Driehaus Capital Management LLC Purchases 120,667 Shares of Coastal Financial Corporation $CCB

Key Points

• Driehaus Capital Management LLC significantly increased its stake in Coastal Financial Corporation by 125.4%, now holding a total of 216,882 shares valued at approximately $19.6 million.
• Analysts have a positive outlook for Coastal Financial, with a consensus rating of "Buy" and an average price target of $110.25, following ratings upgrades from firms such as Keefe, Bruyette & Woods.
• Despite its strong stock performance, Coastal Financial reported a miss on earnings for the last quarter, with an EPS of $0.71 against a consensus estimate of $0.87.

Driehaus Capital Management LLC raised its holdings in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 125.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 216,882 shares of the company's stock after purchasing an additional 120,667 shares during the quarter. Driehaus Capital Management LLC owned about 1.44% of Coastal Financial worth $19,608,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Elizabeth Park Capital Advisors Ltd. increased its stake in Coastal Financial by 29.3% in the first quarter. Elizabeth Park Capital Advisors Ltd. now owns 47,256 shares of the company's stock valued at $4,272,000 after purchasing an additional 10,701 shares during the period. Rafferty Asset Management LLC increased its stake in Coastal Financial by 45.4% in the first quarter. Rafferty Asset Management LLC now owns 16,486 shares of the company's stock valued at $1,490,000 after purchasing an additional 5,144 shares during the period. Corebridge Financial Inc. increased its stake in Coastal Financial by 8.6% in the first quarter. Corebridge Financial Inc. now owns 6,132 shares of the company's stock valued at $554,000 after purchasing an additional 487 shares during the period. MetLife Investment Management LLC increased its stake in Coastal Financial by 6.2% in the first quarter. MetLife Investment Management LLC now owns 7,272 shares of the company's stock valued at $657,000 after purchasing an additional 427 shares during the period. Finally, AlphaQuest LLC acquired a new position in Coastal Financial in the first quarter valued at $188,000. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Coastal Financial Trading Up 1.8%

Shares of CCB traded up $2.06 on Thursday, reaching $115.88. 115,931 shares of the company's stock were exchanged, compared to its average volume of 133,432. 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 stock has a market capitalization of $1.75 billion, a P/E ratio of 35.66 and a beta of 1.05. The business has a 50 day moving average price of $103.48 and a two-hundred day moving average price of $92.40. Coastal Financial Corporation has a 12 month low of $47.90 and a 12 month high of $116.48.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly 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 for the quarter, compared to the consensus estimate of $158.05 million. Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. Research analysts anticipate that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research 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 lifted their price objective on shares of Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research note on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $110.25.

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.