Bank of New York Mellon Corp Makes New Investment in Coastal Financial Corporation $CCB

Key Points

• Bank of New York Mellon purchased 38,871 shares of Coastal Financial valued at approximately $3.0 million, while institutional investors collectively own 59.24% of the company.
• Analysts sharply reduced their price targets following recent developments, with the consensus rating at “Hold” and a consensus price target of $91.33; ratings range from Buy to Strong Sell.
• Coastal Financial reported a quarterly loss of $2.76 per share, missing the $1.01 consensus estimate, despite revenue of $178.07 million exceeding expectations. Company insiders bought more than 25,000 shares worth approximately $1.1 million over the past three months.

Bank of New York Mellon Corp bought a new stake in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 38,871 shares of the company's stock, valued at approximately $3,013,000. Bank of New York Mellon Corp owned 0.25% of Coastal Financial as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Coastal Financial by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 784,230 shares of the company's stock valued at $89,865,000 after purchasing an additional 18,193 shares in the last quarter. Azora Capital LP raised its stake in Coastal Financial by 4.6% in the fourth quarter. Azora Capital LP now owns 618,244 shares of the company's stock worth $70,845,000 after buying an additional 27,224 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Coastal Financial by 9.0% during the third quarter. Wellington Management Group LLP now owns 486,197 shares of the company's stock worth $52,592,000 after buying an additional 39,984 shares during the period. Cooper Creek Partners Management LLC boosted its position in Coastal Financial by 105.0% during the 1st quarter. Cooper Creek Partners Management LLC now owns 450,134 shares of the company's stock valued at $34,255,000 after acquiring an additional 230,537 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Coastal Financial by 7.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 359,571 shares of the company's stock valued at $27,361,000 after acquiring an additional 25,424 shares in the last quarter. Hedge funds and other institutional investors own 59.24% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CCB shares. Keefe, Bruyette & Woods decreased their price objective on Coastal Financial from $95.00 to $53.00 and set an "outperform" rating for the company in a research note on Friday, July 31st. Raymond James Financial lowered Coastal Financial from a "strong-buy" rating to an "outperform" rating and set a $50.00 target price on the stock. in a research note on Friday, July 31st. Weiss Ratings downgraded shares of Coastal Financial from a "hold (c)" rating to a "sell (d)" rating in a report on Tuesday, August 11th. Zacks Research cut shares of Coastal Financial from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 4th. Finally, TD Cowen cut their price objective on shares of Coastal Financial from $110.00 to $47.00 and set a "buy" rating on the stock in a research report on Friday, July 31st. Five analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $91.33.

Insider Buying and Selling at Coastal Financial

In other news, Director Steven Hovde bought 10,000 shares of Coastal Financial stock in a transaction that occurred on Thursday, August 6th. The stock was bought at an average price of $43.83 per share, for a total transaction of $438,300.00. Following the purchase, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Eric Sprink purchased 10,000 shares of the stock in a transaction on Thursday, August 6th. The shares were purchased at an average cost of $44.45 per share, with a total value of $444,500.00. Following the transaction, the chief executive officer owned 173,238 shares in the company, valued at $7,700,429.10. This trade represents a 6.13% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders purchased 25,290 shares of company stock worth $1,115,894. 13.49% of the stock is owned by insiders.

Coastal Financial Stock Performance

Shares of Coastal Financial stock opened at $50.33 on Monday. The firm has a market capitalization of $769.55 million, a P/E ratio of -179.74 and a beta of 0.78. Coastal Financial Corporation has a 52 week low of $36.61 and a 52 week high of $120.05. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.10. The company has a 50 day moving average price of $60.84 and a 200 day moving average price of $70.59.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly 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). Coastal Financial had a negative net margin of 0.53% and a negative return on equity of 0.80%. The company had revenue of $178.07 million for the quarter, compared to analyst estimates of $148.50 million. Sell-side analysts expect that Coastal Financial Corporation will post 1.26 EPS for the current year.

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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