PDT Partners LLC Has $1.76 Million Stock Position in Coastal Financial Corporation $CCB

Key Points

• PDT Partners LLC increased its stake in Coastal Financial Corporation by 30.6%, owning approximately 19,408 shares valued at about $1.76 million.
• Analysts have a consensus rating of "Buy" on Coastal Financial, with a target price range between $110.25 and $126.00.
• The company reported an EPS of $0.71 for the last quarter, which was below analysts' expectations of $0.87, with revenue falling short at $119.43 million.

PDT Partners LLC boosted its holdings in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 30.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,408 shares of the company's stock after purchasing an additional 4,544 shares during the period. PDT Partners LLC owned 0.13% of Coastal Financial worth $1,755,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Rhumbline Advisers grew its stake in shares of Coastal Financial by 8.2% during the first quarter. Rhumbline Advisers now owns 16,700 shares of the company's stock worth $1,510,000 after purchasing an additional 1,262 shares during the period. Principal Financial Group Inc. grew its stake in Coastal Financial by 87.5% in the first quarter. Principal Financial Group Inc. now owns 14,303 shares of the company's stock valued at $1,293,000 after purchasing an additional 6,673 shares in the last quarter. GAMMA Investing LLC lifted its stake in Coastal Financial by 50,271.4% in the 1st quarter. GAMMA Investing LLC now owns 3,526 shares of the company's stock valued at $319,000 after purchasing an additional 3,519 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Coastal Financial by 4.7% in the 1st quarter. Bank of New York Mellon Corp now owns 39,989 shares of the company's stock valued at $3,615,000 after purchasing an additional 1,778 shares during the last quarter. Finally, Bank of America Corp DE increased its position in Coastal Financial by 9.7% during the fourth quarter. Bank of America Corp DE now owns 16,742 shares of the company's stock worth $1,422,000 after buying an additional 1,478 shares during the last quarter. 59.24% of the stock is owned by institutional investors and hedge funds.

Coastal Financial Price Performance

NASDAQ:CCB traded down $6.04 during trading hours on Friday, reaching $109.84. 99,553 shares of the company were exchanged, compared to its average volume of 132,047. The company has a market capitalization of $1.66 billion, a P/E ratio of 33.80 and a beta of 1.05. Coastal Financial Corporation has a 1-year low of $47.90 and a 1-year high of $118.00. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. The business has a 50 day moving average of $103.67 and a 200 day moving average of $92.52.

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CCB. Hovde Group set a $126.00 price target on Coastal Financial in a research report on Monday, August 18th. Keefe, Bruyette & Woods upped their price objective on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to data from MarketBeat, Coastal Financial presently has an average rating of "Buy" and an average target price of $110.25.

Coastal Financial Company Profile

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.