Coastal Financial Corporation $CCB Shares Purchased by Mendon Capital Advisors Corp

Key Points

• Mendon Capital Advisors increased its Coastal Financial stake by 86.7% in the first quarter, bringing its holdings to 56,000 shares worth approximately $4.26 million. Institutional investors collectively own 59.24% of the company.
• Coastal Financial reported quarterly EPS of $0.78, below the $1.02 consensus estimate, while revenue of $56.3 million also trailed analyst expectations. The stock opened at $72.19, near the lower end of its $66.50–$120.05 52-week range.
• Analyst sentiment remains moderately positive, with four Buy ratings and two Hold ratings, producing a consensus “Moderate Buy” rating and a $122.60 price target.

Mendon Capital Advisors Corp boosted its holdings in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 86.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,000 shares of the company's stock after acquiring an additional 26,000 shares during the period. Coastal Financial accounts for approximately 1.2% of Mendon Capital Advisors Corp's investment portfolio, making the stock its 28th biggest position. Mendon Capital Advisors Corp owned about 0.37% of Coastal Financial worth $4,262,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Jacobs Asset Management LLC boosted its holdings in shares of Coastal Financial by 0.8% during the 1st quarter. Jacobs Asset Management LLC now owns 89,146 shares of the company's stock worth $6,784,000 after purchasing an additional 697 shares during the last quarter. Cooper Creek Partners Management LLC increased its holdings in shares of Coastal Financial by 105.0% in the first quarter. Cooper Creek Partners Management LLC now owns 450,134 shares of the company's stock valued at $34,255,000 after purchasing an additional 230,537 shares during the last quarter. Entropy Technologies LP acquired a new stake in shares of Coastal Financial in the first quarter valued at approximately $201,000. Renaissance Technologies LLC purchased a new position in Coastal Financial during the first quarter worth approximately $1,720,000. Finally, Militia Capital Management LLC purchased a new position in Coastal Financial during the first quarter worth approximately $3,695,000. Institutional investors and hedge funds own 59.24% of the company's stock.

Coastal Financial Stock Performance

CCB opened at $72.19 on Monday. The stock has a market capitalization of $1.10 billion, a PE ratio of 22.63 and a beta of 0.72. Coastal Financial Corporation has a one year low of $66.50 and a one year high of $120.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.03 and a current ratio of 1.06. The business's 50 day moving average price is $73.97 and its 200 day moving average price is $81.74.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.24). Coastal Financial had a return on equity of 10.20% and a net margin of 7.35%.The business had revenue of $56.30 million for the quarter, compared to analyst estimates of $138.63 million. As a group, equities research analysts expect that Coastal Financial Corporation will post 4.57 EPS for the current year.

Analyst Upgrades and Downgrades

CCB has been the subject of several analyst reports. Zacks Research upgraded Coastal Financial from a "strong sell" rating to a "hold" rating in a report on Tuesday, June 30th. TD Cowen cut their target price on Coastal Financial from $145.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, April 30th. Wall Street Zen upgraded Coastal Financial from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. Weiss Ratings reissued a "hold (c)" rating on shares of Coastal Financial in a research report on Monday, June 29th. Finally, Stephens reissued an "overweight" rating and issued a $110.00 price objective on shares of Coastal Financial in a report on Friday, May 1st. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $122.60.

Coastal Financial Profile

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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