South Atlantic Bancshares, Inc. (OTCMKTS:SABK) Short Interest Down 62.5% in May

South Atlantic Bancshares, Inc. (OTCMKTS:SABK – Get Rating) was the target of a large drop in short interest during the month of May. As of May 15th, there was short interest totalling 300 shares, a drop of 62.5% from the April 30th total of 800 shares. Based on an average daily volume of 3,700 shares, the short-interest ratio is presently 0.1 days.

Wall Street Analyst Weigh In

Separately, Janney Montgomery Scott lowered South Atlantic Bancshares from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $16.00 to $14.00 in a research report on Monday, May 1st.

South Atlantic Bancshares Stock Performance

Shares of OTCMKTS SABK traded down $0.06 during trading hours on Friday, hitting $11.39. The company’s stock had a trading volume of 2,729 shares, compared to its average volume of 3,158. The stock has a market cap of $86.11 million, a price-to-earnings ratio of 6.67 and a beta of 0.48. South Atlantic Bancshares has a 12 month low of $11.00 and a 12 month high of $15.87. The business has a 50-day simple moving average of $12.50 and a 200-day simple moving average of $13.31.

South Atlantic Bancshares (OTCMKTS:SABK – Get Rating) last posted its earnings results on Tuesday, April 25th. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.03). The company had revenue of $12.28 million during the quarter, compared to the consensus estimate of $13.40 million. On average, equities research analysts forecast that South Atlantic Bancshares will post 1.39 EPS for the current year.

South Atlantic Bancshares Company Profile

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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.