Mendon Capital Advisors Corp Boosts Stake in Coastal Financial Corporation $CCB

Mendon Capital Advisors Corp boosted its stake in Coastal Financial Corporation (NASDAQ:CCB) by 86.7% in the 1st quarter, Holdings Channel reports. The firm owned 56,000 shares of the company’s stock after purchasing an additional 26,000 shares during the period. Coastal Financial comprises about 1.2% of Mendon Capital Advisors Corp’s portfolio, making the stock its 28th largest holding. Mendon Capital Advisors Corp’s holdings in Coastal Financial were worth $4,262,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its stake in Coastal Financial by 129.0% during 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 in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Coastal Financial in the fourth quarter valued at $50,000. Smartleaf Asset Management LLC raised its holdings in shares of 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 period. Russell Investments Group Ltd. raised its holdings in shares of 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 period. Finally, Tower Research Capital LLC TRC lifted its stake in Coastal Financial by 521.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock worth $122,000 after acquiring an additional 1,059 shares in the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Coastal Financial Price Performance

CCB stock opened at $72.19 on Monday. The business’s 50-day moving average is $73.97 and its two-hundred day moving average is $81.74. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.03. The firm has a market capitalization of $1.10 billion, a P/E ratio of 22.63 and a beta of 0.72. Coastal Financial Corporation has a 1 year low of $66.50 and a 1 year high of $120.05.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.24). Coastal Financial had a return on equity of 10.20% and a net margin of 7.35%.The company had revenue of $56.30 million for the quarter, compared to analyst estimates of $138.63 million. Analysts anticipate that Coastal Financial Corporation will post 4.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CCB shares. Keefe, Bruyette & Woods dropped their target price on Coastal Financial from $115.00 to $95.00 and set an “outperform” rating for the company in a research report on Friday, May 1st. Wall Street Zen raised shares of Coastal Financial from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Coastal Financial in a research note on Monday, June 29th. TD Cowen dropped their price objective on shares of Coastal Financial from $145.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, April 30th. Finally, Stephens restated an “overweight” rating and issued a $110.00 price objective on shares of Coastal Financial in a report on Friday, May 1st. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Coastal Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.60.

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.