138,897 Shares in Coastal Financial Corporation $CCB Acquired by Ranger Investment Management L.P.

Key Points

• Ranger Investment Management acquired 138,897 shares of Coastal Financial, valued at approximately $10.8 million, giving it a 0.91% stake. Institutional investors and hedge funds collectively own 59.24% of the company.
• Coastal Financial reported a quarterly loss of $2.76 per share, missing analyst expectations by $3.77, although revenue of $178.1 million exceeded forecasts. The stock opened at $46.28, substantially below its 52-week high of $120.05.
• Analyst sentiment is mixed, with five Buy and two Sell ratings and an overall “Hold” consensus; the average price target is $91.33. Meanwhile, company insiders bought shares worth roughly $1.1 million over the past three months.

Ranger Investment Management L.P. acquired a new stake in Coastal Financial Corporation (NASDAQ:CCB - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 138,897 shares of the company's stock, valued at approximately $10,766,000. Ranger Investment Management L.P. owned approximately 0.91% of Coastal Financial at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CCB. Quent Capital LLC acquired a new stake in Coastal Financial in the fourth quarter valued at $2,279,000. Mendon Capital Advisors Corp raised its stake in shares of Coastal Financial by 86.7% during the 1st quarter. Mendon Capital Advisors Corp now owns 56,000 shares of the company's stock worth $4,262,000 after buying an additional 26,000 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Coastal Financial in the 1st quarter worth about $1,720,000. Cooper Creek Partners Management LLC boosted its position in shares of Coastal Financial by 105.0% in the 1st quarter. Cooper Creek Partners Management LLC now owns 450,134 shares of the company's stock worth $34,255,000 after buying an additional 230,537 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Coastal Financial by 7.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 359,571 shares of the company's stock worth $27,361,000 after buying an additional 25,424 shares in the last quarter. 59.24% of the stock is owned by institutional investors and hedge funds.

Coastal Financial Stock Performance

Coastal Financial stock opened at $46.28 on Monday. The stock has a 50-day moving average price of $65.89 and a 200 day moving average price of $73.30. Coastal Financial Corporation has a 52 week low of $36.61 and a 52 week high of $120.05. The stock has a market cap of $707.62 million, a PE ratio of -165.28 and a beta of 0.77. The company has a current ratio of 1.05, a quick ratio of 1.03 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported ($2.76) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.01 by ($3.77). The firm had revenue of $178.07 million during the quarter, compared to analysts' expectations of $148.50 million. Coastal Financial had a negative net margin of 0.53% and a negative return on equity of 0.80%. Equities research analysts predict that Coastal Financial Corporation will post 1.26 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CCB shares. Raymond James Financial downgraded shares of Coastal Financial from a "strong-buy" rating to an "outperform" rating and set a $50.00 target price for the company. in a report on Friday, July 31st. Wall Street Zen raised shares of Coastal Financial from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. TD Cowen reduced their price target on shares of Coastal Financial from $110.00 to $47.00 and set a "buy" rating on the stock in a report on Friday, July 31st. Keefe, Bruyette & Woods lowered their price target on shares of Coastal Financial from $95.00 to $53.00 and set an "outperform" rating on the stock in a research report on Friday, July 31st. Finally, Zacks Research cut shares of Coastal Financial from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 4th. Five investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Coastal Financial currently has an average rating of "Hold" and a consensus target price of $91.33.

Insiders Place Their Bets

In other Coastal Financial news, CEO Eric M. Sprink bought 10,000 shares of Coastal Financial stock in a transaction that occurred on Thursday, August 6th. The shares were purchased at an average cost of $44.45 per share, for a total transaction of $444,500.00. Following the completion of the transaction, the chief executive officer owned 173,238 shares of the company's stock, valued at $7,700,429.10. This represents a 6.13% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven D. Hovde bought 10,000 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The stock was bought at an average cost of $43.83 per share, for a total transaction of $438,300.00. Following the completion of the transaction, the director directly owned 26,500 shares of the company's stock, valued at approximately $1,161,495. The trade was a 60.61% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders have acquired 25,290 shares of company stock worth $1,115,894. Corporate insiders own 13.49% of the company's stock.

About Coastal Financial

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina's central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.

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