D.A. Davidson & CO. Makes New Investment in Coastal Financial Corporation $CCB

D.A. Davidson & CO. acquired a new position in Coastal Financial Corporation (NASDAQ:CCB) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 125,539 shares of the company’s stock, valued at approximately $13,580,000.

Other large investors also recently added to or reduced their stakes in the company. Peregrine Capital Management LLC boosted its position in Coastal Financial by 25.0% during the second quarter. Peregrine Capital Management LLC now owns 140,693 shares of the company’s stock valued at $13,629,000 after buying an additional 28,099 shares during the period. Azora Capital LP boosted its holdings in Coastal Financial by 26.4% during the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company’s stock valued at $72,759,000 after acquiring an additional 156,956 shares during the period. SG Americas Securities LLC grew its position in Coastal Financial by 69.1% during the 2nd quarter. SG Americas Securities LLC now owns 10,741 shares of the company’s stock worth $1,040,000 after acquiring an additional 4,391 shares during the last quarter. Advisors Capital Management LLC lifted its position in Coastal Financial by 1.3% in the second quarter. Advisors Capital Management LLC now owns 141,658 shares of the company’s stock valued at $13,722,000 after purchasing an additional 1,763 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Coastal Financial by 2.3% in the second quarter. Geode Capital Management LLC now owns 304,365 shares of the company’s stock valued at $29,488,000 after purchasing an additional 6,730 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Coastal Financial Stock Up 1.6%

Shares of NASDAQ:CCB opened at $115.11 on Tuesday. The firm has a market capitalization of $1.74 billion, a P/E ratio of 36.43 and a beta of 0.89. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The stock has a 50 day moving average price of $110.53 and a 200-day moving average price of $107.14. Coastal Financial Corporation has a 52-week low of $76.11 and a 52-week high of $120.05.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $0.88 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.01). The firm had revenue of $52.89 million for the quarter, compared to analysts’ expectations of $133.44 million. Coastal Financial had a net margin of 7.14% and a return on equity of 10.45%. As a group, equities research analysts anticipate that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Insider Transactions at Coastal Financial

In other Coastal Financial news, Director Steven D. Hovde sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $117.25, for a total transaction of $351,750.00. Following the completion of the transaction, the director owned 11,500 shares of the company’s stock, valued at approximately $1,348,375. This trade represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 27,238 shares of company stock worth $3,118,491. Corporate insiders own 14.10% of the company’s stock.

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.