CoastalSouth Bancshares, Inc. (NYSE:COSO) Declares Dividend Increase - $0.06 Per Share

Key Points

• CoastalSouth Bancshares raised its quarterly dividend 20% to $0.06 per share, payable November 24 to shareholders of record November 10. The annualized dividend is $0.24, implying a 0.9% yield.
• The company reported quarterly EPS of $0.71, beating analysts’ consensus estimate of $0.59, while revenue reached $24.86 million.
• COSO shares opened at $26.47, down 0.7%, while several institutional investors increased their holdings; insiders, however, have sold 5,000 shares over the past 90 days.

CoastalSouth Bancshares, Inc. (NYSE:COSO - Get Free Report) announced a quarterly dividend on Monday, October 19th. Investors of record on Tuesday, November 10th will be paid a dividend of $0.06 per share on Tuesday, November 24th. 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. This is a 20.0% increase from CoastalSouth Bancshares's previous quarterly dividend of $0.05.

CoastalSouth Bancshares Stock Down 0.7%

COSO stock opened at $26.47 on Tuesday. The firm has a market cap of $316.28 million, a PE ratio of 12.01 and a beta of 0.07. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.84 and a current ratio of 0.95. The firm's 50 day moving average price is $27.14 and its 200-day moving average price is $26.52. CoastalSouth Bancshares has a one year low of $20.80 and a one year high of $28.56.

CoastalSouth Bancshares (NYSE:COSO - Get Free Report) last released its quarterly earnings results on Monday, October 19th. The company reported $0.71 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.12. CoastalSouth Bancshares had a return on equity of 10.57% and a net margin of 19.59%. The company had revenue of $24.86 million for the quarter. On average, equities research analysts anticipate that CoastalSouth Bancshares will post 2.33 EPS for the current year.

Insider Activity at CoastalSouth Bancshares

In related news, Director Ernst Bruderer sold 2,000 shares of the business's stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $27.43, for a total value of $54,860.00. Following the transaction, the director owned 41,131 shares in the company, valued at $1,128,223.33. The trade was a 4.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders have sold 5,000 shares of company stock valued at $137,420. Insiders own 15.11% of the company's stock.

Institutional Investors Weigh In On CoastalSouth Bancshares

Hedge funds have recently added to or reduced their stakes in the company. Mendon Capital Advisors Corp raised 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 acquiring an additional 63,955 shares during the last quarter. North Reef Capital Management LP boosted its stake in shares of CoastalSouth Bancshares by 21.6% during the 1st quarter. North Reef Capital Management LP now owns 320,982 shares of the company's stock worth $7,893,000 after purchasing an additional 57,082 shares during the last quarter. Patriot Financial Partners GP II L.P. grew its holdings in shares of CoastalSouth Bancshares by 61.2% during the first quarter. Patriot Financial Partners GP II L.P. now owns 1,159,211 shares of the company's stock worth $28,505,000 after buying an additional 440,000 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of CoastalSouth Bancshares during the second quarter worth about $574,000. Finally, WINTON GROUP Ltd acquired a new position in shares of CoastalSouth Bancshares in the second quarter valued at approximately $314,000.

About CoastalSouth Bancshares

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 nonprofit organizations.

Coastal States Bank offers a range of deposit products, commercial and consumer lending, mortgage lending, cash-management and treasury services, online and mobile banking, and other traditional banking solutions. Its lending activities include commercial real estate, business, residential mortgage and consumer loans.

Founded in 2003, CoastalSouth Bancshares serves communities in coastal South Carolina and Georgia, including the Hilton Head Island and Savannah markets.

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