Cooper Creek Partners Management LLC Buys 230,537 Shares of Coastal Financial Corporation $CCB

Key Points

• Cooper Creek Partners Management boosted its stake in Coastal Financial by 105% in Q1, buying 230,537 additional shares and bringing its total to 450,134 shares worth about $34.3 million.
• Institutional ownership remains significant, with hedge funds and other investors holding 59.24% of Coastal Financial’s stock after several firms recently increased positions.
• Analysts are mixed but generally constructive: the stock has a “Moderate Buy” consensus and a $122.60 average target price, though one firm cut its target and the company recently missed quarterly EPS and revenue estimates.

Cooper Creek Partners Management LLC raised its holdings in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 105.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 450,134 shares of the company's stock after purchasing an additional 230,537 shares during the period. Cooper Creek Partners Management LLC owned 2.95% of Coastal Financial worth $34,255,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Coastal Financial by 364.1% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,764 shares of the company's stock valued at $18,255,000 after buying an additional 132,403 shares during the period. UBS Group AG grew its holdings in Coastal Financial by 158.7% during the 3rd quarter. UBS Group AG now owns 166,185 shares of the company's stock worth $17,976,000 after acquiring an additional 101,935 shares during the period. Next Century Growth Investors LLC grew its holdings in Coastal Financial by 130.0% during the 4th quarter. Next Century Growth Investors LLC now owns 178,224 shares of the company's stock worth $20,423,000 after acquiring an additional 100,731 shares during the period. Loomis Sayles & Co. L P raised its position in shares of Coastal Financial by 43.8% during the 4th quarter. Loomis Sayles & Co. L P now owns 330,230 shares of the company's stock valued at $37,841,000 after acquiring an additional 100,661 shares during the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new position in shares of Coastal Financial in the 4th quarter valued at $8,386,000. Institutional investors and hedge funds own 59.24% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on CCB shares. Keefe, Bruyette & Woods decreased their price objective on Coastal Financial from $115.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, May 1st. Weiss Ratings restated a "hold (c)" rating on shares of Coastal Financial in a report on Monday, June 29th. Wall Street Zen raised shares of Coastal Financial from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Stephens restated an "overweight" rating and issued a $110.00 price target on shares of Coastal Financial in a report on Friday, May 1st. Finally, Zacks Research raised shares of Coastal Financial from a "strong sell" rating to a "hold" rating in a research report on Tuesday, June 30th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Coastal Financial has an average rating of "Moderate Buy" and an average target price of $122.60.

Coastal Financial Trading Up 1.1%

Shares of CCB stock opened at $72.19 on Friday. The stock has a market cap of $1.10 billion, a P/E ratio of 22.63 and a beta of 0.72. Coastal Financial Corporation has a 1 year low of $66.50 and a 1 year high of $120.05. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.10. The stock has a 50 day simple moving average of $73.97 and a 200 day simple moving average of $81.98.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.02 by ($0.24). The firm had revenue of $56.30 million during the quarter, compared to the consensus estimate of $138.63 million. Coastal Financial had a net margin of 7.35% and a return on equity of 10.20%. On average, research analysts predict that Coastal Financial Corporation will post 4.57 earnings per share for the current fiscal year.

Coastal Financial Company 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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