Boothbay Fund Management LLC Grows Position in Coastal Financial Corporation $CCB

Boothbay Fund Management LLC increased its position in shares of Coastal Financial Corporation (NASDAQ:CCB) by 69.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 106,342 shares of the company’s stock after purchasing an additional 43,716 shares during the period. Boothbay Fund Management LLC owned approximately 0.70% of Coastal Financial worth $12,186,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Quent Capital LLC purchased a new position in shares of Coastal Financial during the 4th quarter worth about $2,279,000. American Century Companies Inc. boosted its stake in shares of Coastal Financial by 5.9% during the 3rd quarter. American Century Companies Inc. now owns 510,549 shares of the company’s stock worth $55,226,000 after purchasing an additional 28,616 shares during the period. Phocas Financial Corp. purchased a new position in shares of Coastal Financial during the 4th quarter worth about $3,948,000. Militia Capital Partners LP boosted its stake in shares of Coastal Financial by 90.0% during the 4th quarter. Militia Capital Partners LP now owns 19,000 shares of the company’s stock worth $2,177,000 after purchasing an additional 9,000 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Coastal Financial by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 784,230 shares of the company’s stock worth $89,865,000 after purchasing an additional 18,193 shares during the period. 59.24% of the stock is owned by hedge funds and other institutional investors.

Coastal Financial Price Performance

Coastal Financial stock opened at $70.34 on Thursday. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of 22.05 and a beta of 0.72. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.03. Coastal Financial Corporation has a 1 year low of $66.50 and a 1 year high of $120.05. The firm has a 50-day moving average of $74.88 and a two-hundred day moving average of $88.95.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.24). The company had revenue of $56.30 million during the quarter, compared to analysts’ expectations of $138.63 million. Coastal Financial had a net margin of 7.35% and a return on equity of 10.20%. On average, research analysts forecast that Coastal Financial Corporation will post 4.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CCB shares. Stephens reaffirmed an “overweight” rating and set a $110.00 price target on shares of Coastal Financial in a research note on Friday, May 1st. Zacks Research cut shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Keefe, Bruyette & Woods lowered their price objective on shares of Coastal Financial from $115.00 to $95.00 and set an “outperform” rating for the company in a research report on Friday, May 1st. TD Cowen lowered their price objective on shares of Coastal Financial from $145.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, April 30th. Finally, Wall Street Zen raised shares of Coastal Financial from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $122.60.

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.