Coastal Financial Corporation $CCB Shares Acquired by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors increased its Coastal Financial stake by 7.6% in the first quarter to 359,571 shares, worth approximately $27.4 million. Institutional investors collectively own 59.24% of the company.
• Coastal Financial shares opened at $44.15, near the lower end of their 12-month range, after the company reported a quarterly loss of $2.76 per share and revenue of $60.37 million—well below analyst expectations.
• Analysts sharply reduced price targets but maintained generally positive views: five rate the stock Buy and two rate it Hold, producing a consensus “Moderate Buy” rating and a $91.33 target price.

Dimensional Fund Advisors LP lifted its position in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 7.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 359,571 shares of the company's stock after purchasing an additional 25,424 shares during the quarter. Dimensional Fund Advisors LP owned about 2.36% of Coastal Financial worth $27,361,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of CCB. EverSource Wealth Advisors LLC increased its holdings in Coastal Financial by 129.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company's stock worth $34,000 after buying an additional 169 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in Coastal Financial during the 4th quarter valued at approximately $50,000. Smartleaf Asset Management LLC boosted its holdings in shares of Coastal Financial by 20,700.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 624 shares of the company's stock valued at $72,000 after acquiring an additional 621 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Coastal Financial by 229.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company's stock valued at $80,000 after acquiring an additional 576 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in shares of Coastal Financial by 521.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company's stock worth $122,000 after acquiring an additional 1,059 shares during the period. Hedge funds and other institutional investors own 59.24% of the company's stock.

Coastal Financial Stock Up 0.2%

Coastal Financial stock opened at $44.15 on Thursday. The stock has a market capitalization of $673.29 million, a PE ratio of -157.67 and a beta of 0.76. Coastal Financial Corporation has a 12 month low of $36.61 and a 12 month high of $120.05. The business has a 50 day simple moving average of $71.31 and a 200-day simple moving average of $78.28. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.03.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced 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). Coastal Financial had a negative net margin of 0.53% and a negative return on equity of 0.79%. The business had revenue of $60.37 million for the quarter, compared to analysts' expectations of $148.50 million. On average, analysts anticipate that Coastal Financial Corporation will post 1.26 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports 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 research report on Friday, July 31st. Zacks Research upgraded Coastal Financial from a "strong sell" rating to a "hold" rating in a research note on Tuesday, June 30th. TD Cowen decreased their price objective on Coastal Financial from $110.00 to $47.00 and set a "buy" rating for the company in a report on Friday, July 31st. Keefe, Bruyette & Woods lowered their target price on Coastal Financial from $95.00 to $53.00 and set an "outperform" rating on the stock in a research note on Friday, July 31st. Finally, Wall Street Zen raised Coastal Financial from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $91.33.

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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