CoastalSouth Bancshares, Inc. (NYSE:COSO) Short Interest Down 36.1% in June

Key Points

• Short interest in CoastalSouth Bancshares fell sharply in June, dropping 36.1% to 72,171 shares as of June 30. That equals about 0.7% of shares outstanding and a very low short-interest ratio of 0.3 days.
• Insiders have been active recently: CFO Anthony P. Valduga sold 4,558 shares in May at an average price of $25.84, reducing his stake by about 5.03%. Corporate insiders still own 15.11% of the company.
• Analysts remain cautiously positive, with two Buy ratings and one Hold rating, plus a consensus “Moderate Buy” and an average price target of $30.00. Piper Sandler recently raised its target to $30 from $29.

CoastalSouth Bancshares, Inc. (NYSE:COSO - Get Free Report) was the target of a significant decline in short interest during the month of June. As of June 30th, there was short interest totaling 72,171 shares, a decline of 36.1% from the June 15th total of 112,928 shares. Based on an average daily volume of 236,373 shares, the short-interest ratio is currently 0.3 days. Approximately 0.7% of the shares of the company are sold short.

Insiders Place Their Bets

In other CoastalSouth Bancshares news, CFO Anthony P. Valduga sold 4,558 shares of the company's stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $25.84, for a total value of $117,778.72. Following the completion of the transaction, the chief financial officer owned 86,115 shares in the company, valued at $2,225,211.60. This represents a 5.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 15.11% of the company's stock.

Hedge Funds Weigh In On CoastalSouth Bancshares

Several large investors have recently modified their holdings of the business. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of CoastalSouth Bancshares in the fourth quarter valued at approximately $40,000. BNP Paribas Financial Markets bought a new position in CoastalSouth Bancshares in the 3rd quarter worth approximately $47,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in CoastalSouth Bancshares in the 3rd quarter valued at approximately $47,000. JPMorgan Chase & Co. purchased a new position in CoastalSouth Bancshares in the 3rd quarter valued at approximately $67,000. Finally, Rhumbline Advisers bought a new stake in CoastalSouth Bancshares during the 3rd quarter valued at $91,000.

Analysts Set New Price Targets

COSO has been the topic of a number of research analyst reports. Weiss Ratings reissued a "buy (b+)" rating on shares of CoastalSouth Bancshares in a report on Friday, June 5th. Piper Sandler raised their price objective on shares of CoastalSouth Bancshares from $29.00 to $30.00 and gave the stock an "overweight" rating in a report on Tuesday, April 28th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $30.00.

CoastalSouth Bancshares Price Performance

Shares of NYSE COSO traded down $0.34 during trading on Friday, reaching $27.04. 19,268 shares of the stock traded hands, compared to its average volume of 104,141. The stock has a market capitalization of $325.50 million and a P/E ratio of 12.29. CoastalSouth Bancshares has a 52-week low of $19.24 and a 52-week high of $28.02. The company has a 50-day moving average of $26.22 and a 200-day moving average of $25.13.

CoastalSouth Bancshares (NYSE:COSO - Get Free Report) last announced its quarterly earnings data on Monday, April 20th. The company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.05). CoastalSouth Bancshares had a return on equity of 10.66% and a net margin of 18.91%.The firm had revenue of $21.71 million during the quarter, compared to analysts' expectations of $22.10 million. Analysts expect that CoastalSouth Bancshares will post 2.42 earnings per share for the current fiscal year.

CoastalSouth Bancshares Company Profile

CoastalSouth Bancshares, Inc is a bank holding company headquartered in Atlanta, Georgia. Through our wholly owned subsidiary, Coastal States Bank, a South Carolina state-chartered commercial bank, we offer a full range of banking products and services designed for businesses, real estate professionals, and consumers looking for a deep and meaningful relationship with their bank. Today, we have a community banking presence in some of the fastest growing and most business-friendly markets in the U.S., namely the Lowcountry of South Carolina (Hilton Head Island, Bluffton, and Beaufort), nearby Savannah, Georgia, and the Atlanta, Georgia market.

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