CoastalSouth Bancshares (NYSE:COSO) Stock: Insider Ernst Bruderer Sells 6,000 Shares

CoastalSouth Bancshares, Inc. (NYSE:COSO) Director Ernst Bruderer sold 6,000 shares of the firm’s stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $27.92, for a total value of $167,520.00. Following the sale, the director owned 35,131 shares of the company’s stock, valued at $980,857.52. This represents a 14.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

CoastalSouth Bancshares Stock Up 0.9%

Shares of NYSE COSO opened at $27.84 on Wednesday. CoastalSouth Bancshares, Inc. has a 1 year low of $20.80 and a 1 year high of $28.56. The stock’s 50-day simple moving average is $27.11 and its 200-day simple moving average is $25.94.

CoastalSouth Bancshares (NYSE:COSO) last issued its quarterly earnings results on Monday, October 19th. The company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.12. The business had revenue of $24.86 million during the quarter. Research analysts forecast that CoastalSouth Bancshares, Inc. will post 2.33 earnings per share for the current fiscal year.

CoastalSouth Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 24th. Shareholders of record on Tuesday, November 10th will be given a $0.06 dividend. 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 positive change from CoastalSouth Bancshares’s previous quarterly dividend of $0.05.

Institutional Trading of CoastalSouth Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the company. Mendon Capital Advisors Corp lifted its holdings in CoastalSouth Bancshares by 24.1% during the 1st quarter. Mendon Capital Advisors Corp now owns 329,743 shares of the company’s stock worth $8,108,000 after buying an additional 63,955 shares during the last quarter. North Reef Capital Management LP grew its position 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 acquiring an additional 57,082 shares in the last quarter. Patriot Financial Partners GP II L.P. grew its position in shares of CoastalSouth Bancshares by 61.2% in the 1st quarter. Patriot Financial Partners GP II L.P. now owns 1,159,211 shares of the company’s stock worth $28,505,000 after acquiring an additional 440,000 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of CoastalSouth Bancshares in the 2nd quarter valued at approximately $574,000. Finally, WINTON GROUP Ltd bought a new stake in shares of CoastalSouth Bancshares in the 2nd quarter valued at approximately $314,000.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on COSO shares. Zacks Research raised shares of CoastalSouth Bancshares from a “strong sell” rating to a “hold” rating in a research report on Friday, October 23rd. Weiss Ratings raised shares of CoastalSouth Bancshares from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 12th. Finally, Brean Capital started coverage on shares of CoastalSouth Bancshares in a report on Tuesday, October 13th. They set a “buy” rating and a $33.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, CoastalSouth Bancshares currently has a consensus rating of “Buy” and a consensus price target of $31.50.

About CoastalSouth Bancshares

CoastalSouth Bancshares, Inc is a bank holding company that operates through its wholly owned subsidiary, Coastal States Bank. The company provides banking services to individuals, businesses and commercial clients, with a focus on relationship-based community banking.

Its products and services include deposit accounts, commercial and consumer lending, residential mortgage lending, treasury management and other banking solutions. Coastal States Bank serves customers through branch locations and digital banking channels.

The company’s operations are concentrated in the southeastern United States, including markets in coastal Georgia and South Carolina.