North Reef Capital Management LP Acquires 57,082 Shares of CoastalSouth Bancshares, Inc. $COSO

Key Points

• North Reef Capital Management increased its stake in CoastalSouth Bancshares by 21.6% in the first quarter, buying 57,082 additional shares and bringing its total holdings to 320,982 shares worth about $7.9 million.
• CoastalSouth Bancshares saw mixed analyst activity: Weiss Ratings reaffirmed a buy rating, Piper Sandler raised its price target to $30, and the stock currently carries a consensus Moderate Buy rating with a $30 target.
• The company reported Q2 earnings of $0.59 per share, missing estimates by $0.02, while also announcing a quarterly dividend of $0.05 per share payable on August 27 for a 0.7% annualized yield.

North Reef Capital Management LP raised its holdings in shares of CoastalSouth Bancshares, Inc. (NYSE:COSO - Free Report) by 21.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 320,982 shares of the company's stock after buying an additional 57,082 shares during the quarter. North Reef Capital Management LP owned about 2.67% of CoastalSouth Bancshares worth $7,893,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Sei Investments Co. raised its holdings in shares of CoastalSouth Bancshares by 61.5% in the 1st 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 in 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 purchasing an additional 440,000 shares in the last quarter. Bank of New York Mellon Corp grew 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 purchasing an additional 503 shares in the last quarter. HB Wealth Management LLC increased its position in shares of CoastalSouth Bancshares by 1.2% in the first quarter. HB Wealth Management LLC now owns 38,643 shares of the company's stock worth $950,000 after purchasing an additional 459 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of CoastalSouth Bancshares in the fourth quarter worth approximately $241,000.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a "buy (b+)" rating on shares of CoastalSouth Bancshares in a research note on Friday, June 5th. Piper Sandler upped their target price on shares of CoastalSouth Bancshares from $29.00 to $30.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 28th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $30.00.

Insider Transactions at CoastalSouth Bancshares

In other news, CFO Anthony P. Valduga sold 4,558 shares of the firm's stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $25.84, for a total transaction of $117,778.72. Following the transaction, the chief financial officer directly owned 86,115 shares of the company's stock, valued at approximately $2,225,211.60. This trade represents a 5.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 15.11% of the stock is currently owned by insiders.

CoastalSouth Bancshares Stock Performance

Shares of COSO opened at $27.08 on Friday. The firm has a market cap of $326.04 million and a price-to-earnings ratio of 12.20. CoastalSouth Bancshares, Inc. has a fifty-two week low of $19.24 and a fifty-two week high of $28.02. The firm has a 50 day moving average price of $26.38 and a 200-day moving average price of $25.27.

CoastalSouth Bancshares (NYSE:COSO - Get Free Report) last released its earnings results on Monday, July 20th. The company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.02). CoastalSouth Bancshares had a net margin of 19.59% and a return on equity of 10.69%. The business had revenue of $22.87 million for the quarter. As a group, equities research analysts predict that CoastalSouth Bancshares, Inc. will post 2.42 earnings per share for the current year.

CoastalSouth Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.7%. The ex-dividend date is Thursday, August 13th. CoastalSouth Bancshares's dividend payout ratio is presently 9.01%.

About CoastalSouth Bancshares

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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