CoastalSouth Bancshares, Inc. (NYSE:COSO) Short Interest Down 36.1% in June

CoastalSouth Bancshares, Inc. (NYSE:COSO) saw a significant decline in short interest in June. As of June 30th, there was short interest totaling 72,171 shares, a decline of 36.1% from the June 15th total of 112,928 shares. Currently, 0.7% of the shares of the company are sold short. Based on an average daily volume of 236,373 shares, the days-to-cover ratio is presently 0.3 days.

CoastalSouth Bancshares Stock Down 1.2%

Shares of COSO stock traded down $0.34 during trading on Friday, hitting $27.04. The company had a trading volume of 19,268 shares, compared to its average volume of 104,141. The stock’s 50-day moving average is $26.22 and its two-hundred day moving average is $25.13. The stock has a market capitalization of $325.50 million and a price-to-earnings ratio of 12.29. CoastalSouth Bancshares has a 52 week low of $19.24 and a 52 week high of $28.02.

CoastalSouth Bancshares (NYSE:COSO) last announced its earnings results 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 company had revenue of $21.71 million for the quarter, compared to the consensus estimate of $22.10 million. CoastalSouth Bancshares had a net margin of 18.91% and a return on equity of 10.66%. On average, research analysts predict that CoastalSouth Bancshares will post 2.42 EPS for the current fiscal year.

Insider Activity

In related news, CFO Anthony P. Valduga sold 4,558 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $25.84, for a total transaction of $117,778.72. Following the sale, the chief financial officer directly owned 86,115 shares in the company, valued at approximately $2,225,211.60. The trade was a 5.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 15.11% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Patriot Financial Partners GP II L.P. increased its stake in CoastalSouth Bancshares by 61.2% in the first quarter. Patriot Financial Partners GP II L.P. now owns 1,159,211 shares of the company’s stock valued at $28,505,000 after acquiring an additional 440,000 shares during the last quarter. Fourthstone LLC lifted its stake in CoastalSouth Bancshares by 153.8% during the fourth quarter. Fourthstone LLC now owns 959,797 shares of the company’s stock worth $22,315,000 after purchasing an additional 581,656 shares during the last quarter. Alliancebernstein L.P. purchased a new position in shares of CoastalSouth Bancshares in the 3rd quarter worth about $10,972,000. Mendon Capital Advisors Corp purchased a new position in shares of CoastalSouth Bancshares in the 3rd quarter worth about $7,243,000. Finally, North Reef Capital Management LP boosted its holdings in shares of CoastalSouth Bancshares by 21.6% in 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 in the last quarter.

Analysts Set New Price Targets

A number of research firms have weighed in on COSO. Piper Sandler lifted their target price on CoastalSouth Bancshares from $29.00 to $30.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Weiss Ratings reissued a “buy (b+)” rating on shares of CoastalSouth Bancshares in a report on Friday, June 5th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, CoastalSouth Bancshares presently has an average rating of “Moderate Buy” and a consensus price target of $30.00.

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.