Azora Capital LP Makes New $33.79 Million Investment in Coastal Financial Co. (NASDAQ:CCB)

Azora Capital LP purchased a new position in Coastal Financial Co. (NASDAQ:CCB - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 397,994 shares of the company's stock, valued at approximately $33,794,000. Coastal Financial accounts for about 1.5% of Azora Capital LP's investment portfolio, making the stock its 23rd biggest holding. Azora Capital LP owned 2.94% of Coastal Financial at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Barclays PLC boosted its stake in Coastal Financial by 60.0% during the 3rd quarter. Barclays PLC now owns 31,804 shares of the company's stock worth $1,719,000 after purchasing an additional 11,922 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in Coastal Financial in the third quarter valued at $377,000. JPMorgan Chase & Co. raised its holdings in Coastal Financial by 40.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 117,081 shares of the company's stock valued at $6,321,000 after buying an additional 33,964 shares during the period. FNY Investment Advisers LLC acquired a new position in shares of Coastal Financial in the 4th quarter worth approximately $339,000. Finally, Cox Capital Mgt LLC lifted its stake in Coastal Financial by 44.2% during the fourth quarter. Cox Capital Mgt LLC now owns 48,614 shares of the company's stock worth $4,128,000 after purchasing an additional 14,905 shares in the last quarter. Hedge funds and other institutional investors own 59.24% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CCB shares. Raymond James lowered their price objective on shares of Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a research note on Wednesday, April 30th. Stephens reissued an "overweight" rating and set a $100.00 price objective on shares of Coastal Financial in a report on Tuesday, March 18th. Hovde Group decreased their target price on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Coastal Financial from $114.00 to $110.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th.

Coastal Financial Price Performance

Shares of CCB traded down $0.08 during mid-day trading on Friday, hitting $83.87. The company's stock had a trading volume of 45,047 shares, compared to its average volume of 93,234. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. Coastal Financial Co. has a 1-year low of $42.56 and a 1-year high of $102.25. The firm has a market capitalization of $1.26 billion, a P/E ratio of 25.81 and a beta of 0.94. The firm has a 50-day simple moving average of $84.46 and a 200 day simple moving average of $81.89.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $0.63 EPS for the quarter, missing analysts' consensus estimates of $0.93 by ($0.30). The business had revenue of $139.54 million during the quarter, compared to analyst estimates of $158.65 million. Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. Analysts predict that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

Insider Buying and Selling

In other Coastal Financial news, Director Gregory A. Tisdel sold 1,600 shares of the business's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $79.07, for a total transaction of $126,512.00. Following the sale, the director now directly owns 14,006 shares in the company, valued at approximately $1,107,454.42. The trade was a 10.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 16.82% of the stock is owned by insiders.

About Coastal Financial

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.