Kennedy Capital Management LLC Grows Holdings in Coastal Financial Co. (NASDAQ:CCB)

Kennedy Capital Management LLC boosted its holdings in Coastal Financial Co. (NASDAQ:CCB) by 3.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 275,383 shares of the company’s stock after purchasing an additional 8,230 shares during the quarter. Kennedy Capital Management LLC owned about 2.05% of Coastal Financial worth $10,704,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Coastal Financial by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 577,945 shares of the company’s stock worth $24,800,000 after buying an additional 9,244 shares during the last quarter. SG Americas Securities LLC raised its position in Coastal Financial by 59.8% during the 4th quarter. SG Americas Securities LLC now owns 3,978 shares of the company’s stock worth $177,000 after buying an additional 1,489 shares during the last quarter. Mendon Capital Advisors Corp purchased a new position in Coastal Financial during the 4th quarter worth $5,329,000. Cox Capital Mgt LLC grew its stake in shares of Coastal Financial by 1.6% during the 1st quarter. Cox Capital Mgt LLC now owns 36,010 shares of the company’s stock worth $1,400,000 after purchasing an additional 556 shares during the period. Finally, First Bank & Trust grew its stake in shares of Coastal Financial by 3.6% during the 1st quarter. First Bank & Trust now owns 21,767 shares of the company’s stock worth $846,000 after purchasing an additional 761 shares during the period. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Insider Transactions at Coastal Financial

In related news, CFO Joel G. Edwards sold 1,034 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $44.45, for a total value of $45,961.30. Following the transaction, the chief financial officer now owns 56,369 shares in the company, valued at $2,505,602.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 16.82% of the company’s stock.

Coastal Financial Price Performance

NASDAQ CCB traded up $0.28 during trading hours on Tuesday, reaching $52.97. The company’s stock had a trading volume of 92,407 shares, compared to its average volume of 55,586. The stock has a market cap of $710.80 million, a PE ratio of 18.42 and a beta of 1.25. Coastal Financial Co. has a fifty-two week low of $35.67 and a fifty-two week high of $53.15. The company’s 50-day moving average is $46.14 and its two-hundred day moving average is $41.94. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.03 and a current ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.03. Coastal Financial had a net margin of 6.55% and a return on equity of 14.31%. The company had revenue of $167.41 million for the quarter, compared to analysts’ expectations of $168.30 million. Analysts forecast that Coastal Financial Co. will post 3.47 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Hovde Group upped their price target on shares of Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday.

Coastal Financial Profile

Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank that provides various banking products and services to small and medium-sized businesses, professionals, and individuals in the Puget Sound region in Washington. It accepts a range of deposit products, including demand and savings accounts, time deposits, and money market accounts.