Boothbay Fund Management LLC Increases Position in Coastal Financial Corporation $CCB

Boothbay Fund Management LLC increased its holdings in Coastal Financial Corporation (NASDAQ:CCB) by 20.9% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 110,915 shares of the company’s stock after acquiring an additional 19,200 shares during the quarter. Boothbay Fund Management LLC owned approximately 0.73% of Coastal Financial worth $10,744,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. increased its holdings in Coastal Financial by 1.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,339,269 shares of the company’s stock worth $121,084,000 after purchasing an additional 16,944 shares during the last quarter. Azora Capital LP grew its position in shares of Coastal Financial by 26.4% during the second quarter. Azora Capital LP now owns 751,098 shares of the company’s stock worth $72,759,000 after buying an additional 156,956 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Coastal Financial by 7.9% during the first quarter. Vanguard Group Inc. now owns 739,322 shares of the company’s stock worth $66,842,000 after buying an additional 53,937 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Coastal Financial by 133.5% in the second quarter. American Century Companies Inc. now owns 481,933 shares of the company’s stock worth $46,685,000 after buying an additional 275,500 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Coastal Financial by 2.3% in the second quarter. Geode Capital Management LLC now owns 304,365 shares of the company’s stock worth $29,488,000 after buying an additional 6,730 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Coastal Financial Price Performance

Shares of NASDAQ:CCB opened at $114.09 on Friday. The company has a market cap of $1.73 billion, a PE ratio of 36.10 and a beta of 0.89. Coastal Financial Corporation has a fifty-two week low of $76.11 and a fifty-two week high of $119.57. The firm has a 50-day simple moving average of $107.49 and a 200 day simple moving average of $103.61. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Wednesday, October 29th. The company reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). The business had revenue of $52.89 million during the quarter, compared to the consensus estimate of $133.44 million. Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%. On average, sell-side analysts anticipate that Coastal Financial Corporation will post 4.59 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a research report on Friday, December 5th. Weiss Ratings reissued a “buy (b-)” rating on shares of Coastal Financial in a report on Monday, December 1st. Hovde Group set a $126.00 price objective on Coastal Financial in a research note on Monday, August 18th. Finally, TD Cowen increased their target price on Coastal Financial from $140.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, December 5th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Coastal Financial currently has a consensus rating of “Buy” and an average target price of $125.17.

Insider Buying and Selling

In other news, CFO Joel G. Edwards sold 9,425 shares of the business’s stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $114.67, for a total transaction of $1,080,764.75. Following the completion of the transaction, the chief financial officer owned 12,762 shares of the company’s stock, valued at approximately $1,463,418.54. The trade was a 42.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Steven D. Hovde sold 3,000 shares of the company’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $117.25, for a total transaction of $351,750.00. Following the transaction, the director owned 11,500 shares of the company’s stock, valued at $1,348,375. This represents a 20.69% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 68,069 shares of company stock valued at $7,591,918. Insiders own 14.10% of the company’s stock.

Coastal Financial Company 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.