South Atlantic Bancshares (OTCMKTS:SABK) Shares Up 1.9% – Here’s Why

Shares of South Atlantic Bancshares, Inc. (OTCMKTS:SABK) were up 1.9% during mid-day trading on Tuesday . The company traded as high as $15.45 and last traded at $15.45. Approximately 2,200 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 7,618 shares. The stock had previously closed at $15.16.

Analysts Set New Price Targets

Separately, Janney Montgomery Scott upgraded South Atlantic Bancshares from a “neutral” rating to a “buy” rating and set a $19.00 target price for the company in a research report on Tuesday, December 3rd.

South Atlantic Bancshares Price Performance

The company has a fifty day moving average price of $15.28 and a 200 day moving average price of $14.16. The company has a market cap of $116.93 million, a PE ratio of 12.98 and a beta of 0.39.

South Atlantic Bancshares (OTCMKTS:SABK) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. The company had revenue of $24.51 million during the quarter, compared to the consensus estimate of $12.30 million. As a group, sell-side analysts predict that South Atlantic Bancshares, Inc. will post 1.35 EPS for the current fiscal year.

About South Atlantic Bancshares

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.