Jacobs Levy Equity Management Inc. Cuts Stock Position in Coastal Financial Corporation $CCB

Key Points

• Jacobs Levy Equity Management Inc. reduced its stake in Coastal Financial Corporation by 20.1%, owning 16,176 shares valued at approximately $1.46 million after selling 4,070 shares in the first quarter.
• Coastal Financial's latest quarterly earnings showed an EPS of $0.71, falling short of analyst estimates by ($0.16), with revenues of $119.43 million compared to expectations of $158.05 million.
• Research analysts have set a consensus rating of "Buy" for Coastal Financial, with an average price target of $110.25.

Jacobs Levy Equity Management Inc. lessened its stake in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 20.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,176 shares of the company's stock after selling 4,070 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 0.11% of Coastal Financial worth $1,462,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Bridgeway Capital Management LLC raised its stake in shares of Coastal Financial by 275.0% during the first quarter. Bridgeway Capital Management LLC now owns 67,839 shares of the company's stock worth $6,133,000 after purchasing an additional 49,748 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Coastal Financial by 3.7% during the first quarter. AQR Capital Management LLC now owns 13,102 shares of the company's stock worth $1,185,000 after purchasing an additional 473 shares during the last quarter. PDT Partners LLC raised its stake in shares of Coastal Financial by 30.6% during the first quarter. PDT Partners LLC now owns 19,408 shares of the company's stock worth $1,755,000 after purchasing an additional 4,544 shares during the last quarter. Cubist Systematic Strategies LLC raised its position in Coastal Financial by 208.1% in the first quarter. Cubist Systematic Strategies LLC now owns 6,255 shares of the company's stock worth $566,000 after acquiring an additional 4,225 shares in the last quarter. Finally, Azora Capital LP raised its position in Coastal Financial by 49.3% in 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 in the last quarter. Hedge funds and other institutional investors own 59.24% of the company's stock.

Coastal Financial Trading Down 0.2%

Shares of CCB stock opened at $111.33 on Friday. 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 $1.68 billion, a P/E ratio of 34.26 and a beta of 1.05. Coastal Financial Corporation has a fifty-two week low of $48.52 and a fifty-two week high of $118.00. The business has a fifty day simple moving average of $104.52 and a 200-day simple moving average of $93.08.

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

Analysts Set New Price Targets

Several research analysts have issued reports on CCB shares. Hovde Group set a $126.00 price objective on Coastal Financial in a research report on Monday, August 18th. Keefe, Bruyette & Woods increased their price objective on Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average 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.

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