CoastalSouth Bancshares (NYSE:COSO) Rating Lowered to "Strong Sell" at Zacks Research

Key Points

• Zacks Research downgraded CoastalSouth Bancshares to “Strong Sell” from “Hold,” despite Weiss Ratings upgrading the stock to “Buy (A-).” MarketBeat’s analyst consensus remains “Moderate Buy” with a $30.00 target price.
• COSO shares opened at $26.65, with a market capitalization of approximately $318.5 million. The company’s latest quarterly earnings missed estimates, reporting $0.59 per share versus the $0.61 consensus forecast.
• Insider selling continued as Director Ernst Bruderer sold 2,000 shares for about $54,860; insiders have sold 5,000 shares worth $137,420 over the past 90 days.

CoastalSouth Bancshares (NYSE:COSO - Get Free Report) was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Thursday, Zacks reports.

Separately, Weiss Ratings upgraded shares of CoastalSouth Bancshares from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $30.00.

CoastalSouth Bancshares Trading Up 0.3%

Shares of COSO stock opened at $26.65 on Thursday. The firm has a fifty day moving average of $27.31 and a 200-day moving average of $26.21. The stock has a market cap of $318.49 million, a price-to-earnings ratio of 12.01 and a beta of -0.01. CoastalSouth Bancshares has a 52-week low of $20.80 and a 52-week high of $28.56. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.84 and a current ratio of 0.95.

CoastalSouth Bancshares (NYSE:COSO - Get Free Report) last issued its earnings results on Monday, July 20th. The company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.02). The business had revenue of $22.87 million for the quarter. CoastalSouth Bancshares had a net margin of 19.59% and a return on equity of 10.57%. On average, equities research analysts forecast that CoastalSouth Bancshares will post 2.33 earnings per share for the current fiscal year.

Insider Activity at CoastalSouth Bancshares

In other news, Director Ernst Bruderer sold 2,000 shares of the company's stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $27.43, for a total value of $54,860.00. Following the sale, the director owned 41,131 shares of the company's stock, valued at approximately $1,128,223.33. This represents a 4.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 5,000 shares of company stock valued at $137,420. 15.11% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CoastalSouth Bancshares

Several institutional investors have recently added to or reduced their stakes in COSO. HB Wealth Management LLC grew its stake in CoastalSouth Bancshares by 1.2% during the first 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. Bank of New York Mellon Corp increased its holdings in shares of CoastalSouth Bancshares by 2.5% during the first quarter. Bank of New York Mellon Corp now owns 20,591 shares of the company's stock worth $506,000 after buying an additional 503 shares in the last quarter. Sei Investments Co. raised its stake in shares of CoastalSouth Bancshares by 61.5% in the first quarter. Sei Investments Co. now owns 21,672 shares of the company's stock valued at $533,000 after acquiring an additional 8,249 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of CoastalSouth Bancshares in the second quarter valued at approximately $294,000. Finally, WINTON GROUP Ltd acquired a new position in shares of CoastalSouth Bancshares in the 2nd quarter worth approximately $314,000.

CoastalSouth Bancshares Company Profile

CoastalSouth Bancshares, Inc is a bank holding company that operates through its wholly owned subsidiary, Coastal States Bank. The company provides community banking services to individuals, families, businesses and organizations.

Coastal States Bank offers deposit accounts, commercial and residential real estate lending, business loans, consumer loans, treasury management, online and mobile banking, and other traditional financial services. Its activities are focused primarily on serving small and middle-market businesses, professionals and retail customers.

The company is based in Savannah, Georgia, and serves communities in coastal Georgia and South Carolina through its banking offices and digital channels.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.