Peregrine Capital Management LLC Acquires 6,860 Shares of Coastal Financial Corporation $CCB

Peregrine Capital Management LLC grew its holdings in Coastal Financial Corporation (NASDAQ:CCB) by 4.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 147,553 shares of the company’s stock after purchasing an additional 6,860 shares during the quarter. Peregrine Capital Management LLC’s holdings in Coastal Financial were worth $15,961,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Cubist Systematic Strategies LLC boosted its holdings in Coastal Financial by 208.1% in the first quarter. Cubist Systematic Strategies LLC now owns 6,255 shares of the company’s stock worth $566,000 after purchasing an additional 4,225 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Coastal Financial by 3.7% in the first quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock worth $1,185,000 after buying an additional 473 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Coastal Financial by 15.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock worth $672,000 after acquiring an additional 977 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Coastal Financial by 44.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock valued at $6,645,000 after acquiring an additional 22,725 shares during the last quarter. Finally, Empowered Funds LLC increased its holdings in shares of Coastal Financial by 7.3% during the 1st quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock valued at $1,125,000 after acquiring an additional 848 shares during the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Wall Street Analyst Weigh In

CCB has been the subject of several analyst reports. Cowen restated a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. TD Cowen boosted their price objective on shares of Coastal Financial from $140.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, December 5th. UBS Group set a $155.00 target price on shares of Coastal Financial in a research note on Friday, December 5th. Weiss Ratings reissued a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 29th. Finally, Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $125.17.

Insider Activity

In other news, Director Steven D. Hovde sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $117.25, for a total transaction of $351,750.00. Following the sale, the director directly owned 11,500 shares in the company, valued at approximately $1,348,375. The trade was a 20.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Eric M. Sprink sold 8,778 shares of the company’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $114.95, for a total value of $1,009,031.10. Following the completion of the transaction, the chief executive officer owned 193,884 shares of the company’s stock, valued at $22,286,965.80. The trade was a 4.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 38,238 shares of company stock worth $4,402,091 over the last 90 days. Corporate insiders own 14.10% of the company’s stock.

Coastal Financial Trading Up 1.0%

Shares of CCB stock opened at $118.97 on Friday. The firm has a market capitalization of $1.80 billion, a P/E ratio of 37.65 and a beta of 0.89. Coastal Financial Corporation has a 1 year low of $76.11 and a 1 year high of $120.05. The firm’s fifty day simple moving average is $111.33 and its 200 day simple moving average is $107.52. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10.

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

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.