FJ Capital Management LLC Takes Position in Coastal Financial Co. (NASDAQ:CCB)

FJ Capital Management LLC purchased a new position in shares of Coastal Financial Co. (NASDAQ:CCB - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 55,877 shares of the company's stock, valued at approximately $4,745,000. FJ Capital Management LLC owned about 0.41% of Coastal Financial as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. lifted its stake in shares of Coastal Financial by 47.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company's stock valued at $112,279,000 after acquiring an additional 423,864 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Coastal Financial by 1,067.9% in the 4th quarter. Wellington Management Group LLP now owns 456,887 shares of the company's stock valued at $38,794,000 after acquiring an additional 417,767 shares during the last quarter. Azora Capital LP bought a new stake in shares of Coastal Financial in the 4th quarter valued at about $33,794,000. Driehaus Capital Management LLC bought a new stake in shares of Coastal Financial in the 4th quarter valued at about $8,170,000. Finally, Kennedy Capital Management LLC raised its position in Coastal Financial by 38.6% during the 4th quarter. Kennedy Capital Management LLC now owns 299,456 shares of the company's stock valued at $25,427,000 after purchasing an additional 83,331 shares during the last quarter. Institutional investors own 59.24% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CCB. Stephens reaffirmed an "overweight" rating and set a $100.00 price target on shares of Coastal Financial in a research report on Tuesday, March 18th. Keefe, Bruyette & Woods lowered their price target on Coastal Financial from $114.00 to $110.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Hovde Group lowered their price target on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Finally, Raymond James lowered their price target on 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.

Insider Buying and Selling

In related news, Director Gregory A. Tisdel sold 1,600 shares of the company's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $79.07, for a total value of $126,512.00. Following the transaction, the director now directly owns 14,006 shares of the company's stock, valued at approximately $1,107,454.42. This represents a 10.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 16.82% of the stock is currently owned by company insiders.

Coastal Financial Stock Up 3.7%

Shares of CCB stock traded up $3.13 during midday trading on Monday, reaching $87.12. 89,797 shares of the stock were exchanged, compared to its average volume of 93,627. Coastal Financial Co. has a 1 year low of $42.64 and a 1 year high of $102.25. The company's 50 day moving average is $84.29 and its two-hundred day moving average is $82.37. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The firm has a market cap of $1.31 billion, a PE ratio of 26.81 and a beta of 0.94.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.30). The company had revenue of $139.54 million during the quarter, compared to analysts' expectations of $158.65 million. Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. On average, equities research analysts predict that Coastal Financial Co. will post 4.59 EPS 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.