Coastal Financial Corporation $CCB Holdings Boosted by Azora Capital LP

Azora Capital LP grew its stake in shares of Coastal Financial Corporation (NASDAQ:CCB) by 26.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 751,098 shares of the company’s stock after purchasing an additional 156,956 shares during the quarter. Coastal Financial makes up 3.3% of Azora Capital LP’s portfolio, making the stock its 12th largest holding. Azora Capital LP owned about 4.97% of Coastal Financial worth $72,759,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in CCB. Vanguard Group Inc. increased its position in Coastal Financial by 7.9% in the first quarter. Vanguard Group Inc. now owns 739,322 shares of the company’s stock worth $66,842,000 after buying an additional 53,937 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Coastal Financial by 6.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 98,858 shares of the company’s stock worth $8,938,000 after acquiring an additional 5,899 shares during the period. Invesco Ltd. lifted its position in Coastal Financial by 10.3% in the 1st quarter. Invesco Ltd. now owns 86,376 shares of the company’s stock valued at $7,809,000 after purchasing an additional 8,065 shares during the last quarter. Nuveen LLC acquired a new position in Coastal Financial during the 1st quarter valued at about $7,871,000. Finally, Persistent Asset Partners Ltd grew its position in Coastal Financial by 17.0% in the 1st quarter. Persistent Asset Partners Ltd now owns 21,814 shares of the company’s stock worth $1,972,000 after purchasing an additional 3,173 shares during the last quarter. Institutional investors own 59.24% of the company’s stock.

Coastal Financial Price Performance

NASDAQ:CCB opened at $115.12 on Wednesday. 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 business’s 50-day moving average price is $107.09 and its 200 day moving average price is $103.22. Coastal Financial Corporation has a 52-week low of $73.92 and a 52-week high of $119.22. The firm has a market cap of $1.74 billion, a P/E ratio of 36.43 and a beta of 0.89.

Coastal Financial (NASDAQ:CCB) last released its earnings results on Wednesday, October 29th. The company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). The business 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, sell-side analysts predict that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Insider Transactions at Coastal Financial

In related news, CFO Joel G. Edwards sold 9,425 shares of Coastal Financial stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $114.67, for a total value of $1,080,764.75. Following the transaction, the chief financial officer directly owned 12,762 shares in the company, valued at $1,463,418.54. The trade was a 42.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Eric M. Sprink sold 10,683 shares of the business’s stock in a transaction dated Thursday, September 18th. The stock was 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 in the company, valued at approximately $24,192,411.15. The trade was a 4.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 70,069 shares of company stock valued at $7,796,478 in the last three months. 14.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CCB. UBS Group set a $155.00 price objective on Coastal Financial in a research report on Friday. TD Cowen boosted their price target on Coastal Financial from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, December 5th. Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. Cowen restated a “buy” rating on shares of Coastal Financial in a research note on Friday. Finally, Hovde Group set a $126.00 target price on shares of 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 issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Coastal Financial presently has a consensus rating of “Buy” and a consensus target price of $125.17.

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.