Great Lakes Advisors LLC Purchases New Holdings in Coastal Financial Corporation $CCB

Key Points

• Great Lakes Advisors LLC invested approximately $4.51 million in Coastal Financial Corporation, acquiring about 49,913 shares during the first quarter.
• Coastal Financial reported earnings of $0.71 EPS for the last quarter, missing analyst estimates of $0.87 EPS, with revenues totaling $119.43 million compared to expectations of $158.05 million.
• Analyst ratings indicate a general optimism for Coastal Financial, with a current average rating of "Buy" and price targets ranging from $110.00 to $126.00.

Great Lakes Advisors LLC bought a new position in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 49,913 shares of the company's stock, valued at approximately $4,513,000. Great Lakes Advisors LLC owned about 0.33% of Coastal Financial at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Ameriflex Group Inc. acquired a new position in shares of Coastal Financial during the fourth quarter valued at about $172,000. AlphaQuest LLC acquired a new position in shares of Coastal Financial during the first quarter valued at about $188,000. ProShare Advisors LLC bought a new stake in Coastal Financial in the fourth quarter valued at about $272,000. GAMMA Investing LLC increased its stake in Coastal Financial by 50,271.4% in the first quarter. GAMMA Investing LLC now owns 3,526 shares of the company's stock valued at $319,000 after acquiring an additional 3,519 shares during the period. Finally, Fiduciary Trust Co acquired a new position in Coastal Financial in the fourth quarter worth about $335,000. Institutional investors and hedge funds own 59.24% of the company's stock.

Coastal Financial Price Performance

Shares of NASDAQ CCB traded down $0.49 during mid-day trading on Monday, hitting $108.61. 18,708 shares of the stock were exchanged, compared to its average volume of 121,835. The company has a market cap of $1.64 billion, a P/E ratio of 33.47 and a beta of 1.05. The stock's fifty day simple moving average is $104.65 and its two-hundred day simple moving average is $93.19. 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 twelve month low of $49.51 and a twelve month high of $118.00.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly earnings data 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). 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%. As a group, analysts forecast that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Keefe, Bruyette & Woods increased 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 issued a Buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $110.25.

Insider Buying and Selling at Coastal Financial

In related news, CFO Joel G. Edwards sold 2,000 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief financial officer owned 36,187 shares of the company's stock, valued at $4,001,920.33. This trade represents a 5.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold a total of 7,000 shares of company stock worth $778,230 over the last three months. Company insiders own 14.10% of the company's stock.

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.