Persistent Asset Partners Ltd Buys 3,173 Shares of Coastal Financial Corporation (NASDAQ:CCB)

Key Points

• Persistent Asset Partners Ltd increased its stake in Coastal Financial Corporation by 17.0% during the first quarter, now holding 21,814 shares valued at approximately $1.97 million.
• Institutional investors own 59.24% of Coastal Financial, indicating strong interest from the financial community, with several firms reporting recent increases in their holdings.
• Coastal Financial reported $0.71 earnings per share (EPS) for the last quarter, missing the estimated $0.87 EPS, along with a revenue of $119.43 million against a consensus of $158.05 million.

Persistent Asset Partners Ltd grew its stake in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 17.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,814 shares of the company's stock after acquiring an additional 3,173 shares during the quarter. Coastal Financial accounts for 1.7% of Persistent Asset Partners Ltd's holdings, making the stock its 16th biggest position. Persistent Asset Partners Ltd owned 0.15% of Coastal Financial worth $1,972,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of CCB. First Trust Advisors LP grew its holdings in shares of Coastal Financial by 1.9% during the fourth quarter. First Trust Advisors LP now owns 8,297 shares of the company's stock worth $704,000 after buying an additional 156 shares in the last quarter. SummerHaven Investment Management LLC grew its holdings in shares of Coastal Financial by 0.9% during the first quarter. SummerHaven Investment Management LLC now owns 17,138 shares of the company's stock worth $1,549,000 after buying an additional 161 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Coastal Financial by 5.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,459 shares of the company's stock worth $548,000 after buying an additional 343 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Coastal Financial by 179.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock worth $61,000 after buying an additional 461 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its holdings in shares of Coastal Financial by 2.9% during the fourth quarter. Bridgeway Capital Management LLC now owns 18,091 shares of the company's stock worth $1,536,000 after buying an additional 507 shares in the last quarter. 59.24% of the stock is owned by institutional investors.

Insider Transactions at Coastal Financial

In other Coastal Financial news, CFO Joel G. Edwards sold 3,128 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $88.44, for a total transaction of $276,640.32. Following the completion of the sale, the chief financial officer directly owned 41,387 shares in the company, valued at $3,660,266.28. This trade represents a 7.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 14.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CCB shares. Raymond James Financial decreased their price objective on Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a report on Wednesday, April 30th. Keefe, Bruyette & Woods upped their target price on Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a report on Friday, July 11th. Finally, Hovde Group dropped their target price on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th.

Coastal Financial Price Performance

NASDAQ:CCB opened at $98.35 on Tuesday. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.11. The stock's 50 day moving average price is $95.39 and its two-hundred day moving average price is $89.70. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of 30.26 and a beta of 1.01. Coastal Financial Corporation has a 12-month low of $46.56 and a 12-month high of $106.38.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly earnings data 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 business had revenue of $119.43 million during 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 11.69%. On average, analysts anticipate that Coastal Financial Corporation will post 4.59 earnings per share for the current 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.

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