Coastal Financial Corporation $CCB Shares Purchased by Goldman Sachs Group Inc.

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. raised its stake in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 44.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 73,503 shares of the company's stock after acquiring an additional 22,725 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.49% of Coastal Financial worth $6,645,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Militia Capital Partners LP boosted its position in Coastal Financial by 22.2% during the 1st quarter. Militia Capital Partners LP now owns 11,000 shares of the company's stock valued at $995,000 after acquiring an additional 2,000 shares in the last quarter. Rhumbline Advisers raised its stake in Coastal Financial by 8.2% in the 1st quarter. Rhumbline Advisers now owns 16,700 shares of the company's stock worth $1,510,000 after acquiring an additional 1,262 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Coastal Financial by 4.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company's stock worth $2,393,000 after acquiring an additional 1,048 shares during the last quarter. Empowered Funds LLC raised its stake in Coastal Financial by 7.3% in the 1st quarter. Empowered Funds LLC now owns 12,439 shares of the company's stock worth $1,125,000 after acquiring an additional 848 shares during the last quarter. Finally, Great Lakes Advisors LLC purchased a new position in Coastal Financial in the 1st quarter worth $4,513,000. Institutional investors own 59.24% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CCB shares. Keefe, Bruyette & Woods lifted their price objective on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research note on Friday, July 11th. Hovde Group set a $126.00 price objective on Coastal Financial in a research note on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $110.25.

Insiders Place Their Bets

In other Coastal Financial news, Director Stephan Klee sold 4,350 shares of the business's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $109.14, for a total transaction of $474,759.00. Following the completion of the sale, the director directly owned 1,661 shares in the company, valued at approximately $181,281.54. The trade was a 72.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Eric M. Sprink sold 5,000 shares of the business's stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $110.21, for a total value of $551,050.00. Following the transaction, the chief executive officer owned 221,694 shares in the company, valued at approximately $24,432,895.74. This represents a 2.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 44,850 shares of company stock worth $4,904,649. Corporate insiders own 14.10% of the company's stock.

Coastal Financial Price Performance

Shares of Coastal Financial stock traded down $1.49 on Friday, hitting $113.90. The company's stock had a trading volume of 62,452 shares, compared to its average volume of 122,178. 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 Corporation has a 1 year low of $51.31 and a 1 year high of $118.00. The firm has a fifty day moving average price of $105.28 and a 200-day moving average price of $93.58. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of 35.05 and a beta of 1.05.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.16). Coastal Financial had a net margin of 7.02% and a return on equity of 11.31%. The business had revenue of $119.43 million during the quarter, compared to analysts' expectations of $158.05 million. As a group, sell-side 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.