96,215 Shares in Coastal Financial Co. (NASDAQ:CCB) Acquired by Driehaus Capital Management LLC

Driehaus Capital Management LLC acquired a new stake in Coastal Financial Co. (NASDAQ:CCB) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 96,215 shares of the company’s stock, valued at approximately $8,170,000.

Other institutional investors have also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. raised its stake in Coastal Financial by 47.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company’s stock valued at $112,279,000 after purchasing an additional 423,864 shares in the last quarter. Wellington Management Group LLP lifted its holdings 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 acquiring an additional 417,767 shares during the period. Azora Capital LP bought a new stake in shares of Coastal Financial during the 4th quarter worth approximately $33,794,000. Kennedy Capital Management LLC boosted its position 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 acquiring an additional 83,331 shares in the last quarter. Finally, Royce & Associates LP raised its position in Coastal Financial by 795.5% during the fourth quarter. Royce & Associates LP now owns 89,554 shares of the company’s stock valued at $7,604,000 after purchasing an additional 79,554 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors.

Coastal Financial Trading Up 0.4 %

Shares of CCB stock opened at $84.31 on Friday. Coastal Financial Co. has a twelve month low of $42.56 and a twelve month high of $102.25. The stock’s fifty day simple moving average is $84.29 and its 200 day simple moving average is $82.06. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $1.27 billion, a P/E ratio of 25.94 and a beta of 0.94.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results 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 firm had revenue of $139.54 million for the quarter, compared to the consensus estimate of $158.65 million. As a group, sell-side analysts predict that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

Insider Activity

In related news, Director Gregory A. Tisdel sold 1,600 shares of Coastal Financial stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $79.07, for a total value of $126,512.00. Following the transaction, the director now directly owns 14,006 shares of the company’s stock, valued at $1,107,454.42. The trade was a 10.25 % decrease 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. Insiders own 16.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CCB shares. 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. Stephens reaffirmed an “overweight” rating and issued a $100.00 price objective on shares of Coastal Financial in a research note on Tuesday, March 18th. Hovde Group lowered their target price on Coastal Financial from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Coastal Financial from $114.00 to $110.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th.

Coastal Financial Company 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.