around 8k shares on-market at roughly US$12.25 per share. This transaction amounted to 36% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$436k more in shares than they have sold in the last 12 months. Announcement • Nov 08
Shore Bancshares, Inc. Declares Quarterly Common Stock Dividend, Payable on November 30, 2023 Shore Bancshares, Inc. announced that the Board of Directors has declared a quarterly common stock dividend in the amount of $0.12 per share, payable November 30, 2023 to stockholders of record on November 18, 2023. Announcement • Nov 02
Shore Bancshares, Inc. Reports Unaudited Net Charge-Offs for the Third Quarter Ended September 30, 2023 Shore Bancshares, Inc. reported unaudited Net charge-offs for the third quarter ended September 30, 2023. For the quarter, the company reported net charge-offs were $1,449,000. Major Estimate Revision • Aug 03
Consensus EPS estimates fall by 32%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from US$140.6m to US$150.1m. EPS estimate fell from US$1.40 to US$0.953 per share. Net income forecast to grow 34% next year vs 11% decline forecast for Banks industry in the US. Consensus price target of US$14.50 unchanged from last update. Share price fell 12% to US$11.60 over the past week. Reported Earnings • Jul 28
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: US$0.20 (down from US$0.38 in 2Q 2022). Revenue: US$27.1m (down 10% from 2Q 2022). Net income: US$4.02m (down 46% from 2Q 2022). Profit margin: 15% (down from 25% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) missed analyst estimates by 35%. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 9% per year. Announcement • Jul 28
Shore Bancshares, Inc. Reports Net Charge-Offs for the Second Quarter Ended June 30, 2023 Shore Bancshares, Inc. reported net charge-offs for the second quarter ended June 30, 2023. Net charge-offs for the second quarter of 2023 were $50,000, compared to net charge-offs of $20,000 for the first quarter of 2023 and net recoveries of $573,000 for the second quarter of 2022. Announcement • Jul 26
Shore Bancshares, Inc. Declares A Quarterly Common Stock Dividend, Payable August 31, 2023 Shore Bancshares, Inc. announced that the Board of Directors has declared a quarterly common stock dividend in the amount of $0.12 per share, payable August 31, 2023, to stockholders of record on August 4, 2023. Major Estimate Revision • Jul 14
Consensus revenue estimates decrease by 14%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$164.1m to US$140.6m. EPS estimate increased from US$0.89 to US$1.40 per share. Net income forecast to grow 35% next year vs 8.5% decline forecast for Banks industry in the US. Consensus price target of US$14.67 unchanged from last update. Share price rose 2.8% to US$11.85 over the past week. New Risk • Jul 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 67% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Price Target Changed • Jun 29
Price target decreased by 19% to US$14.00 Down from US$17.33, the current price target is an average from 2 analysts. New target price is 20% above last closing price of US$11.70. Stock is down 37% over the past year. The company is forecast to post earnings per share of US$0.89 for next year compared to US$1.57 last year. Major Estimate Revision • May 26
Consensus EPS estimates fall by 37% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from US$1.46 to US$0.925. Revenue forecast unchanged from US$164.1m at last update. Net income forecast to shrink 3.1% next year vs 6.2% decline forecast for Banks industry in the US. Consensus price target down from US$17.33 to US$16.67. Share price fell 2.5% to US$11.19 over the past week. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$11.16, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Banks industry in the US. Total returns to shareholders of 33% over the past three years. Announcement • May 05
Shore Bancshares, Inc. Declares Quarterly Common Stock Dividend, Payable on May 31, 2023 Shore Bancshares, Inc. announced that the Board of Directors has declared a quarterly common stock dividend in the amount of $0.12 per share, payable May 31, 2023, to stockholders of record on May 13, 2023. Reported Earnings • Apr 02
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: US$1.57 (up from US$1.17 in FY 2021). Revenue: US$122.5m (up 57% from FY 2021). Net income: US$31.2m (up 103% from FY 2021). Profit margin: 26% (up from 20% in FY 2021). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.15% (up from 2.94% in FY 2021). Non-performing loans: 0.15% (up from 0.12% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.5%. Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Mar 10
Price target decreased by 7.8% to US$19.67 Down from US$21.33, the current price target is an average from 3 analysts. New target price is 20% above last closing price of US$16.38. Stock is down 21% over the past year. The company is forecast to post earnings per share of US$1.85 for next year compared to US$1.57 last year. Announcement • Feb 09
