Azora Capital LP Decreases Stock Holdings in Coastal Financial Corporation $CCB

Azora Capital LP decreased its stake in shares of Coastal Financial Corporation (NASDAQ:CCB) by 21.3% during the third quarter, Holdings Channel reports. The firm owned 591,020 shares of the company’s stock after selling 160,078 shares during the quarter. Coastal Financial comprises about 3.0% of Azora Capital LP’s holdings, making the stock its 12th biggest position. Azora Capital LP’s holdings in Coastal Financial were worth $63,931,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its stake in Coastal Financial by 3.7% during the 1st quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock valued at $1,185,000 after buying an additional 473 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings 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 valued at $672,000 after buying an additional 977 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Coastal Financial by 44.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock worth $6,645,000 after buying an additional 22,725 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Coastal Financial by 7.3% in the 1st quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock worth $1,125,000 after buying an additional 848 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Coastal Financial by 4.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company’s stock worth $2,393,000 after acquiring an additional 1,048 shares during the period. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Analyst Ratings Changes

CCB has been the topic of a number of recent research reports. Weiss Ratings downgraded Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. Zacks Research downgraded Coastal Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. Wall Street Zen raised shares of Coastal Financial from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. UBS Group set a $155.00 price objective on shares of Coastal Financial in a research note on Friday, December 5th. Finally, Keefe, Bruyette & Woods cut their target price on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a research report on Monday, February 2nd. One 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 given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $128.00.

Insider Buying and Selling

In other Coastal Financial news, CEO Eric M. Sprink sold 8,778 shares of Coastal Financial stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $114.95, for a total transaction of $1,009,031.10. Following 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Joel G. Edwards sold 1,300 shares of Coastal Financial stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $111.34, for a total transaction of $144,742.00. Following the transaction, the chief financial officer directly owned 11,462 shares in the company, valued at $1,276,179.08. This represents a 10.19% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 53,185 shares of company stock valued at $6,127,817. 14.10% of the stock is currently owned by corporate insiders.

Coastal Financial Price Performance

NASDAQ CCB opened at $76.92 on Friday. The business’s fifty day moving average is $93.70 and its 200 day moving average is $104.53. Coastal Financial Corporation has a fifty-two week low of $70.72 and a fifty-two week high of $120.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.06. The company has a market capitalization of $1.17 billion, a PE ratio of 25.30 and a beta of 0.86.

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

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.