Elizabeth Park Capital Advisors Ltd. Has $3.13 Million Stake in Coastal Financial Corporation $CCB

Elizabeth Park Capital Advisors Ltd. lowered its stake in shares of Coastal Financial Corporation (NASDAQ:CCB) by 26.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 28,911 shares of the company’s stock after selling 10,400 shares during the quarter. Coastal Financial comprises approximately 2.5% of Elizabeth Park Capital Advisors Ltd.’s investment portfolio, making the stock its 12th largest position. Elizabeth Park Capital Advisors Ltd.’s holdings in Coastal Financial were worth $3,125,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. State of Alaska Department of Revenue acquired a new stake in shares of Coastal Financial in the 3rd quarter valued at approximately $64,000. Russell Investments Group Ltd. grew its holdings in Coastal Financial by 229.5% during the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock valued at $80,000 after purchasing an additional 576 shares during the period. Farther Finance Advisors LLC grew its holdings in Coastal Financial by 634.4% during the third quarter. Farther Finance Advisors LLC now owns 896 shares of the company’s stock valued at $97,000 after purchasing an additional 774 shares during the period. USA Financial Formulas bought a new stake in Coastal Financial in the third quarter valued at approximately $102,000. Finally, First Horizon Corp bought a new stake in Coastal Financial in the third quarter valued at approximately $122,000. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Coastal Financial Stock Performance

Shares of CCB stock opened at $76.92 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.06. Coastal Financial Corporation has a 52 week low of $70.72 and a 52 week high of $120.05. The company’s 50 day moving average price is $93.70 and its two-hundred day moving average price is $104.61. The company has a market capitalization of $1.17 billion, a P/E ratio of 25.30 and a beta of 0.86.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Hovde Group cut their target price on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a report on Friday, January 30th. Zacks Research lowered shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. UBS Group set a $155.00 price objective on Coastal Financial in a research note on Friday, December 5th. Weiss Ratings lowered Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. Finally, Keefe, Bruyette & Woods decreased their target price on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a research note on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $128.00.

Insiders Place Their Bets

In related 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 value of $144,742.00. Following the completion of the transaction, the chief financial officer directly owned 11,462 shares of the company’s stock, valued at approximately $1,276,179.08. This represents a 10.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Eric M. Sprink sold 4,000 shares of the stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $116.01, for a total value of $464,040.00. Following the transaction, the chief executive officer owned 159,126 shares of the company’s stock, valued at approximately $18,460,207.26. This trade represents a 2.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 53,185 shares of company stock worth $6,127,817. 14.10% of the stock is currently owned by company insiders.

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.