Goldman Sachs Group Inc. Boosts Position in Coastal Financial Corporation $CCB

Key Points

• Goldman Sachs Group Inc. increased its stake in Coastal Financial Corporation by 44.8% during the first quarter, owning 73,503 shares valued at approximately $6.65 million.
• Coastal Financial missed analysts' earnings estimates for the last quarter, reporting $0.71 EPS against expectations of $0.87 EPS and generating $119.43 million in revenue.
• Analysts have set new price targets for Coastal Financial, with Keefe, Bruyette & Woods raising theirs from $110.00 to $115.00 and Hovde Group setting a target of $126.00, indicating a generally positive outlook.

Goldman Sachs Group Inc. boosted its holdings in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 44.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 73,503 shares of the company's stock after buying an additional 22,725 shares during the quarter. Goldman Sachs Group Inc. owned 0.49% of Coastal Financial worth $6,645,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. SummerHaven Investment Management LLC raised its position in Coastal Financial by 0.9% during the 1st quarter. SummerHaven Investment Management LLC now owns 17,138 shares of the company's stock worth $1,549,000 after buying an additional 161 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Coastal Financial by 5.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,459 shares of the company's stock worth $548,000 after buying an additional 343 shares during the last quarter. MetLife Investment Management LLC raised its position in Coastal Financial by 6.2% during the 1st quarter. MetLife Investment Management LLC now owns 7,272 shares of the company's stock worth $657,000 after buying an additional 427 shares during the last quarter. AQR Capital Management LLC raised its position in Coastal Financial by 3.7% during the 1st quarter. AQR Capital Management LLC now owns 13,102 shares of the company's stock worth $1,185,000 after buying an additional 473 shares during the last quarter. Finally, Corebridge Financial Inc. raised its position in Coastal Financial by 8.6% during the 1st quarter. Corebridge Financial Inc. now owns 6,132 shares of the company's stock worth $554,000 after buying an additional 487 shares during the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Coastal Financial

In related news, CFO Joel G. Edwards sold 2,000 shares of Coastal Financial stock in a transaction on Friday, September 12th. The shares were sold at an average price of $110.59, for a total value of $221,180.00. Following the sale, the chief financial officer owned 36,187 shares of the company's stock, valued at approximately $4,001,920.33. This trade represents a 5.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 7,000 shares of company stock valued at $778,230. 14.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CCB shares. Keefe, Bruyette & Woods raised their price target 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 price target on shares of Coastal Financial in a research report on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating and three have assigned 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 Price Performance

Coastal Financial stock opened at $109.10 on Monday. The company's fifty day moving average price is $104.65 and its 200 day moving average price is $93.19. Coastal Financial Corporation has a 1 year low of $49.51 and a 1 year high of $118.00. The stock has a market capitalization of $1.65 billion, a P/E ratio of 33.57 and a beta of 1.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly 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 analyst estimates of $158.05 million. As a group, equities research analysts anticipate that Coastal Financial Corporation will post 4.59 earnings per share 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.

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