Quent Capital LLC Makes New $2.28 Million Investment in Coastal Financial Corporation $CCB

Key Points

• Quent Capital LLC bought a new position of 19,889 shares in Coastal Financial, valued at approximately $2.28 million, representing about 0.13% ownership at quarter-end.
• Coastal Financial posted quarterly EPS of $0.82 versus estimates of $1.16 and revenue of $56.49M versus estimates of $140.81M, a notable earnings and revenue miss.
• Analyst sentiment is mixed but leans positive with a MarketBeat consensus rating of "Buy" and an average price target of $133.60; institutional investors own roughly 59% of the stock while insiders hold about 14%.

Quent Capital LLC bought a new position in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 19,889 shares of the company's stock, valued at approximately $2,279,000. Quent Capital LLC owned 0.13% of Coastal Financial at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CCB. Vanguard Group Inc. grew its position in Coastal Financial by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 784,230 shares of the company's stock worth $89,865,000 after buying an additional 18,193 shares in the last quarter. Turtle Creek Wealth Advisors LLC bought a new position in Coastal Financial during the 4th quarter worth $403,000. Phocas Financial Corp. acquired a new position in Coastal Financial in the 4th quarter valued at $3,948,000. Farther Finance Advisors LLC raised its stake in Coastal Financial by 222.4% in the fourth quarter. Farther Finance Advisors LLC now owns 2,889 shares of the company's stock valued at $331,000 after purchasing an additional 1,993 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its holdings in shares of Coastal Financial by 384.5% during the 4th quarter. State of Alaska Department of Revenue now owns 2,868 shares of the company's stock worth $327,000 after acquiring an additional 2,276 shares during the period. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Joel G. Edwards sold 1,300 shares of the company's stock in a transaction on Monday, January 26th. The shares were sold at an average price of $111.34, for a total transaction of $144,742.00. Following the completion of the transaction, the chief financial officer directly owned 11,462 shares in the company, valued at approximately $1,276,179.08. This represents a 10.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 14.10% of the company's stock.

Coastal Financial Trading Down 1.9%

CCB opened at $82.27 on Friday. The company has a market cap of $1.25 billion, a P/E ratio of 27.06 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. The company's 50 day moving average is $79.11 and its 200-day moving average is $97.54. Coastal Financial Corporation has a 1-year low of $70.72 and a 1-year high of $120.05.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly earnings data on Thursday, January 29th. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.16 by ($0.34). Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%.The company had revenue of $56.49 million for the quarter, compared to analyst estimates of $140.81 million. Equities research analysts predict that Coastal Financial Corporation will post 5.47 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CCB has been the topic of several analyst reports. TD Cowen upgraded shares of Coastal Financial to a "strong-buy" rating in a research report on Monday, April 13th. Hovde Group lowered their price objective on shares of Coastal Financial from $140.00 to $133.00 and set an "outperform" rating for the company in a research report on Friday, January 30th. Wall Street Zen upgraded Coastal Financial from a "sell" rating to a "hold" rating in a research note on Saturday, April 18th. Zacks Research upgraded Coastal Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, April 6th. Finally, Weiss Ratings cut Coastal Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, March 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $133.60.

About Coastal Financial

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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