Driehaus Capital Management LLC Makes New Investment in Coastal Financial Co. (NASDAQ:CCB)

Driehaus Capital Management LLC acquired a new stake in shares of Coastal Financial Co. (NASDAQ:CCB) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 96,215 shares of the company’s stock, valued at approximately $8,170,000. Driehaus Capital Management LLC owned approximately 0.71% of Coastal Financial at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Tower Research Capital LLC TRC lifted its stake in Coastal Financial by 179.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company’s stock valued at $61,000 after buying an additional 461 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Coastal Financial during the fourth quarter worth $64,000. New York State Teachers Retirement System bought a new stake in Coastal Financial in the 4th quarter valued at $87,000. USA Financial Formulas acquired a new position in Coastal Financial in the 4th quarter worth $122,000. Finally, KLP Kapitalforvaltning AS bought a new position in Coastal Financial during the 4th quarter worth about $178,000. Institutional investors own 59.24% of the company’s stock.

Insiders Place Their Bets

In other Coastal Financial news, Director Gregory A. Tisdel sold 1,600 shares of the company’s stock in a transaction on Monday, April 14th. The shares were 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 in the company, valued at $1,107,454.42. The trade was a 10.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 16.82% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on CCB shares. Hovde Group reduced their price objective 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. Raymond James lowered their price objective on shares of Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating on the stock in a report on Wednesday, April 30th. Keefe, Bruyette & Woods reduced their target price on shares of Coastal Financial from $114.00 to $110.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Finally, Stephens reiterated an “overweight” rating and issued a $100.00 price target on shares of Coastal Financial in a research note on Tuesday, March 18th.

Coastal Financial Price Performance

NASDAQ:CCB opened at $84.31 on Friday. The stock has a market capitalization of $1.27 billion, a PE ratio of 25.94 and a beta of 0.94. Coastal Financial Co. has a 1-year low of $42.56 and a 1-year high of $102.25. The firm has a fifty day simple moving average of $84.29 and a 200 day simple moving average of $82.06. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.30). The firm had revenue of $139.54 million during the quarter, compared to the consensus estimate of $158.65 million. Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. On average, research analysts expect that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

About Coastal Financial

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.