Coastal Financial Corporation $CCB Shares Sold by Boothbay Fund Management LLC

Key Points

• Boothbay Fund Management LLC reduced its stake in Coastal Financial Corporation by 24.9%, selling 30,415 shares to hold 91,715 shares, valued at approximately $8.29 million.
• Coastal Financial reported an EPS of $0.71 for the latest quarter, missing the consensus estimate of $0.87, with revenues also below expectations at $119.43 million.
• Analysts have a consensus rating of "Buy" for Coastal Financial, with an average price target of $110.25, following recent upgrades from firms like Keefe, Bruyette & Woods.

Boothbay Fund Management LLC trimmed its stake in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 24.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 91,715 shares of the company's stock after selling 30,415 shares during the period. Boothbay Fund Management LLC owned 0.61% of Coastal Financial worth $8,292,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CCB. Wellington Management Group LLP grew its holdings in shares of Coastal Financial by 1,067.9% in the fourth quarter. Wellington Management Group LLP now owns 456,887 shares of the company's stock valued at $38,794,000 after purchasing an additional 417,767 shares in the last quarter. Westwood Holdings Group Inc. raised its stake in Coastal Financial by 400.4% during the first quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company's stock valued at $40,604,000 after purchasing an additional 359,371 shares in the last quarter. Azora Capital LP raised its stake in Coastal Financial by 49.3% during the first quarter. Azora Capital LP now owns 594,142 shares of the company's stock valued at $53,716,000 after purchasing an additional 196,148 shares in the last quarter. Driehaus Capital Management LLC raised its stake in Coastal Financial by 125.4% during the first quarter. Driehaus Capital Management LLC now owns 216,882 shares of the company's stock valued at $19,608,000 after purchasing an additional 120,667 shares in the last quarter. Finally, Peregrine Capital Management LLC purchased a new stake in Coastal Financial during the first quarter valued at $10,180,000. 59.24% of the stock is owned by hedge funds and other institutional investors.

Coastal Financial Stock Performance

Shares of NASDAQ CCB traded up $1.73 during trading on Monday, reaching $111.57. 70,679 shares of the company traded hands, compared to its average volume of 123,555. The firm's fifty day simple moving average is $103.67 and its 200 day simple moving average is $92.53. The stock has a market cap of $1.69 billion, a P/E ratio of 34.33 and a beta of 1.05. Coastal Financial Corporation has a 12-month low of $47.90 and a 12-month high of $118.00. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.16). The firm had revenue of $119.43 million for the quarter, compared to analysts' expectations of $158.05 million. Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. As a group, research analysts anticipate that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CCB. Keefe, Bruyette & Woods boosted their target price on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, July 11th. Hovde Group set a $126.00 price objective on shares of Coastal Financial in a research note on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $110.25.

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.