4,074,720 Shares in Coastal Financial Corporation $CCB Bought by Kahn Brothers Group Inc.

Kahn Brothers Group Inc. bought a new position in shares of Coastal Financial Corporation (NASDAQ:CCB) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 4,074,720 shares of the company’s stock, valued at approximately $60,876,000. Coastal Financial comprises 0.1% of Kahn Brothers Group Inc.’s portfolio, making the stock its 14th largest position. Kahn Brothers Group Inc. owned 0.27% of Coastal Financial at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its stake in shares of Coastal Financial by 129.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock worth $34,000 after purchasing an additional 169 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in Coastal Financial during the 4th quarter valued at approximately $50,000. Smartleaf Asset Management LLC grew its holdings in Coastal Financial by 20,700.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock valued at $72,000 after buying an additional 621 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Coastal Financial by 229.5% in the 2nd 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 last quarter. Finally, Tower Research Capital LLC TRC increased its position in Coastal Financial by 521.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock worth $122,000 after buying an additional 1,059 shares during the period. 59.24% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Zacks Research lowered Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 4th. Stephens restated an “overweight” rating and issued a $110.00 price objective on shares of Coastal Financial in a research note on Friday, May 1st. Raymond James Financial lowered shares of Coastal Financial from a “strong-buy” rating to an “outperform” rating and set a $50.00 target price on the stock. in a research report on Friday, July 31st. Weiss Ratings cut shares of Coastal Financial from a “hold (c)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Finally, Wall Street Zen raised shares of Coastal Financial from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Five analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Coastal Financial has a consensus rating of “Hold” and an average price target of $91.33.

Coastal Financial Price Performance

Shares of NASDAQ:CCB opened at $46.74 on Friday. The firm has a market capitalization of $714.65 million, a PE ratio of -166.92 and a beta of 0.76. 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 Corporation has a 1-year low of $36.61 and a 1-year high of $120.05. The business’s 50 day moving average is $63.94 and its 200-day moving average is $72.15.

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

Insiders Place Their Bets

In other Coastal Financial news, CEO Eric M. Sprink acquired 10,000 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was bought at an average price of $44.45 per share, for a total transaction of $444,500.00. Following the purchase, the chief executive officer owned 173,238 shares in the company, valued at $7,700,429.10. This represents a 6.13% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Steven D. Hovde acquired 10,000 shares of Coastal Financial stock in a transaction dated Thursday, August 6th. The shares were acquired at an average cost of $43.83 per share, with a total value of $438,300.00. Following the completion of the acquisition, the director directly owned 26,500 shares in the company, valued at $1,161,495. This trade represents a 60.61% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders bought 25,290 shares of company stock valued at $1,115,894. Corporate insiders own 13.49% of the company’s stock.

Coastal Financial 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.