Coastal Financial Corporation $CCB Shares Sold by EJF Capital LLC

Key Points

• EJF Capital LLC reduced its stake in Coastal Financial Corporation by 34.4%, selling 6,942 shares, which left them with 13,218 shares valued at approximately $1,195,000.
• Coastal Financial reported a missed earnings per share estimate of $0.71 for the last quarter, falling short of the consensus estimate of $0.87.
• Several analysts have a positive outlook on Coastal Financial, with Hovde Group setting a price target of $126.00 and a consensus target price of $110.25 among analysts.

EJF Capital LLC decreased its stake in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 34.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,218 shares of the company's stock after selling 6,942 shares during the period. EJF Capital LLC owned approximately 0.09% of Coastal Financial worth $1,195,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CCB. Wellington Management Group LLP lifted its stake in shares of Coastal Financial by 1,067.9% in the fourth quarter. Wellington Management Group LLP now owns 456,887 shares of the company's stock valued at $38,794,000 after purchasing an additional 417,767 shares during the period. Westwood Holdings Group Inc. raised its position in Coastal Financial by 400.4% during the first quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company's stock worth $40,604,000 after acquiring an additional 359,371 shares during the last quarter. Azora Capital LP raised its position in Coastal Financial by 49.3% during the first quarter. Azora Capital LP now owns 594,142 shares of the company's stock worth $53,716,000 after acquiring an additional 196,148 shares during the last quarter. Driehaus Capital Management LLC raised its position in Coastal Financial by 125.4% during the first quarter. Driehaus Capital Management LLC now owns 216,882 shares of the company's stock worth $19,608,000 after acquiring an additional 120,667 shares during the last quarter. Finally, Peregrine Capital Management LLC acquired a new position in Coastal Financial during the first quarter worth about $10,180,000. Institutional investors and hedge funds own 59.24% of the company's stock.

Coastal Financial Trading Up 1.6%

Shares of NASDAQ:CCB traded up $1.73 during trading on Monday, reaching $111.57. The stock had a trading volume of 70,679 shares, compared to its average volume of 123,555. The business has a fifty day moving average price of $103.67 and a 200-day moving average price of $92.53. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The stock has a market cap of $1.69 billion, a P/E ratio of 34.33 and a beta of 1.05. Coastal Financial Corporation has a fifty-two week low of $47.90 and a fifty-two week high of $118.00.

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

Analysts Set New Price Targets

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

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.