CoastalSouth Bancshares, Inc. (NYSE:COSO) Short Interest Up 59.1% in March

Key Points

• Short interest surged 59.1% in March to 79,795 shares, now equal to 0.8% of shares outstanding and a days-to-cover ratio of 1.2.
• CoastalSouth missed quarterly EPS ($0.58 vs. $0.62 consensus), and the stock recently traded at $24.14 with a market cap of $286 million and a P/E of 14.28.
• The company pays a $0.05 quarterly dividend (about a 0.8% yield), several institutional investors added or initiated sizable stakes, and analysts carry a consensus "Moderate Buy" with an average price target of $29.00.

CoastalSouth Bancshares, Inc. (NYSE:COSO - Get Free Report) saw a large growth in short interest in March. As of March 13th, there was short interest totaling 79,795 shares, a growth of 59.1% from the February 26th total of 50,140 shares. Based on an average daily trading volume, of 67,215 shares, the days-to-cover ratio is currently 1.2 days. Currently, 0.8% of the shares of the stock are short sold.

CoastalSouth Bancshares Stock Performance

Shares of NYSE:COSO traded down $0.03 during trading hours on Friday, hitting $24.14. 38,276 shares of the company's stock traded hands, compared to its average volume of 104,493. The company's fifty day simple moving average is $24.47. The stock has a market cap of $286.00 million and a P/E ratio of 14.28. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.84 and a current ratio of 0.93. CoastalSouth Bancshares has a 52 week low of $19.24 and a 52 week high of $26.29.

CoastalSouth Bancshares (NYSE:COSO - Get Free Report) last released its earnings results on Tuesday, January 20th. The company reported $0.58 EPS for the quarter, missing analysts' consensus estimates of $0.62 by ($0.04). The company had revenue of $22.16 million for the quarter, compared to analyst estimates of $22.30 million.

CoastalSouth Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Thursday, February 12th were issued a $0.05 dividend. The ex-dividend date of this dividend was Thursday, February 12th. This represents a $0.20 annualized dividend and a dividend yield of 0.8%. CoastalSouth Bancshares's dividend payout ratio is currently 11.83%.

Institutional Investors Weigh In On CoastalSouth Bancshares

Several large investors have recently modified their holdings of COSO. Endeavour Capital Advisors Inc. acquired a new stake in shares of CoastalSouth Bancshares during the third quarter worth $7,349,000. Bleakley Financial Group LLC acquired a new position in shares of CoastalSouth Bancshares in the 3rd quarter valued at $1,921,000. Patriot Financial Partners GP II L.P. acquired a new position in shares of CoastalSouth Bancshares in the 3rd quarter valued at $15,686,000. KLCM Advisors Inc. increased its stake in CoastalSouth Bancshares by 144.2% in the 3rd quarter. KLCM Advisors Inc. now owns 90,474 shares of the company's stock worth $1,973,000 after purchasing an additional 53,428 shares in the last quarter. Finally, North Reef Capital Management LP purchased a new position in CoastalSouth Bancshares in the 3rd quarter worth about $4,812,000.

Analyst Ratings Changes

COSO has been the subject of several recent analyst reports. Zacks Research upgraded shares of CoastalSouth Bancshares from a "strong sell" rating to a "hold" rating in a report on Friday, January 2nd. Piper Sandler upped their target price on CoastalSouth Bancshares from $27.00 to $29.00 and gave the stock an "overweight" rating in a research report on Thursday, February 5th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of CoastalSouth Bancshares in a research note on Thursday, January 22nd. Finally, Wall Street Zen upgraded CoastalSouth Bancshares from a "sell" rating to a "hold" rating in a research report on Sunday, March 8th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $29.00.

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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