397,994 Shares in Coastal Financial Co. (NASDAQ:CCB) Purchased by Azora Capital LP

Azora Capital LP acquired a new stake in Coastal Financial Co. (NASDAQ:CCB - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 397,994 shares of the company's stock, valued at approximately $33,794,000. Coastal Financial makes up 1.5% of Azora Capital LP's investment portfolio, making the stock its 23rd biggest position. Azora Capital LP owned approximately 2.94% of Coastal Financial at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. T. Rowe Price Investment Management Inc. raised its holdings in Coastal Financial by 47.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company's stock worth $112,279,000 after purchasing an additional 423,864 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Coastal Financial by 1,067.9% in the 4th quarter. Wellington Management Group LLP now owns 456,887 shares of the company's stock valued at $38,794,000 after buying an additional 417,767 shares during the last quarter. Kennedy Capital Management LLC raised its stake in Coastal Financial by 38.6% during the 4th quarter. Kennedy Capital Management LLC now owns 299,456 shares of the company's stock worth $25,427,000 after acquiring an additional 83,331 shares in the last quarter. Royce & Associates LP lifted its position in Coastal Financial by 795.5% in the fourth quarter. Royce & Associates LP now owns 89,554 shares of the company's stock valued at $7,604,000 after acquiring an additional 79,554 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Coastal Financial by 11.4% in the fourth quarter. Vanguard Group Inc. now owns 685,385 shares of the company's stock valued at $58,196,000 after acquiring an additional 70,272 shares in the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

Coastal Financial Stock Performance

Shares of CCB stock traded down $0.31 during midday trading on Wednesday, hitting $79.18. The company had a trading volume of 119,986 shares, compared to its average volume of 92,832. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 24.36 and a beta of 0.94. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. The company's 50 day simple moving average is $84.80 and its 200 day simple moving average is $81.72. Coastal Financial Co. has a 52-week low of $41.20 and a 52-week high of $102.25.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $0.63 earnings per share for the quarter, missing analysts' consensus estimates of $0.93 by ($0.30). The firm had revenue of $139.54 million during the quarter, compared to analysts' expectations of $158.65 million. Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. Research analysts anticipate that Coastal Financial Co. will post 4.59 earnings per share for the current fiscal year.

Insider Transactions at Coastal Financial

In related news, Director Gregory A. Tisdel sold 1,600 shares of Coastal Financial stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $79.07, for a total value of $126,512.00. Following the sale, the director now directly owns 14,006 shares in the company, valued at $1,107,454.42. The trade was a 10.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 16.82% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Keefe, Bruyette & Woods reduced their target price on Coastal Financial from $114.00 to $110.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Raymond James reduced their price objective on 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. Hovde Group reduced their price target on shares of 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, Stephens reiterated an "overweight" rating and set a $100.00 price target on shares of Coastal Financial in a research note on Tuesday, March 18th.

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.