Phocas Financial Corp. Takes Position in Coastal Financial Corporation $CCB

Key Points

• Phocas Financial Corp. bought a new stake of 34,453 shares in Coastal Financial (NASDAQ:CCB), worth about $3.95 million and representing ~0.23% of the company.
• Company insiders have been net sellers recently—CFO Joel G. Edwards and CEO Eric M. Sprink sold shares in January, with insiders offloading 21,058 shares (~$2.41M) over the past 90 days; insiders now own 14.10%.
• Coastal Financial missed quarterly expectations (EPS $0.82 vs. $1.16 est.; revenue $56.49M vs. $140.81M est.), yet analysts remain mixed with a consensus "Buy" and an average target price of $133.60.

Phocas Financial Corp. acquired a new stake in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 34,453 shares of the company's stock, valued at approximately $3,948,000. Phocas Financial Corp. owned about 0.23% of Coastal Financial as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the stock. Farther Finance Advisors LLC raised its position in shares of Coastal Financial by 222.4% during the fourth quarter. Farther Finance Advisors LLC now owns 2,889 shares of the company's stock valued at $331,000 after buying an additional 1,993 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of Coastal Financial by 384.5% during the fourth quarter. State of Alaska Department of Revenue now owns 2,868 shares of the company's stock valued at $327,000 after buying an additional 2,276 shares during the last quarter. Cox Capital Mgt LLC raised its position in shares of Coastal Financial by 1.4% during the fourth quarter. Cox Capital Mgt LLC now owns 47,775 shares of the company's stock valued at $5,274,000 after buying an additional 656 shares during the last quarter. Coldstream Capital Management Inc. bought a new stake in Coastal Financial in the third quarter valued at about $256,000. Finally, Harvest Investment Services LLC bought a new stake in Coastal Financial in the third quarter valued at about $1,530,000. Institutional investors and hedge funds own 59.24% of the company's stock.

Insider Buying and Selling

In related news, CFO Joel G. Edwards sold 1,300 shares of the stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $111.34, for a total transaction of $144,742.00. Following the sale, the chief financial officer directly owned 11,462 shares in the company, valued at $1,276,179.08. This represents a 10.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric M. Sprink sold 4,000 shares of the stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $116.01, for a total value of $464,040.00. Following the sale, the chief executive officer owned 159,126 shares in the company, valued at approximately $18,460,207.26. This trade represents a 2.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 21,058 shares of company stock worth $2,410,134. 14.10% of the stock is owned by corporate insiders.

Coastal Financial Price Performance

Shares of Coastal Financial stock opened at $82.04 on Wednesday. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 26.99 and a beta of 0.87. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a 1-year low of $70.72 and a 1-year high of $120.05. The firm's 50-day moving average price is $79.70 and its two-hundred day moving average price is $99.01.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly earnings results on Thursday, January 29th. The company reported $0.82 EPS for the quarter, missing analysts' consensus estimates of $1.16 by ($0.34). The business had revenue of $56.49 million for the quarter, compared to the consensus estimate of $140.81 million. Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%. On average, equities analysts predict that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Weiss Ratings cut shares of Coastal Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, March 2nd. Wall Street Zen cut shares of Coastal Financial from a "hold" rating to a "sell" rating in a research note on Saturday, April 4th. Hovde Group lowered their target price on shares of Coastal Financial from $140.00 to $133.00 and set an "outperform" rating on the stock in a research note on Friday, January 30th. TD Cowen raised shares of Coastal Financial to a "strong-buy" rating in a research note on Monday. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Coastal Financial from $135.00 to $125.00 and set an "outperform" rating on the stock in a research note on Monday, February 2nd. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $133.60.

Coastal Financial Company Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina's central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.

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