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

A number of other institutional investors and hedge funds have also modified their holdings of the business. Ameriflex Group Inc. bought a new position in shares of Coastal Financial during the fourth quarter valued at $172,000. AlphaQuest LLC purchased a new position in Coastal Financial in the 1st quarter worth about $188,000. ProShare Advisors LLC bought a new position in Coastal Financial during the 4th quarter valued at about $272,000. GAMMA Investing LLC lifted its stake in Coastal Financial by 50,271.4% during the 1st 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, Arizona State Retirement System boosted its holdings in shares of Coastal Financial by 15.8% during the 1st quarter. Arizona State Retirement System now owns 3,844 shares of the company's stock valued at $348,000 after acquiring an additional 524 shares during the last quarter. Institutional investors own 59.24% of the company's stock.

Analyst Ratings Changes

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

Coastal Financial Stock Performance

Shares of NASDAQ:CCB traded up $2.31 during midday trading on Wednesday, hitting $110.37. The company had a trading volume of 125,290 shares, compared to its average volume of 108,625. Coastal Financial Corporation has a 12-month low of $50.06 and a 12-month high of $118.00. The company has a fifty day moving average of $105.01 and a two-hundred day moving average of $93.48. The company has a market cap of $1.67 billion, a price-to-earnings ratio of 33.96 and a beta of 1.05. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05.

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 the consensus estimate of $0.87 by ($0.16). The company had revenue of $119.43 million for the quarter, compared to the consensus estimate of $158.05 million. Coastal Financial had a net margin of 7.02% and a return on equity of 11.31%. On average, equities research analysts expect that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Insider Buying and Selling

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

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.