Even. Perhaps better to supply Ellipsis (App-6): "[unto] the People", or "[to be]. People". See the Structure, and Compare Psalms 47:4.
shields. Put by Figure of speech Metonymy (of Effect), for princes (in preceding line), or, for defenses in general Compare Psalms 89:18 (margin) and Hosea 4:18 (margin)
exalted. Compare Psalms 47:5. This is the object of the Psalm connected with 46 by the Selah in Psalms 46:11.