22,600 Shares in Coastal Financial Corporation $CCB Purchased by Renaissance Technologies LLC

Renaissance Technologies LLC acquired a new stake in Coastal Financial Corporation (NASDAQ:CCB) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 22,600 shares of the company’s stock, valued at approximately $1,720,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CCB. AQR Capital Management LLC grew its position in Coastal Financial by 3.7% in the 1st quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock worth $1,185,000 after purchasing an additional 473 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Coastal Financial by 15.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock valued at $672,000 after buying an additional 977 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Coastal Financial by 44.8% during the first quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock valued at $6,645,000 after buying an additional 22,725 shares during the last quarter. Empowered Funds LLC boosted its position in shares of Coastal Financial by 7.3% during the first quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock worth $1,125,000 after buying an additional 848 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Coastal Financial by 4.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company’s stock worth $2,393,000 after buying an additional 1,048 shares during the period. 59.24% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Eric M. Sprink bought 10,000 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were purchased at an average cost of $44.45 per share, with a total value of $444,500.00. Following the completion of the acquisition, the chief executive officer directly owned 173,238 shares in the company, valued at approximately $7,700,429.10. The trade was a 6.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven D. Hovde purchased 10,000 shares of the company’s stock in a transaction on Thursday, August 6th. The stock was acquired at an average price of $43.83 per share, for a total transaction of $438,300.00. Following the completion of the transaction, the director owned 26,500 shares of the company’s stock, valued at $1,161,495. This represents a 60.61% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 25,290 shares of company stock valued at $1,115,894 in the last ninety days. Company insiders own 13.49% of the company’s stock.

Wall Street Analyst Weigh In

CCB has been the topic of several analyst reports. Keefe, Bruyette & Woods lowered their target price on Coastal Financial from $95.00 to $53.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. TD Cowen reduced their price target on Coastal Financial from $110.00 to $47.00 and set a “buy” rating for the company in a research report on Friday, July 31st. Wall Street Zen raised Coastal Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Zacks Research lowered Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 4th. Finally, Stephens restated an “overweight” rating and set a $110.00 price objective on shares of Coastal Financial in a research note on Friday, May 1st. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $91.33.

Coastal Financial Price Performance

NASDAQ CCB opened at $51.86 on Wednesday. Coastal Financial Corporation has a 12 month low of $36.61 and a 12 month high of $120.05. The firm has a market capitalization of $792.94 million, a PE ratio of -185.21 and a beta of 0.76. The company’s 50 day simple moving average is $69.43 and its 200 day simple moving average is $76.45. 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 (NASDAQ:CCB) last issued its quarterly earnings results on Thursday, July 30th. The company reported ($2.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($3.77). Coastal Financial had a negative net margin of 0.53% and a negative return on equity of 0.79%. The firm had revenue of $178.07 million for the quarter, compared to the consensus estimate of $148.50 million. As a group, equities research analysts forecast that Coastal Financial Corporation will post 1.26 EPS 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.