Azora Capital LP Raises Stake in Coastal Financial Corporation $CCB

Azora Capital LP boosted its holdings in Coastal Financial Corporation (NASDAQ:CCB) by 4.6% during the 4th quarter, Holdings Channel.com reports. The fund owned 618,244 shares of the company’s stock after purchasing an additional 27,224 shares during the quarter. Coastal Financial accounts for about 4.5% of Azora Capital LP’s portfolio, making the stock its 9th biggest position. Azora Capital LP’s holdings in Coastal Financial were worth $70,845,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Boothbay Fund Management LLC raised its position in Coastal Financial by 69.8% in the fourth quarter. Boothbay Fund Management LLC now owns 106,342 shares of the company’s stock worth $12,186,000 after acquiring an additional 43,716 shares in the last quarter. Jain Global LLC bought a new stake in Coastal Financial in the fourth quarter worth about $826,000. Jump Financial LLC bought a new stake in Coastal Financial in the fourth quarter worth about $262,000. Price T Rowe Associates Inc. MD raised its position in Coastal Financial by 0.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 105,734 shares of the company’s stock worth $12,117,000 after acquiring an additional 293 shares in the last quarter. Finally, California State Teachers Retirement System raised its position in Coastal Financial by 4.0% in the fourth quarter. California State Teachers Retirement System now owns 13,081 shares of the company’s stock worth $1,499,000 after acquiring an additional 502 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on CCB. Stephens reiterated an “overweight” rating and issued a $110.00 price target on shares of Coastal Financial in a research report on Friday, May 1st. TD Cowen cut their price objective on Coastal Financial from $145.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, April 30th. Wall Street Zen upgraded Coastal Financial from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Keefe, Bruyette & Woods cut their price objective on Coastal Financial from $115.00 to $95.00 and set an “outperform” rating on the stock in a report on Friday, May 1st. Finally, Zacks Research downgraded Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $122.60.

Coastal Financial Price Performance

Shares of CCB opened at $70.34 on Thursday. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 22.05 and a beta of 0.72. Coastal Financial Corporation has a fifty-two week low of $66.50 and a fifty-two week high of $120.05. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.03. The business’s 50-day moving average is $74.88 and its 200-day moving average is $88.95.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.24). The business had revenue of $56.30 million during the quarter, compared to analyst estimates of $138.63 million. Coastal Financial had a net margin of 7.35% and a return on equity of 10.20%. Equities research analysts expect that Coastal Financial Corporation will post 4.56 EPS for the current fiscal year.

Coastal Financial 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.