Great Lakes Advisors LLC Takes Position 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 stake in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 49,913 shares of the company's stock, valued at approximately $4,513,000. Great Lakes Advisors LLC owned 0.33% of Coastal Financial as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. T. Rowe Price Investment Management Inc. increased its stake in Coastal Financial by 1.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,339,269 shares of the company's stock valued at $121,084,000 after purchasing an additional 16,944 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Coastal Financial by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 739,322 shares of the company's stock worth $66,842,000 after acquiring an additional 53,937 shares in the last quarter. Azora Capital LP boosted its holdings in shares of Coastal Financial by 49.3% in the 1st quarter. Azora Capital LP now owns 594,142 shares of the company's stock worth $53,716,000 after buying an additional 196,148 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Coastal Financial by 1,067.9% in the 4th quarter. Wellington Management Group LLP now owns 456,887 shares of the company's stock worth $38,794,000 after buying an additional 417,767 shares during the last quarter. Finally, Westwood Holdings Group Inc. lifted its holdings in Coastal Financial by 400.4% during the first quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company's stock valued at $40,604,000 after purchasing an additional 359,371 shares during the last quarter. Institutional investors own 59.24% of the company's stock.

Insider Buying and Selling

In other Coastal Financial news, CFO Joel G. Edwards sold 3,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $111.71, for a total transaction of $335,130.00. Following the transaction, the chief financial officer directly owned 38,187 shares in the company, valued at $4,265,869.77. This trade represents a 7.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 7,000 shares of company stock worth $778,230 in the last quarter. 14.10% of the stock is owned by company insiders.

Coastal Financial Price Performance

Shares of CCB stock traded down $2.23 during trading on Friday, hitting $109.10. The company had a trading volume of 58,842 shares, compared to its average volume of 107,916. 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's 50-day moving average is $104.65 and its two-hundred day moving average is $93.20. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 33.57 and a beta of 1.05. Coastal Financial Corporation has a 52 week low of $49.51 and a 52 week 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 company had revenue of $119.43 million during the quarter, compared to the consensus estimate 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 predict that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on CCB shares. Hovde Group set a $126.00 price objective on shares of Coastal Financial in a report on Monday, August 18th. 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 report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $110.25.

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.