CoastalSouth Bancshares (NYSE:COSO) Trading 1% Higher – Here’s What Happened

CoastalSouth Bancshares, Inc. (NYSE:COSO) shot up 1% during mid-day trading on Tuesday . The stock traded as high as $25.79 and last traded at $25.73. 54,184 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 66,926 shares. The stock had previously closed at $25.48.

Analysts Set New Price Targets

Several brokerages have issued reports on COSO. Wall Street Zen raised shares of CoastalSouth Bancshares from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. Piper Sandler raised their price objective on shares of CoastalSouth Bancshares from $29.00 to $30.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.00.

CoastalSouth Bancshares Stock Up 1.0%

The firm has a market cap of $309.79 million and a P/E ratio of 11.70. The company’s 50 day simple moving average is $25.25 and its 200-day simple moving average is $24.28.

CoastalSouth Bancshares (NYSE:COSO) last announced its quarterly earnings data on Monday, April 20th. The company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.05). The firm had revenue of $21.71 million during the quarter, compared to the consensus estimate of $22.10 million. CoastalSouth Bancshares had a return on equity of 10.66% and a net margin of 18.91%. Equities research analysts predict that CoastalSouth Bancshares, Inc. will post 2.42 EPS for the current year.

CoastalSouth Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Thursday, May 14th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Thursday, May 14th. CoastalSouth Bancshares’s payout ratio is currently 9.09%.

Insider Buying and Selling at CoastalSouth Bancshares

In other news, CFO Anthony P. Valduga sold 4,558 shares of CoastalSouth Bancshares stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $25.84, for a total transaction of $117,778.72. Following the completion of the sale, the chief financial officer owned 86,115 shares of the company’s stock, valued at approximately $2,225,211.60. The trade was a 5.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 15.11% of the company’s stock.

Institutional Trading of CoastalSouth Bancshares

Several institutional investors and hedge funds have recently modified their holdings of COSO. New York State Common Retirement Fund bought a new stake in shares of CoastalSouth Bancshares during the third quarter valued at approximately $41,000. ELCO Management Co. LLC bought a new stake in shares of CoastalSouth Bancshares during the third quarter valued at approximately $242,000. Rhumbline Advisers bought a new stake in shares of CoastalSouth Bancshares during the third quarter valued at approximately $91,000. JPMorgan Chase & Co. bought a new stake in shares of CoastalSouth Bancshares during the third quarter valued at approximately $67,000. Finally, Vanguard Group Inc. bought a new stake in shares of CoastalSouth Bancshares during the third quarter valued at approximately $3,212,000.

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.