Driehaus Capital Management LLC Has $19.61 Million Stake in 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 stake in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 125.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 216,882 shares of the company's stock after buying an additional 120,667 shares during the period. Driehaus Capital Management LLC owned about 1.44% of Coastal Financial worth $19,608,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Tower Research Capital LLC TRC boosted its stake in shares of Coastal Financial by 179.4% during the 4th 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 during the period. Ameriflex Group Inc. acquired a new stake in shares of Coastal Financial during the 4th quarter valued at $172,000. AlphaQuest LLC acquired a new stake in shares of Coastal Financial during the 1st quarter valued at $188,000. Mariner LLC acquired a new stake in shares of Coastal Financial during the 4th quarter valued at $246,000. Finally, ProShare Advisors LLC acquired a new stake in shares of Coastal Financial during the 4th quarter valued at $272,000. Institutional investors and hedge funds own 59.24% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports 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 research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $110.25.

Coastal Financial Stock Performance

Coastal Financial stock traded up $0.20 on Monday, reaching $114.50. 81,622 shares of the stock were exchanged, compared to its average volume of 139,308. The stock has a market cap of $1.73 billion, a PE ratio of 35.23 and a beta of 1.05. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a twelve month low of $47.90 and a twelve month high of $116.48. The firm has a fifty day moving average price of $102.28 and a two-hundred day moving average price of $91.91.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its 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 firm had revenue of $119.43 million for the quarter, compared to analyst estimates of $158.05 million. Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. Sell-side analysts anticipate that Coastal Financial Corporation will post 4.59 EPS for the current 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.