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

Key Points

• Mendon Capital Advisors Corp reduced its stake in Coastal Financial Corporation by 50% in Q1, bringing their holdings to 15,000 shares, valued at approximately $1.36 million.
• Several institutional investors, including T. Rowe Price and Vanguard Group, have increased their holdings in Coastal Financial, indicating strong institutional interest with 59.24% of the company owned by such investors.
• Coastal Financial recently reported a miss in earnings with $0.71 EPS, falling short of the consensus estimate of $0.87, alongside revenues of $119.43 million, which also did not meet expectations.

Mendon Capital Advisors Corp lowered its stake in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 50.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,000 shares of the company's stock after selling 15,000 shares during the quarter. Mendon Capital Advisors Corp owned about 0.10% of Coastal Financial worth $1,356,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. T. Rowe Price Investment Management Inc. lifted its holdings in Coastal Financial by 1.3% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,339,269 shares of the company's stock worth $121,084,000 after purchasing an additional 16,944 shares during the period. Vanguard Group Inc. lifted its holdings in Coastal Financial by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 739,322 shares of the company's stock valued at $66,842,000 after acquiring an additional 53,937 shares during the last quarter. Azora Capital LP lifted its holdings in Coastal Financial by 49.3% in the 1st quarter. Azora Capital LP now owns 594,142 shares of the company's stock valued at $53,716,000 after acquiring an additional 196,148 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Coastal Financial by 1,067.9% in the 4th quarter. Wellington Management Group LLP now owns 456,887 shares of the company's stock valued at $38,794,000 after acquiring an additional 417,767 shares during the last quarter. Finally, Westwood Holdings Group Inc. lifted its holdings in Coastal Financial by 400.4% in the 1st quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company's stock valued at $40,604,000 after acquiring an additional 359,371 shares during the last quarter. Institutional investors and hedge funds own 59.24% of the company's stock.

Wall Street Analyst Weigh In

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

Coastal Financial Price Performance

NASDAQ CCB opened at $110.63 on Wednesday. The stock's 50-day moving average price is $104.17 and its two-hundred day moving average price is $92.81. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The company has a market cap of $1.67 billion, a PE ratio of 34.04 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.

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

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.

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