Kahn Brothers Group Inc. Purchases Shares of 4,074,720 Coastal Financial Corporation $CCB

Kahn Brothers Group Inc. acquired a new stake in shares of Coastal Financial Corporation (NASDAQ:CCB) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,074,720 shares of the company’s stock, valued at approximately $60,876,000. Coastal Financial comprises about 0.1% of Kahn Brothers Group Inc.’s portfolio, making the stock its 14th largest holding. Kahn Brothers Group Inc. owned about 26.65% of Coastal Financial at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Ranger Investment Management L.P. acquired a new position in shares of Coastal Financial in the 2nd quarter worth $10,766,000. Bank of New York Mellon Corp acquired a new position in shares of Coastal Financial in the 2nd quarter valued at $3,013,000. First Bank & Trust boosted its position in shares of Coastal Financial by 5.5% in the 2nd quarter. First Bank & Trust now owns 12,012 shares of the company’s stock valued at $931,000 after purchasing an additional 630 shares during the period. Bank of America Corp DE increased its stake in Coastal Financial by 71.2% in the 1st quarter. Bank of America Corp DE now owns 86,657 shares of the company’s stock worth $6,595,000 after purchasing an additional 36,045 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Coastal Financial by 1.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 337,819 shares of the company’s stock worth $25,708,000 after purchasing an additional 4,611 shares in the last quarter. 59.24% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on CCB shares. TD Cowen reduced their price objective on shares of Coastal Financial from $110.00 to $47.00 and set a “buy” rating for the company 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. Keefe, Bruyette & Woods reduced their price target on shares of Coastal Financial from $95.00 to $53.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. Wall Street Zen raised shares of Coastal Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Stephens reiterated an “overweight” rating and set a $110.00 price objective on shares of Coastal Financial in a research report on Friday, May 1st. Five investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $91.33.

Insider Buying and Selling

In related news, Director Steven D. Hovde purchased 10,000 shares of the stock in a transaction dated Thursday, August 6th. The shares were acquired at an average cost of $43.83 per share, for a total transaction of $438,300.00. Following the acquisition, the director directly owned 26,500 shares in the company, valued at approximately $1,161,495. The trade was a 60.61% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Eric M. Sprink purchased 10,000 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was bought at an average cost of $44.45 per share, for a total transaction of $444,500.00. Following the completion of the purchase, the chief executive officer directly owned 173,238 shares of the company’s stock, valued at $7,700,429.10. The trade was a 6.13% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders acquired 25,290 shares of company stock valued at $1,115,894. Insiders own 13.49% of the company’s stock.

Coastal Financial Price Performance

Shares of CCB opened at $46.74 on Friday. The business’s 50-day moving average is $63.94 and its 200-day moving average is $72.15. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.05 and a quick ratio of 1.03. The company has a market capitalization of $714.65 million, a price-to-earnings ratio of -166.92 and a beta of 0.76. Coastal Financial Corporation has a fifty-two week low of $36.61 and a fifty-two week high of $120.05.

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

Coastal Financial 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.