Cooper Creek Partners Management LLC Acquires 230,537 Shares of Coastal Financial Corporation $CCB

Cooper Creek Partners Management LLC boosted its holdings in Coastal Financial Corporation (NASDAQ:CCB) by 105.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 450,134 shares of the company’s stock after acquiring an additional 230,537 shares during the quarter. Cooper Creek Partners Management LLC’s holdings in Coastal Financial were worth $34,255,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its position in Coastal Financial by 129.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock worth $34,000 after purchasing an additional 169 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Coastal Financial in the 4th quarter worth about $50,000. Smartleaf Asset Management LLC boosted its holdings in shares of Coastal Financial by 20,700.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock worth $72,000 after buying an additional 621 shares during the last quarter. Russell Investments Group Ltd. grew its position in Coastal Financial by 229.5% during the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock valued at $80,000 after buying an additional 576 shares during the period. Finally, Tower Research Capital LLC TRC grew its position in Coastal Financial by 521.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock valued at $122,000 after buying an additional 1,059 shares during the period. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Coastal Financial Stock Up 1.1%

Shares of NASDAQ CCB opened at $72.19 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The company has a market cap of $1.10 billion, a P/E ratio of 22.63 and a beta of 0.72. Coastal Financial Corporation has a 52 week low of $66.50 and a 52 week high of $120.05. The business has a 50-day simple moving average of $73.97 and a two-hundred day simple moving average of $81.98.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.24). Coastal Financial had a return on equity of 10.20% and a net margin of 7.35%.The firm had revenue of $56.30 million during the quarter, compared to analysts’ expectations of $138.63 million. Research analysts anticipate that Coastal Financial Corporation will post 4.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CCB shares. Wall Street Zen upgraded Coastal Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Coastal Financial in a report on Monday, June 29th. Keefe, Bruyette & Woods dropped their price objective on shares of Coastal Financial from $115.00 to $95.00 and set an “outperform” rating on the stock in a report on Friday, May 1st. Stephens reiterated an “overweight” rating and set a $110.00 target price on shares of Coastal Financial in a research report on Friday, May 1st. Finally, TD Cowen lowered their price target on shares of Coastal Financial from $145.00 to $120.00 and set a “buy” rating on the stock in a research report on Thursday, April 30th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently 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.