CoastalSouth Bancshares (NYSE:COSO) reported its quarterly earnings on January 2, 2024, revealing an earnings per share (EPS) of $0.58. This figure fell short of analysts’ expectations, which had estimated an EPS of $0.62, missing the consensus by $0.04, according to Zacks Investment Research.
In response to the earnings announcement, shares of CoastalSouth Bancshares experienced a decline of 0.7%, trading down $0.17 to reach $23.73. The trading volume for the day was 44,237 shares, notably lower than the average volume of 66,361 shares. The company’s market capitalization stands at $284.29 million, with a price-to-earnings (PE) ratio of 21.38.
Financial Metrics and Analyst Ratings
CoastalSouth Bancshares maintains a debt-to-equity ratio of 0.10, a quick ratio of 0.80, and a current ratio of 0.92. The stock has demonstrated volatility over the past year, with a low of $19.24 and a high of $25.56. The 50-day simple moving average currently sits at $23.02.
Several analysts have recently reassessed their ratings on CoastalSouth Bancshares. On January 2, Zacks upgraded the company from a “strong sell” to a “hold” rating. Additionally, Wall Street Zen elevated its rating from “sell” to “hold” on January 10. Weiss Ratings also initiated coverage with a “buy (b)” rating on October 25, 2023. Currently, one analyst rates the stock as a Buy, while another has issued a Hold rating, resulting in a consensus rating of “Moderate Buy,” according to MarketBeat.com.
Institutional Investor Activity
Recent activities among institutional investors indicate growing interest in CoastalSouth Bancshares. During the third quarter, Millennium Management LLC acquired a new position valued at approximately $432,000. Other notable transactions include MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd., which purchased shares worth about $47,000, and Bank of America Corp DE, acquiring a stake valued at $147,000.
Additionally, AllianceBernstein L.P. made a significant investment of approximately $10.97 million, while Mendon Capital Advisors Corp purchased shares worth about $7.24 million. These moves reflect a strategic interest from institutional players in CoastalSouth Bancshares, especially following the recent earnings report.
CoastalSouth Bancshares, headquartered in Atlanta, Georgia, operates through its wholly-owned subsidiary, Coastal States Bank. The bank specializes in offering a full range of products and services tailored for businesses, real estate professionals, and consumers, focusing on building lasting relationships within rapidly growing markets such as South Carolina’s Lowcountry and the Atlanta metropolitan area.
