Elizabeth Park Capital Advisors Ltd. Sells 7,945 Shares of Coastal Financial Corporation $CCB

Elizabeth Park Capital Advisors Ltd. trimmed its stake in Coastal Financial Corporation (NASDAQ:CCB) by 16.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 39,311 shares of the company’s stock after selling 7,945 shares during the period. Coastal Financial accounts for about 3.4% of Elizabeth Park Capital Advisors Ltd.’s investment portfolio, making the stock its 4th largest position. Elizabeth Park Capital Advisors Ltd. owned approximately 0.26% of Coastal Financial worth $3,808,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in the stock. American Century Companies Inc. grew its holdings in Coastal Financial by 133.5% during the second quarter. American Century Companies Inc. now owns 481,933 shares of the company’s stock valued at $46,685,000 after purchasing an additional 275,500 shares during the last quarter. Azora Capital LP boosted its holdings in shares of Coastal Financial by 49.3% during the 1st quarter. Azora Capital LP now owns 594,142 shares of the company’s stock worth $53,716,000 after buying an additional 196,148 shares during the period. Driehaus Capital Management LLC grew its stake in Coastal Financial by 125.4% in the 1st quarter. Driehaus Capital Management LLC now owns 216,882 shares of the company’s stock valued at $19,608,000 after buying an additional 120,667 shares during the last quarter. Nuveen LLC bought a new position in Coastal Financial in the 1st quarter worth $7,871,000. Finally, First Trust Advisors LP lifted its position in Coastal Financial by 657.4% during the 2nd quarter. First Trust Advisors LP now owns 68,748 shares of the company’s stock worth $6,660,000 after acquiring an additional 59,671 shares during the last quarter. Institutional investors own 59.24% of the company’s stock.

Coastal Financial Trading Up 2.3%

Shares of CCB opened at $113.32 on Friday. The stock’s 50-day moving average price is $106.99 and its 200 day moving average price is $102.72. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of 35.86 and a beta of 0.89. Coastal Financial Corporation has a 12-month low of $73.80 and a 12-month high of $119.22.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). The firm had revenue of $52.89 million during the quarter, compared to the consensus estimate of $133.44 million. Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%. As a group, research analysts predict that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, September 29th. Weiss Ratings restated a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 1st. UBS Group set a $155.00 target price on Coastal Financial in a report on Friday. TD Cowen upped their price target on Coastal Financial from $140.00 to $155.00 and gave the stock a “buy” rating in a report on Friday. Finally, Hovde Group set a $126.00 price objective on Coastal Financial in a research report on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $125.17.

Insiders Place Their Bets

In other Coastal Financial news, CEO Eric M. Sprink sold 10,683 shares of the business’s stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $114.65, for a total value of $1,224,805.95. Following the sale, the chief executive officer owned 211,011 shares of the company’s stock, valued at $24,192,411.15. The trade was a 4.82% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Joel G. Edwards sold 9,425 shares of the stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $114.67, for a total transaction of $1,080,764.75. Following the completion of the transaction, the chief financial officer owned 12,762 shares of the company’s stock, valued at approximately $1,463,418.54. This represents a 42.48% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 64,958 shares of company stock worth $7,210,220 over the last 90 days. Corporate insiders own 14.10% of the company’s stock.

Coastal Financial Company Profile

Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank that provides various banking products and services to small and medium-sized businesses, professionals, and individuals in the Puget Sound region in Washington. It accepts a range of deposit products, including demand and savings accounts, time deposits, and money market accounts.