Lisanti Capital Growth LLC Invests $3.53 Million in Coastal Financial Corporation $CCB

Lisanti Capital Growth LLC acquired a new stake in Coastal Financial Corporation (NASDAQ:CCB) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 32,659 shares of the company’s stock, valued at approximately $3,533,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in Coastal Financial by 2.3% in the second quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company’s stock worth $644,000 after purchasing an additional 149 shares during the period. Emerald Advisers LLC raised its stake in shares of Coastal Financial by 2.5% in the 2nd quarter. Emerald Advisers LLC now owns 7,421 shares of the company’s stock worth $719,000 after buying an additional 179 shares in the last quarter. EJF Capital LLC raised its stake in shares of Coastal Financial by 2.5% in the 2nd quarter. EJF Capital LLC now owns 13,547 shares of the company’s stock worth $1,312,000 after buying an additional 329 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of 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 buying an additional 473 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Coastal Financial by 229.5% in 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. Institutional investors own 59.24% of the company’s stock.

Insider Buying and Selling

In other Coastal Financial news, CEO Eric M. Sprink sold 8,778 shares of Coastal Financial stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $114.95, for a total transaction of $1,009,031.10. Following the transaction, the chief executive officer directly owned 193,884 shares in the company, valued at approximately $22,286,965.80. The trade was a 4.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Steven D. Hovde sold 3,000 shares of the business’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $117.25, for a total transaction of $351,750.00. Following the sale, the director directly owned 11,500 shares in the company, valued at approximately $1,348,375. This trade represents a 20.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 63,296 shares of company stock valued at $7,287,745 in the last ninety days. Company insiders own 14.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CCB. Hovde Group lowered their target price on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a report on Friday. TD Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. UBS Group set a $155.00 target price on shares of Coastal Financial in a report on Friday, December 5th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Coastal Financial in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Coastal Financial currently has a consensus rating of “Buy” and a consensus target price of $126.33.

Coastal Financial Price Performance

NASDAQ CCB opened at $95.78 on Friday. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a 1 year low of $76.11 and a 1 year high of $120.05. The company has a market cap of $1.45 billion, a PE ratio of 31.51 and a beta of 0.89. The stock’s 50-day moving average price is $112.82 and its two-hundred day moving average price is $108.61.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Thursday, January 29th. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.34). The firm had revenue of $56.49 million during the quarter, compared to analyst estimates of $140.81 million. Coastal Financial had a return on equity of 10.16% and a net margin of 7.11%. On average, analysts predict that Coastal Financial Corporation will post 4.59 EPS for the current year.

About Coastal Financial

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.