Cooper Creek Partners Management LLC Boosts Position in Coastal Financial Corporation $CCB

Cooper Creek Partners Management LLC increased its position in shares of Coastal Financial Corporation (NASDAQ:CCB) by 20.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 77,661 shares of the company’s stock after acquiring an additional 12,948 shares during the quarter. Cooper Creek Partners Management LLC owned approximately 0.51% of Coastal Financial worth $7,523,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Russell Investments Group Ltd. raised its stake in Coastal Financial by 229.5% during the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after purchasing an additional 576 shares during the period. AlphaQuest LLC acquired a new stake in shares of Coastal Financial during the 1st quarter worth approximately $188,000. KLP Kapitalforvaltning AS raised its position in shares of Coastal Financial by 28.6% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 2,700 shares of the company’s stock valued at $262,000 after buying an additional 600 shares during the period. Jump Financial LLC purchased a new stake in shares of Coastal Financial during the 2nd quarter valued at approximately $329,000. Finally, Amundi acquired a new position in Coastal Financial in the second quarter valued at approximately $366,000. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Coastal Financial Stock Performance

Shares of Coastal Financial stock opened at $113.32 on Friday. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 35.86 and a beta of 0.89. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. The business has a 50-day moving average of $106.99 and a 200 day moving average of $102.72. Coastal Financial Corporation has a 12 month low of $73.80 and a 12 month high of $119.22.

Coastal Financial (NASDAQ:CCB) last issued 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). Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%.The business had revenue of $52.89 million for the quarter, compared to analyst estimates of $133.44 million. As a group, sell-side analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CCB. Cowen reissued a “buy” rating on shares of Coastal Financial in a research note on Friday. Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, September 29th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 1st. UBS Group set a $155.00 target price on shares of Coastal Financial in a research note on Friday. Finally, Hovde Group set a $126.00 price target on shares of Coastal Financial in a research note on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Coastal Financial presently has an average rating of “Buy” and an average target price of $125.17.

Insiders Place Their Bets

In other news, CFO Joel G. Edwards sold 9,425 shares of the stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $114.67, for a total value of $1,080,764.75. Following the sale, the chief financial officer directly owned 12,762 shares in the company, valued at approximately $1,463,418.54. This trade represents a 42.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eric M. Sprink sold 10,683 shares of Coastal Financial stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $114.65, for a total value of $1,224,805.95. Following the completion of the transaction, the chief executive officer owned 211,011 shares of the company’s stock, valued at approximately $24,192,411.15. This trade represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 64,958 shares of company stock worth $7,210,220 in the last ninety days. 14.10% of the stock is owned by corporate insiders.

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.