Short Interest in South Atlantic Bancshares, Inc. (OTCMKTS:SABK) Declines By 69.2%

South Atlantic Bancshares, Inc. (OTCMKTS:SABKGet Rating) was the recipient of a significant drop in short interest in April. As of April 30th, there was short interest totalling 400 shares, a drop of 69.2% from the April 15th total of 1,300 shares. Based on an average daily volume of 10,900 shares, the days-to-cover ratio is presently 0.0 days.

OTCMKTS:SABK traded down $0.01 during mid-day trading on Thursday, hitting $14.99. 10,166 shares of the stock were exchanged, compared to its average volume of 4,246. The stock has a market capitalization of $113.80 million, a price-to-earnings ratio of 12.39 and a beta of 0.68. The firm’s 50-day simple moving average is $15.92 and its 200 day simple moving average is $15.67. South Atlantic Bancshares has a fifty-two week low of $13.29 and a fifty-two week high of $16.50.

South Atlantic Bancshares (OTCMKTS:SABKGet Rating) last released its quarterly earnings results on Tuesday, April 19th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.05. As a group, equities analysts anticipate that South Atlantic Bancshares will post 1.13 EPS for the current fiscal year.

A number of research firms have weighed in on SABK. Zacks Investment Research upgraded South Atlantic Bancshares from a “hold” rating to a “strong-buy” rating and set a $19.00 price target for the company in a research note on Tuesday, April 26th. Stephens upgraded South Atlantic Bancshares from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $18.00 to $18.50 in a research note on Monday, January 24th.

About South Atlantic Bancshares (Get Rating)

South Atlantic Bancshares, Inc operates as the bank holding company for South Atlantic Bank that provides consumer and commercial banking products and services to individuals, small businesses, and corporations in South Carolina. The company offers checking, money market, and saving accounts, as well as certificate of deposit, individual retirement, and health saving accounts; personal, auto, and recreation loans, as well as home equity and ready reserve overdraft line of credits, and commercial lending products; and credit cards.

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