South Atlantic Bancshares (OTCMKTS:SABK) Rating Upgraded to Maintain at Zacks Investment Research

South Atlantic Banking Stocks (OTCMKTS:SABK) has been updated by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Friday, reports.

According to Zacks, “South Atlantic Bancshares, Inc. operates as the banking holding company of South Atlantic Bank, which provides personal and business banking products and services primarily in Horry, Georgetown, and Charleston counties, South Carolina. The company offers chequing, cash savings and market accounts, certificates of deposit, individual retirement accounts, health savings accounts and residential first mortgages, secured loans, home equity lines of credit. , auto and recreational vehicle loans, overdraft lines of credit, revolving lines of credit as well as term loans for equipment financing. It also provides treasury, remote deposit collection and merchant card services; telephone and online banking, ATM services, debit and credit cards South Atlantic Bancshares, Inc. is based in Myr Island Beach, South Carolina. “

Separately, Stephens downgraded shares of South Atlantic Bancshares from an “equal weight” rating to an “overweight” rating and raised his price target for the stock from $18.00 to $18.50 in a Monday, January 24 report.

SABK stock opened at $15.95 on Friday. South Atlantic Bancshares has a fifty-two week low of $11.27 and a fifty-two week high of $16.00. The company’s 50-day simple moving average is $15.55 and its 200-day simple moving average is $14.99. The stock has a market capitalization of $120.87 million, a PE ratio of 11.31 and a beta of 0.80.

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South Atlantic Bancshares (OTCMKTS:SABK) last released quarterly earnings data on Wednesday, January 19. The company reported earnings per share of $0.29 for the quarter, missing the Zacks consensus estimate of $0.31 per ($0.02). The company posted revenue of $11.12 million for the quarter, versus analyst estimates of $10.90 million. On average, analysts expect South Atlantic Bancshares to post earnings per share of 0.97 for the current fiscal year.

South Atlantic Bancshares Company Profile

South Atlantic Bancshares, Inc operates as a bank holding company for South Atlantic Bank which provides retail and business banking products and services in South Carolina. The company operates eleven offices in Myrtle Beach, Carolina Forest, North Myrtle Beach, Murrells Inlet, Pawleys Island, Georgetown, Mount Pleasant, Charleston, Blufton and Hilton Head Island, South Carolina.

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