Key Points
- Director Ernst Bruderer sold 6,000 CoastalSouth Bancshares shares at an average price of $27.92, generating $167,520 and reducing his holdings by 14.59% to 35,131 shares.
- CoastalSouth reported quarterly EPS of $0.71, beating estimates of $0.59, while shares opened at $27.57 and were down 1.2%.
- The company increased its quarterly dividend from $0.05 to $0.06 per share; analysts maintain a “Moderate Buy” consensus with a $31.50 average price target, despite one recent “Strong Sell” rating.
CoastalSouth Bancshares, Inc. (NYSE:COSO - Get Free Report) Director Ernst Bruderer sold 6,000 shares of CoastalSouth Bancshares stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $27.92, for a total value of $167,520.00. Following the sale, the director owned 35,131 shares of the company's stock, valued at approximately $980,857.52. This represents a 14.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
CoastalSouth Bancshares Trading Down 1.2%
Shares of COSO stock opened at $27.57 on Tuesday. The firm has a 50-day moving average price of $27.11 and a 200 day moving average price of $25.89. CoastalSouth Bancshares, Inc. has a twelve month low of $20.80 and a twelve month high of $28.56. The company has a market capitalization of $329.61 million, a price-to-earnings ratio of 11.54 and a beta of 0.07. The company has a current ratio of 0.95, a quick ratio of 0.84 and a debt-to-equity ratio of 0.28.
CoastalSouth Bancshares (NYSE:COSO - Get Free Report) last released its earnings results on Monday, October 19th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.12. CoastalSouth Bancshares had a net margin of 20.56% and a return on equity of 11.20%. The company had revenue of $24.86 million for the quarter. Research analysts forecast that CoastalSouth Bancshares, Inc. will post 2.33 earnings per share for the current fiscal year.
CoastalSouth Bancshares Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Tuesday, November 10th will be given a $0.06 dividend. This is a boost from CoastalSouth Bancshares's previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, November 10th. CoastalSouth Bancshares's dividend payout ratio (DPR) is presently 10.04%.
Institutional Investors Weigh In On CoastalSouth Bancshares
A number of hedge funds and other institutional investors have recently made changes to their positions in COSO. Patriot Financial Partners GP II L.P. increased its stake in CoastalSouth Bancshares by 61.2% in the first quarter. Patriot Financial Partners GP II L.P. now owns 1,159,211 shares of the company's stock valued at $28,505,000 after purchasing an additional 440,000 shares during the last quarter. Mendon Capital Advisors Corp lifted its position in CoastalSouth Bancshares by 24.1% during the first quarter. Mendon Capital Advisors Corp now owns 329,743 shares of the company's stock worth $8,108,000 after buying an additional 63,955 shares during the period. North Reef Capital Management LP lifted its position in CoastalSouth Bancshares by 21.6% during the first quarter. North Reef Capital Management LP now owns 320,982 shares of the company's stock worth $7,893,000 after buying an additional 57,082 shares during the period. HB Wealth Management LLC boosted its stake in CoastalSouth Bancshares by 1.2% in the 1st quarter. HB Wealth Management LLC now owns 38,643 shares of the company's stock worth $950,000 after buying an additional 459 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in CoastalSouth Bancshares in the 2nd quarter worth about $574,000.
Analysts Set New Price Targets
Several equities analysts recently issued reports on the stock. Brean Capital assumed coverage on shares of CoastalSouth Bancshares in a research note on Tuesday, October 13th. They set a "buy" rating and a $33.00 price objective on the stock. Weiss Ratings upgraded shares of CoastalSouth Bancshares from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Wednesday, August 12th. Finally, Zacks Research cut shares of CoastalSouth Bancshares from a "hold" rating to a "strong sell" rating in a research note on Thursday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, CoastalSouth Bancshares has a consensus rating of "Moderate Buy" and a consensus price target of $31.50.
View Our Latest Research Report on COSO
About CoastalSouth Bancshares
(
Get Free Report)
CoastalSouth Bancshares, Inc is a bank holding company that operates through its wholly owned subsidiary, Coastal States Bank. The company provides banking services to individuals, businesses and commercial clients, with a focus on relationship-based community banking.
Its products and services include deposit accounts, commercial and consumer lending, residential mortgage lending, treasury management and other banking solutions. Coastal States Bank serves customers through branch locations and digital banking channels.
The company's operations are concentrated in the southeastern United States, including markets in coastal Georgia and South Carolina.
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