Persistent Asset Partners Ltd Purchases 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 lifted its stake in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 17.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,814 shares of the company's stock after acquiring an additional 3,173 shares during the period. Coastal Financial makes up about 1.7% of Persistent Asset Partners Ltd's investment portfolio, making the stock its 16th largest holding. Persistent Asset Partners Ltd owned about 0.15% of Coastal Financial worth $1,972,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently made changes to their positions in CCB. Tower Research Capital LLC TRC boosted its holdings in 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 purchasing an additional 461 shares during the last quarter. Ameriflex Group Inc. acquired a new position in Coastal Financial during the fourth quarter worth $172,000. Mariner LLC acquired a new position in Coastal Financial during the fourth quarter worth $246,000. ProShare Advisors LLC acquired a new position in Coastal Financial during the fourth quarter worth $272,000. Finally, GAMMA Investing LLC grew its position in shares of Coastal Financial by 50,271.4% in 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. Institutional investors own 59.24% of the company's stock.

Coastal Financial Stock Performance

Shares of NASDAQ CCB traded down $0.29 during mid-day trading on Friday, reaching $107.57. 113,473 shares of the company were exchanged, compared to its average volume of 145,396. The company's 50-day simple moving average is $96.98 and its 200-day simple moving average is $90.23. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $1.63 billion, a P/E ratio of 33.10 and a beta of 1.01. Coastal Financial Corporation has a twelve month low of $47.49 and a twelve month high of $108.69.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued 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). Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. The business had revenue of $119.43 million during the quarter, compared to analyst estimates of $158.05 million. As a group, research analysts predict that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on CCB shares. Hovde Group decreased their price objective on shares of Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Keefe, Bruyette & Woods lifted 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. Finally, Raymond James Financial decreased their price objective on shares of Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a research report on Wednesday, April 30th.

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.