Jacobs Asset Management LLC Cuts Stock Position in Coastal Financial Corporation $CCB

Key Points

• Jacobs Asset Management LLC reduced its stake in Coastal Financial Corporation (NASDAQ:CCB) by 25.1%, now holding 82,500 shares, which represents 4.7% of its investment portfolio.
• Coastal Financial reported a Q2 EPS of $0.71, missing analysts' expectations of $0.87, with revenues also falling short at $119.43 million against a forecast of $158.05 million.
• Analysts have set a consensus price target of $110.25 for Coastal Financial, with various ratings, including one Strong Buy and three Buys.

Jacobs Asset Management LLC lessened its holdings in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 25.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 82,500 shares of the company's stock after selling 27,596 shares during the quarter. Coastal Financial makes up 4.7% of Jacobs Asset Management LLC's portfolio, making the stock its 7th largest holding. Jacobs Asset Management LLC owned 0.55% of Coastal Financial worth $7,459,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CCB. Wells Fargo & Company MN lifted its stake in shares of Coastal Financial by 46.0% during the 4th quarter. Wells Fargo & Company MN now owns 5,418 shares of the company's stock valued at $460,000 after buying an additional 1,706 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Coastal Financial by 9.2% during the 4th quarter. Legal & General Group Plc now owns 11,643 shares of the company's stock valued at $989,000 after buying an additional 984 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Coastal Financial during the 4th quarter valued at $532,000. Mariner LLC purchased a new position in shares of Coastal Financial during the 4th quarter valued at $246,000. Finally, First Trust Advisors LP lifted its stake in shares of Coastal Financial by 1.9% during the 4th quarter. First Trust Advisors LP now owns 8,297 shares of the company's stock valued at $704,000 after buying an additional 156 shares in the last quarter. Hedge funds and other institutional investors own 59.24% of the company's stock.

Coastal Financial Price Performance

CCB stock traded up $0.20 during mid-day trading on Friday, hitting $114.50. The company had a trading volume of 81,622 shares, compared to its average volume of 146,037. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of 35.23 and a beta of 1.01. Coastal Financial Corporation has a 12-month low of $47.90 and a 12-month high of $116.48. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The company has a 50-day moving average price of $101.83 and a 200 day moving average price of $91.73.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.71 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.16). The company had revenue of $119.43 million during 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%. On average, research analysts anticipate that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on CCB. Keefe, Bruyette & Woods lifted their target price on shares of Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research note on Friday, July 11th. Hovde Group set a $126.00 target price on shares of Coastal Financial in a research note on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus 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.