Azora Capital LP Acquires 196,148 Shares of Coastal Financial Corporation $CCB

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 holdings in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 49.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 594,142 shares of the company's stock after buying an additional 196,148 shares during the period. Coastal Financial accounts for 3.6% of Azora Capital LP's holdings, making the stock its 10th largest position. Azora Capital LP owned 3.95% of Coastal Financial worth $53,716,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CCB. Tower Research Capital LLC TRC raised its position in shares of Coastal Financial by 179.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock valued at $61,000 after buying an additional 461 shares in the last quarter. Ameriflex Group Inc. acquired a new stake in shares of Coastal Financial in the fourth quarter valued at approximately $172,000. AlphaQuest LLC acquired a new stake in shares of Coastal Financial in the first quarter valued at approximately $188,000. Mariner LLC acquired a new stake in shares of Coastal Financial in the fourth quarter valued at approximately $246,000. Finally, ProShare Advisors LLC acquired a new stake in shares of Coastal Financial in the fourth quarter valued at approximately $272,000. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CCB has been the subject of several research analyst reports. Hovde Group set a $126.00 price objective on shares of Coastal Financial in a research report on Monday, August 18th. Keefe, Bruyette & Woods boosted their price objective on shares of Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $110.25.

Coastal Financial Trading Down 0.4%

Shares of Coastal Financial stock traded down $0.48 during trading on Wednesday, hitting $113.76. The company's stock had a trading volume of 42,101 shares, compared to its average volume of 123,380. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. Coastal Financial Corporation has a 52 week low of $47.90 and a 52 week high of $116.48. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 34.97 and a beta of 1.05. The stock has a 50-day moving average price of $102.68 and a two-hundred day moving average price of $92.07.

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

Coastal Financial 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.