MYRTLE BEACH, S.C. - South Atlantic Bancshares, Inc. (OTCQX: SABK), the parent company of South Atlantic Bank, has declared a quarterly cash dividend of $0.10 per share. This dividend is scheduled to be paid on February 28, 2024, to shareholders of record by the close of business on February 14, 2024.
The announcement marks the company's second consecutive cash dividend, following its inaugural payment in the first quarter of 2023. Despite a year that was described as challenging for the banking industry, Chairman and CEO K. Wayne Wicker expressed satisfaction with the company's performance and gratitude towards shareholders for their continued support.
South Atlantic Bancshares, Inc. operates as a registered bank holding company based in Myrtle Beach, South Carolina. Its subsidiary, South Atlantic Bank, offers a range of banking services to individuals and businesses along the South Carolina coast, with a network of twelve offices across the region. The bank provides various consumer and commercial banking products, including mortgage and treasury management services.
InvestingPro Insights
In light of South Atlantic Bancshares, Inc.'s recent dividend announcement, a glance at the latest InvestingPro data and tips can provide investors with a deeper understanding of the company's financial position. With a market capitalization of $95.6 million and a price-to-earnings (P/E) ratio of 9.54 for the last twelve months as of Q4 2023, the company's valuation metrics are noteworthy. Despite a slight revenue decline of 1.99% over the last twelve months, the company maintains a solid operating income margin of 27.31%, underscoring its efficiency in generating profits from its operations.
One InvestingPro Tip suggests caution as the stock's Relative Strength Index (RSI) indicates it may be in overbought territory. On the positive side, another tip highlights that the company's liquid assets exceed its short-term obligations, providing some financial flexibility. However, it's important to note that the company was not profitable over the last twelve months and does not pay a dividend to shareholders, which could be significant factors for income-focused investors.
For those looking to delve deeper into South Atlantic Bancshares, Inc.'s performance and potential investment opportunities, InvestingPro offers a wealth of additional tips. Currently, there are more tips available to subscribers, who can access them by visiting https://www.investing.com/pro/SABK. The InvestingPro subscription is now on a special New Year sale with a discount of up to 50%. Use coupon code SFY24 to get an additional 10% off a 2-year InvestingPro+ subscription, or SFY241 to get an additional 10% off a 1-year InvestingPro+ subscription, enhancing the value of this investment research tool.
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