Azora Capital LP Sells 160,078 Shares of Coastal Financial Corporation $CCB

Azora Capital LP decreased its position in Coastal Financial Corporation (NASDAQ:CCB) by 21.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 591,020 shares of the company’s stock after selling 160,078 shares during the quarter. Coastal Financial makes up 3.0% of Azora Capital LP’s portfolio, making the stock its 12th biggest position. Azora Capital LP owned approximately 3.91% of Coastal Financial worth $63,931,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Lisanti Capital Growth LLC bought a new position in shares of Coastal Financial in the 3rd quarter worth about $3,533,000. D.A. Davidson & CO. bought a new stake in Coastal Financial during the third quarter worth about $13,580,000. Ranger Investment Management L.P. purchased a new stake in Coastal Financial in the third quarter worth about $16,895,000. American Century Companies Inc. grew its holdings in Coastal Financial by 5.9% in the third 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. Finally, SG Americas Securities LLC increased its stake in shares of Coastal Financial by 69.1% during the second quarter. SG Americas Securities LLC now owns 10,741 shares of the company’s stock valued at $1,040,000 after purchasing an additional 4,391 shares in the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Insider Buying and Selling at Coastal Financial

In related news, CFO Joel G. Edwards sold 1,300 shares of Coastal Financial stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $111.34, for a total value of $144,742.00. Following the completion of the sale, the chief financial officer directly owned 11,462 shares in the company, valued at approximately $1,276,179.08. This trade represents a 10.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Eric M. Sprink sold 8,778 shares of the business’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $114.95, for a total value of $1,009,031.10. Following the completion of the transaction, the chief executive officer directly owned 193,884 shares of the company’s stock, valued at approximately $22,286,965.80. This trade represents a 4.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 53,185 shares of company stock valued at $6,127,817 in the last 90 days. Company insiders own 14.10% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CCB shares. Zacks Research lowered shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. TD Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a research report on Friday, December 5th. Hovde Group lowered their price objective on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research note on Friday, January 30th. Weiss Ratings downgraded Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. Finally, Keefe, Bruyette & Woods reduced their price target on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a report on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $128.00.

Coastal Financial Trading Down 0.6%

NASDAQ:CCB opened at $76.92 on Friday. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 25.30 and a beta of 0.86. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The company’s 50 day moving average price is $93.70 and its 200-day moving average price is $104.53. Coastal Financial Corporation has a 52 week low of $70.72 and a 52 week high of $120.05.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.34). The firm had revenue of $56.49 million during the quarter, compared to analysts’ expectations of $140.81 million. Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%. On average, equities research analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share 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.