Renaissance Technologies LLC Buys Shares of 22,600 Coastal Financial Corporation $CCB

Key Points

• Renaissance Technologies initiated a 22,600-share position in Coastal Financial worth approximately $1.72 million, while institutional investors collectively owned 59.24% of the company.
• Company insiders bought 25,290 shares valued at about $1.12 million over the past three months, including 10,000-share purchases by Director Steven Hovde and CEO Eric Sprink.
• Coastal Financial reported quarterly EPS of -$2.76, missing the $1.01 consensus estimate despite revenue exceeding forecasts; analysts have sharply lowered price targets, though the consensus rating remains “Moderate Buy.”

Renaissance Technologies LLC bought a new stake in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 22,600 shares of the company's stock, valued at approximately $1,720,000. Renaissance Technologies LLC owned about 0.15% of Coastal Financial at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CCB. Militia Capital Management LLC acquired a new stake in Coastal Financial in the first quarter valued at $3,695,000. First Trust Advisors LP grew its holdings in Coastal Financial by 11.3% during the 1st quarter. First Trust Advisors LP now owns 48,713 shares of the company's stock worth $3,707,000 after acquiring an additional 4,954 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Coastal Financial by 16,937.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 32,201 shares of the company's stock worth $2,450,000 after purchasing an additional 32,012 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Coastal Financial by 7.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 359,571 shares of the company's stock worth $27,361,000 after purchasing an additional 25,424 shares during the last quarter. Finally, Arcus Capital Partners LLC increased its position in shares of Coastal Financial by 37.1% in the 1st quarter. Arcus Capital Partners LLC now owns 17,636 shares of the company's stock worth $1,342,000 after purchasing an additional 4,771 shares during the last quarter. Institutional investors and hedge funds own 59.24% of the company's stock.

Insider Transactions at Coastal Financial

In related news, Director Steven D. Hovde bought 10,000 shares of the firm's stock in a transaction on Thursday, August 6th. The stock was bought at an average cost of $43.83 per share, for a total transaction of $438,300.00. Following the completion of the purchase, the director directly owned 26,500 shares in the company, valued at approximately $1,161,495. The trade was a 60.61% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eric M. Sprink bought 10,000 shares of the stock in a transaction dated Thursday, August 6th. The shares were bought at an average cost of $44.45 per share, with a total value of $444,500.00. Following the completion of the acquisition, the chief executive officer directly owned 173,238 shares of the company's stock, valued at approximately $7,700,429.10. The trade was a 6.13% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 25,290 shares of company stock worth $1,115,894 in the last three months. 13.49% of the stock is currently owned by corporate insiders.

Coastal Financial Stock Up 6.7%

Shares of NASDAQ:CCB opened at $51.86 on Wednesday. The stock has a market capitalization of $792.94 million, a price-to-earnings ratio of -185.21 and a beta of 0.76. Coastal Financial Corporation has a 1-year low of $36.61 and a 1-year high of $120.05. The company's fifty day moving average is $69.43 and its two-hundred day moving average is $76.45. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.03 and a current ratio of 1.06.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported ($2.76) EPS for the quarter, missing the consensus estimate of $1.01 by ($3.77). Coastal Financial had a negative net margin of 0.53% and a negative return on equity of 0.79%. The business had revenue of $178.07 million during the quarter, compared to analyst estimates of $148.50 million. Equities analysts anticipate that Coastal Financial Corporation will post 1.26 EPS for the current year.

Analysts Set New Price Targets

CCB has been the topic of several research analyst reports. Zacks Research cut shares of Coastal Financial from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 4th. Stephens reissued an "overweight" rating and issued a $110.00 price objective on shares of Coastal Financial in a report on Friday, May 1st. TD Cowen cut their price objective on Coastal Financial from $110.00 to $47.00 and set a "buy" rating on the stock in a research note on Friday, July 31st. Keefe, Bruyette & Woods reduced their target price on Coastal Financial from $95.00 to $53.00 and set an "outperform" rating on the stock in a report on Friday, July 31st. Finally, Wall Street Zen upgraded Coastal Financial from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Coastal Financial has a consensus rating of "Moderate Buy" and an average target price of $91.33.

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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