Mendon Capital Advisors Corp Reduces Position in Coastal Financial Corporation $CCB

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 cut its position in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 50.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 15,000 shares of the company's stock after selling 15,000 shares during the period. Mendon Capital Advisors Corp owned approximately 0.10% of Coastal Financial worth $1,356,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Ameriflex Group Inc. purchased a new position in Coastal Financial in the fourth quarter worth about $172,000. AlphaQuest LLC bought a new stake in Coastal Financial during the first quarter valued at about $188,000. ProShare Advisors LLC bought a new stake in Coastal Financial during the 4th quarter valued at approximately $272,000. GAMMA Investing LLC raised its position in shares of Coastal Financial by 50,271.4% during the first quarter. GAMMA Investing LLC now owns 3,526 shares of the company's stock valued at $319,000 after buying an additional 3,519 shares during the last quarter. Finally, Fiduciary Trust Co purchased a new stake in Coastal Financial in the 4th quarter worth $335,000. Hedge funds and other institutional investors own 59.24% of the company's stock.

Insider Transactions at Coastal Financial

In related news, CFO Joel G. Edwards sold 2,000 shares of the business's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $110.59, for a total value of $221,180.00. Following the completion of the sale, the chief financial officer owned 36,187 shares of the company's stock, valued at approximately $4,001,920.33. The trade was a 5.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 7,000 shares of company stock valued at $778,230. 14.10% of the stock is currently owned by company insiders.

Coastal Financial Price Performance

Shares of Coastal Financial stock traded down $1.57 on Monday, hitting $107.53. The company's stock had a trading volume of 43,720 shares, compared to its average volume of 121,934. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of 33.21 and a beta of 1.05. The firm has a fifty day moving average price of $104.65 and a 200-day moving average price of $93.19. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. Coastal Financial Corporation has a 1 year low of $49.51 and a 1 year high of $118.00.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.71 EPS for the quarter, missing the consensus estimate 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%. As a group, sell-side analysts anticipate that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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