CoastalSouth Bancshares (NYSE:COSO) Announces Earnings Results

Key Points

• CoastalSouth Bancshares reported quarterly earnings of $0.59 per share, which missed analysts’ estimate of $0.61 by $0.02.
• The stock traded lower on the day after the announcement, falling to $26.77, with volume below its average and a market cap of about $322.25 million.
• Wall Street sentiment remains fairly positive, with a Moderate Buy consensus and an average price target of $30.00, while insiders recently saw some selling activity from the CFO.

CoastalSouth Bancshares (NYSE:COSO - Get Free Report) announced its quarterly earnings data on Monday. The company reported $0.59 earnings per share for the quarter, missing analysts' consensus estimates of $0.61 by ($0.02), Zacks reports. CoastalSouth Bancshares had a return on equity of 10.66% and a net margin of 18.91%.

CoastalSouth Bancshares Price Performance

NYSE COSO traded down $0.29 during mid-day trading on Monday, reaching $26.77. The stock had a trading volume of 50,359 shares, compared to its average volume of 104,199. The stock has a market cap of $322.25 million and a PE ratio of 12.17. CoastalSouth Bancshares has a 1 year low of $19.24 and a 1 year high of $28.02. The company has a fifty day moving average price of $26.25 and a 200 day moving average price of $25.16.

Wall Street Analyst Weigh In

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

Insider Activity at CoastalSouth Bancshares

In related news, CFO Anthony P. Valduga sold 4,558 shares of CoastalSouth Bancshares stock in a transaction dated 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 sale, the chief financial officer directly owned 86,115 shares in the company, valued at approximately $2,225,211.60. This trade represents a 5.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.11% of the stock is owned by company insiders.

Hedge Funds Weigh In On CoastalSouth Bancshares

A number of hedge funds have recently bought and sold shares of the business. Patriot Financial Partners GP II L.P. purchased a new stake in shares of CoastalSouth Bancshares during the 3rd quarter valued at about $24,256,000. Fourthstone LLC grew its stake in shares of CoastalSouth Bancshares by 153.8% in the fourth quarter. Fourthstone LLC now owns 959,797 shares of the company's stock worth $22,315,000 after acquiring an additional 581,656 shares during the period. Alliancebernstein L.P. purchased a new position in shares of CoastalSouth Bancshares during the third quarter valued at approximately $10,972,000. Mendon Capital Advisors Corp purchased a new position in shares of CoastalSouth Bancshares during the third quarter valued at approximately $7,243,000. Finally, North Reef Capital Management LP lifted its position in CoastalSouth Bancshares by 19.6% during the fourth quarter. North Reef Capital Management LP now owns 263,900 shares of the company's stock valued at $6,136,000 after purchasing an additional 43,281 shares during the period.

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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