Tidal Investments LLC Makes New Investment in Coastal Financial Co. (NASDAQ:CCB)

Tidal Investments LLC acquired a new position in shares of Coastal Financial Co. (NASDAQ:CCB) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,032 shares of the company’s stock, valued at approximately $342,000.

Several other hedge funds have also recently bought and sold shares of CCB. T. Rowe Price Investment Management Inc. boosted its holdings in Coastal Financial by 47.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company’s stock worth $112,279,000 after buying an additional 423,864 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Coastal Financial by 1,067.9% during the 4th quarter. Wellington Management Group LLP now owns 456,887 shares of the company’s stock worth $38,794,000 after purchasing an additional 417,767 shares in the last quarter. Azora Capital LP bought a new stake in shares of Coastal Financial during the 4th quarter worth approximately $33,794,000. Driehaus Capital Management LLC bought a new stake in shares of Coastal Financial during the 4th quarter worth approximately $8,170,000. Finally, Kennedy Capital Management LLC raised its stake in shares of Coastal Financial by 38.6% during the 4th quarter. Kennedy Capital Management LLC now owns 299,456 shares of the company’s stock worth $25,427,000 after purchasing an additional 83,331 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Coastal Financial news, CFO Joel G. Edwards sold 3,128 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $88.44, for a total value of $276,640.32. Following the completion of the transaction, the chief financial officer now directly owns 41,387 shares in the company, valued at approximately $3,660,266.28. This trade represents a 7.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gregory A. Tisdel sold 1,600 shares of the stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $79.07, for a total value of $126,512.00. Following the completion of the transaction, the director now owns 14,006 shares of the company’s stock, valued at $1,107,454.42. This represents a 10.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. 14.10% of the stock is owned by corporate insiders.

Coastal Financial Price Performance

Shares of CCB stock opened at $87.82 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. Coastal Financial Co. has a twelve month low of $42.64 and a twelve month high of $102.25. The company has a market cap of $1.32 billion, a P/E ratio of 27.02 and a beta of 0.94. The business has a fifty day simple moving average of $85.06 and a 200 day simple moving average of $84.34.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.30). Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. The business had revenue of $139.54 million for the quarter, compared to the consensus estimate of $158.65 million. On average, sell-side analysts forecast that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Hovde Group decreased their target price on Coastal Financial from $120.00 to $110.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Raymond James reduced their target price on Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating on the stock in a report on Wednesday, April 30th. Keefe, Bruyette & Woods reduced their target price on Coastal Financial from $114.00 to $110.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Finally, Stephens reissued an “overweight” rating and set a $100.00 target price on shares of Coastal Financial in a report on Tuesday, March 18th.

About Coastal Financial

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.