Shore Bancshares, Inc. Declares Quarterly Dividend, Payable on February 28, 2023 Shore Bancshares, Inc. announced that the Board of Directors has declared a quarterly common stock dividend in the amount of $0.12 per share, payable February 28, 2023, to stockholders of record on February 18, 2023. Recent Insider Transactions • Feb 03
Independent Director recently bought US$71k worth of stock On the 2nd of February, Dawn Willey bought around 4k shares on-market at roughly US$17.84 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$125k more in shares than they have sold in the last 12 months. Reported Earnings • Jan 28
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: US$1.57 (up from US$1.17 in FY 2021). Revenue: US$122.5m (up 57% from FY 2021). Net income: US$31.2m (up 103% from FY 2021). Profit margin: 26% (up from 20% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.5%. Revenue is forecast to grow 6.1% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year and the company’s share price has also increased by 2% per year. Reported Earnings • Nov 17
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: US$0.49 (up from US$0.39 in 3Q 2021). Revenue: US$32.0m (up 76% from 3Q 2021). Net income: US$9.66m (up 109% from 3Q 2021). Profit margin: 30% (up from 25% in 3Q 2021). Revenue missed analyst estimates by 15%. Earnings per share (EPS) exceeded analyst estimates by 7.7%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Nov 03
Shore Bancshares, Inc. Reports Quarterly Dividend, Payable November 30, 2022 Shore Bancshares, Inc. announced that the Board of Directors has declared a quarterly common stock dividend in the amount of $0.12 per share, payable November 30, 2022, to stockholders of record on November 12, 2022. Reported Earnings • Oct 28
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: US$0.49 (up from US$0.39 in 3Q 2021). Revenue: US$32.0m (up 76% from 3Q 2021). Net income: US$9.66m (up 109% from 3Q 2021). Profit margin: 30% (up from 25% in 3Q 2021). Revenue missed analyst estimates by 15%. Earnings per share (EPS) exceeded analyst estimates by 7.7%. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: US$0.38 (vs US$0.34 in 2Q 2021) Second quarter 2022 results: EPS: US$0.38 (up from US$0.34 in 2Q 2021). Revenue: US$30.3m (up 85% from 2Q 2021). Net income: US$7.50m (up 86% from 2Q 2021). Profit margin: 25% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 24%, compared to a 16% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Aug 04
Shore Bancshares, Inc. Declares Quarterly Dividend, Payable on August 31, 2022 Shore Bancshares, Inc. announced that the Board of Directors has declared a quarterly common stock dividend in the amount of $0.12 per share, payable August 31, 2022, to stockholders of record on August 13, 2022. Announcement • Aug 03
Shore Bancshares, Inc. and Shore United Bank, N.A. Appoint Esther A. Streete as Director Shore Bancshares, Inc. announced the appointment of Esther A. Streete as a director of both the Company and Shore United Bank, N.A., the Company's wholly-owned bank subsidiary (the Bank), effective August 1, 2022. Streete is an independent director pursuant to applicable NASDAQ rules and has no material relationship with the Company or the Bank. This director appointment brings the total number of directors to 15 for both the Company and the Bank. Streete is a Principal at McNamee Hosea. She is a Certified Public Accountant (CPA) and an attorney who specializes in tax, estate & business planning, business succession planning, estate administration, probate and trust administration. Streete has affiliations with the Maryland Association of Certified Public Accountants, Maryland State Bar Association, and Anne Arundel County Bar Association. Streete holds a B.S. from Frostburg State University, a J.D. from the University of Maryland School of Law and an LL.M. in Taxation from the University of Baltimore School of Law. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: US$0.38 (vs US$0.34 in 2Q 2021) Second quarter 2022 results: EPS: US$0.38 (up from US$0.34 in 2Q 2021). Revenue: US$30.3m (up 85% from 2Q 2021). Net income: US$7.50m (up 86% from 2Q 2021). Profit margin: 25% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Jul 07
Shore Bancshares, Inc. (NasdaqGS:SHBI) announces an Equity Buyback for $5 million worth of its shares. Shore Bancshares, Inc. (NasdaqGS:SHBI) announces a share repurchase program. Under the program, the company will repurchase up to $5 million worth of its common stock. The repurchase program will expire on March 31, 2023. As of July 6, 2022, the Company had 19,849,563 outstanding shares of common stock. Buying Opportunity • May 05
Now 20% undervalued Over the last 90 days, the stock is up 1.7%. The fair value is estimated to be US$25.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 22% in a year. Earnings is forecast to grow by 90% in the next year. Reported Earnings • Apr 29
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: US$0.28. Revenue: US$27.9m (up 75% from 1Q 2021). Net income: US$5.61m (up 40% from 1Q 2021). Profit margin: 20% (down from 25% in 1Q 2021). Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 16%. Over the next year, revenue is forecast to grow 20%, compared to a 11% growth forecast for the industry in the US.