Ranger Investment Management L.P. Invests $10.77 Million in Coastal Financial Corporation $CCB

Ranger Investment Management L.P. bought a new stake in Coastal Financial Corporation (NASDAQ:CCB) in the second quarter, HoldingsChannel reports. The fund bought 138,897 shares of the company’s stock, valued at approximately $10,766,000.

Several other hedge funds have also modified their holdings of CCB. Vanguard Group Inc. lifted its position in Coastal Financial by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 784,230 shares of the company’s stock worth $89,865,000 after acquiring an additional 18,193 shares in the last quarter. Azora Capital LP boosted its holdings in Coastal Financial by 4.6% in the 4th quarter. Azora Capital LP now owns 618,244 shares of the company’s stock worth $70,845,000 after acquiring an additional 27,224 shares during the period. Wellington Management Group LLP grew its position in Coastal Financial by 9.0% in the third quarter. Wellington Management Group LLP now owns 486,197 shares of the company’s stock valued at $52,592,000 after acquiring an additional 39,984 shares in the last quarter. Cooper Creek Partners Management LLC grew its position in Coastal Financial by 105.0% in the first quarter. Cooper Creek Partners Management LLC now owns 450,134 shares of the company’s stock valued at $34,255,000 after acquiring an additional 230,537 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Coastal Financial by 7.6% during the first quarter. Dimensional Fund Advisors LP now owns 359,571 shares of the company’s stock valued at $27,361,000 after purchasing an additional 25,424 shares during the period. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. TD Cowen reduced their target price on shares of Coastal Financial from $110.00 to $47.00 and set a “buy” rating on the stock in a research report on Friday, July 31st. Stephens reaffirmed an “overweight” rating and set a $110.00 price target on shares of Coastal Financial in a report on Friday, May 1st. Keefe, Bruyette & Woods dropped their price target on shares of Coastal Financial from $95.00 to $53.00 and set an “outperform” rating on the stock in a research note on Friday, July 31st. Zacks Research lowered shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 4th. Finally, Weiss Ratings lowered shares of Coastal Financial from a “hold (c)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Five analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $91.33.

Coastal Financial Price Performance

Shares of NASDAQ CCB opened at $46.28 on Monday. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a fifty-two week low of $36.61 and a fifty-two week high of $120.05. The business has a 50 day moving average price of $65.89 and a two-hundred day moving average price of $73.30. The firm has a market cap of $707.62 million, a PE ratio of -165.28 and a beta of 0.77.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Thursday, July 30th. The company reported ($2.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($3.77). The business had revenue of $178.07 million during the quarter, compared to analyst estimates of $148.50 million. Coastal Financial had a negative net margin of 0.53% and a negative return on equity of 0.80%. Sell-side analysts expect that Coastal Financial Corporation will post 1.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Eric M. Sprink purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The stock was acquired at an average price of $44.45 per share, for a total transaction of $444,500.00. Following the completion of the purchase, the chief executive officer owned 173,238 shares in the company, valued at approximately $7,700,429.10. This represents a 6.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven D. Hovde purchased 10,000 shares of the business’s stock in a transaction that occurred 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 acquisition, the director directly owned 26,500 shares of the company’s stock, valued at $1,161,495. This represents a 60.61% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought 25,290 shares of company stock valued at $1,115,894 in the last three months. Corporate insiders own 13.49% of the company’s stock.

Coastal Financial Company 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.