Patriot Financial Partners GP II L.P. Buys 440,000 Shares of CoastalSouth Bancshares, Inc. $COSO

Key Points

• Patriot Financial Partners GP II L.P. increased its stake in CoastalSouth Bancshares by 61.2% in Q1, buying 440,000 additional shares and bringing its total to 1,159,211 shares, or about 9.78% of the company.
• CoastalSouth Bancshares reported mixed quarterly results, with EPS of $0.51 missing expectations of $0.56 and revenue of $21.71 million coming in slightly below estimates.
• Despite the earnings miss, analysts remain generally positive on the stock: the consensus rating is “Moderate Buy,” with an average price target of $30.00, while the shares recently traded around $27.04.

Patriot Financial Partners GP II L.P. lifted its stake in CoastalSouth Bancshares, Inc. (NYSE:COSO - Free Report) by 61.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,159,211 shares of the company's stock after purchasing an additional 440,000 shares during the period. CoastalSouth Bancshares comprises about 7.3% of Patriot Financial Partners GP II L.P.'s holdings, making the stock its 7th largest holding. Patriot Financial Partners GP II L.P. owned about 9.78% of CoastalSouth Bancshares worth $28,505,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of COSO. Bank of New York Mellon Corp increased its holdings in CoastalSouth Bancshares by 2.5% during the 1st 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 during the period. HB Wealth Management LLC grew its position in shares of CoastalSouth Bancshares by 1.2% during the first quarter. HB Wealth Management LLC now owns 38,643 shares of the company's stock worth $950,000 after buying an additional 459 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of CoastalSouth Bancshares during the fourth quarter worth about $241,000. North Reef Capital Management LP increased its stake in shares of CoastalSouth Bancshares by 19.6% during the fourth quarter. North Reef Capital Management LP now owns 263,900 shares of the company's stock worth $6,136,000 after buying an additional 43,281 shares during the period. Finally, Barclays PLC raised its holdings in CoastalSouth Bancshares by 82.0% in the fourth quarter. Barclays PLC now owns 11,971 shares of the company's stock valued at $278,000 after acquiring an additional 5,392 shares in the last quarter.

Insider Buying and Selling at CoastalSouth Bancshares

In related news, CFO Anthony P. Valduga sold 4,558 shares of CoastalSouth Bancshares stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $25.84, for a total value of $117,778.72. Following the transaction, the chief financial officer directly owned 86,115 shares in the company, valued at $2,225,211.60. This trade represents a 5.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 15.11% of the stock is currently owned by corporate insiders.

CoastalSouth Bancshares Stock Down 1.2%

COSO stock opened at $27.04 on Friday. The business has a 50 day moving average price of $26.25 and a 200 day moving average price of $25.15. The stock has a market cap of $325.60 million and a price-to-earnings ratio of 12.29. CoastalSouth Bancshares, Inc. has a fifty-two week low of $19.24 and a fifty-two week high of $28.02.

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Weiss Ratings reiterated a "buy (b+)" rating on shares of CoastalSouth Bancshares in a research note on Friday, June 5th. Piper Sandler raised their price objective on shares of CoastalSouth Bancshares from $29.00 to $30.00 and gave the company an "overweight" rating in a report on Tuesday, April 28th. Two equities research 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, CoastalSouth Bancshares presently has an average rating of "Moderate Buy" and an average price target of $30.00.

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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