Bank of America Corp DE Buys 36,045 Shares of Coastal Financial Corporation $CCB

Bank of America Corp DE raised its position in shares of Coastal Financial Corporation (NASDAQ:CCB) by 71.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 86,657 shares of the company’s stock after acquiring an additional 36,045 shares during the period. Bank of America Corp DE’s holdings in Coastal Financial were worth $6,595,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CCB. Vanguard Group Inc. increased its holdings in shares of Coastal Financial by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 784,230 shares of the company’s stock worth $89,865,000 after purchasing an additional 18,193 shares during the period. Azora Capital LP lifted its position in shares of Coastal Financial by 4.6% during the 4th quarter. Azora Capital LP now owns 618,244 shares of the company’s stock worth $70,845,000 after buying an additional 27,224 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Coastal Financial by 9.0% in the 3rd quarter. Wellington Management Group LLP now owns 486,197 shares of the company’s stock valued at $52,592,000 after purchasing an additional 39,984 shares in the last quarter. Cooper Creek Partners Management LLC boosted its position in Coastal Financial by 105.0% in the first quarter. Cooper Creek Partners Management LLC now owns 450,134 shares of the company’s stock valued at $34,255,000 after buying an additional 230,537 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Coastal Financial by 7.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 359,571 shares of the company’s stock valued at $27,361,000 after acquiring an additional 25,424 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Coastal Financial Stock Down 0.7%

Coastal Financial stock opened at $46.86 on Thursday. The firm has a market capitalization of $716.49 million, a price-to-earnings ratio of -167.35 and a beta of 0.76. The firm’s fifty day moving average price is $64.44 and its two-hundred day moving average price is $72.44. Coastal Financial Corporation has a 1-year low of $36.61 and a 1-year high of $120.05. The company has a current ratio of 1.05, a quick ratio of 1.03 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Thursday, July 30th. The company reported ($2.76) earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($3.77). The company had revenue of $178.07 million during the quarter, compared to the consensus estimate of $148.50 million. Coastal Financial had a negative net margin of 0.53% and a negative return on equity of 0.80%. On average, equities research analysts predict that Coastal Financial Corporation will post 1.26 earnings per share for the current fiscal year.

Insider Activity at Coastal Financial

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

Analyst Ratings Changes

CCB has been the topic of a number of research reports. Keefe, Bruyette & Woods reduced their target price on shares of Coastal Financial from $95.00 to $53.00 and set an “outperform” rating on the stock in a report on Friday, July 31st. Wall Street Zen upgraded shares of Coastal Financial from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. TD Cowen cut their price target on shares of Coastal Financial from $110.00 to $47.00 and set a “buy” rating on the stock in a research report on Friday, July 31st. Weiss Ratings downgraded Coastal Financial from a “hold (c)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Finally, Zacks Research lowered Coastal Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 4th. Five analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Coastal Financial currently has an average rating of “Hold” and an average target price of $91.33.

Coastal Financial Company 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.