Coastal Financial Corporation $CCB Stock Position Increased by Azora Capital LP

Key Points

• Azora Capital LP has increased its stake in Coastal Financial Corporation by 49.3% during the 1st quarter, now owning approximately 3.95% of the company's shares worth about $53.7 million.
• Coastal Financial reported $0.71 earnings per share for the last quarter, missing expectations of $0.87, with revenue hitting $119.43 million against forecasted $158.05 million.
• Hedge funds and institutional investors own 59.24% of Coastal Financial's stock, reflecting strong interest from major investors in the company.

Azora Capital LP increased its position in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 49.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 594,142 shares of the company's stock after buying an additional 196,148 shares during the quarter. Coastal Financial comprises approximately 3.6% of Azora Capital LP's portfolio, making the stock its 10th largest position. Azora Capital LP owned about 3.95% of Coastal Financial worth $53,716,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CCB. Wells Fargo & Company MN raised its position in Coastal Financial by 46.0% in the fourth quarter. Wells Fargo & Company MN now owns 5,418 shares of the company's stock valued at $460,000 after purchasing an additional 1,706 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Coastal Financial in the 4th quarter valued at $532,000. Mariner LLC purchased a new stake in shares of Coastal Financial in the 4th quarter valued at $246,000. First Trust Advisors LP raised its holdings in shares of Coastal Financial by 1.9% in the 4th quarter. First Trust Advisors LP now owns 8,297 shares of the company's stock valued at $704,000 after buying an additional 156 shares during the period. Finally, MetLife Investment Management LLC raised its holdings in shares of Coastal Financial by 12.6% in the 4th quarter. MetLife Investment Management LLC now owns 6,845 shares of the company's stock valued at $581,000 after buying an additional 764 shares during the period. Hedge funds and other institutional investors own 59.24% of the company's stock.

Coastal Financial Stock Up 0.4%

Coastal Financial stock opened at $114.30 on Friday. Coastal Financial Corporation has a twelve month low of $47.90 and a twelve month high of $116.48. The stock's fifty day simple moving average is $101.26 and its 200-day simple moving average is $91.52. 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 firm has a market capitalization of $1.73 billion, a P/E ratio of 35.17 and a beta of 1.01.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly earnings data 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). 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 analysts' expectations of $158.05 million. As a group, equities analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Hovde Group set a $126.00 price objective on Coastal Financial in a report on Monday, August 18th. Keefe, Bruyette & Woods boosted 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 MarketBeat, the company presently has an average rating of "Buy" and a consensus price target 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.

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