Legato Capital Management LLC Buys New Stake in Coastal Financial Corporation $CCB

Legato Capital Management LLC purchased a new stake in Coastal Financial Corporation (NASDAQ:CCB) during the third quarter, HoldingsChannel.com reports. The fund purchased 8,100 shares of the company’s stock, valued at approximately $876,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. grew its position in shares of Coastal Financial by 2.3% during the second quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company’s stock valued at $644,000 after purchasing an additional 149 shares in the last quarter. EJF Capital LLC boosted its stake in Coastal Financial by 2.5% during the second quarter. EJF Capital LLC now owns 13,547 shares of the company’s stock valued at $1,312,000 after buying an additional 329 shares during the last quarter. AQR Capital Management LLC grew its holdings in Coastal Financial by 3.7% during the 1st quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock valued at $1,185,000 after buying an additional 473 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Coastal Financial by 229.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after acquiring an additional 576 shares during the last quarter. Finally, State of Alaska Department of Revenue bought a new stake in Coastal Financial in the 3rd quarter worth approximately $64,000. Institutional investors own 59.24% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on CCB. Weiss Ratings downgraded Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Hovde Group decreased their price target on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a research note on Friday, January 30th. UBS Group set a $155.00 price objective on shares of Coastal Financial in a research note on Friday, December 5th. TD Cowen restated a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a research report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $128.00.

Coastal Financial Stock Up 3.1%

Shares of CCB opened at $77.10 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The business has a fifty day moving average of $99.75 and a 200 day moving average of $106.22. The company has a market cap of $1.17 billion, a PE ratio of 25.36 and a beta of 0.86. Coastal Financial Corporation has a 52-week low of $70.72 and a 52-week high of $120.05.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.34). The firm had revenue of $56.49 million during the quarter, compared to analysts’ expectations of $140.81 million. Coastal Financial had a net margin of 7.11% and a return on equity of 10.16%. On average, sell-side analysts expect that Coastal Financial Corporation will post 4.59 EPS for the current year.

Insider Transactions at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink sold 4,000 shares of the firm’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $116.01, for a total value of $464,040.00. Following the completion of the sale, the chief executive officer owned 159,126 shares of the company’s stock, valued at $18,460,207.26. This trade represents a 2.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Joel G. Edwards sold 1,300 shares of the business’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $111.34, for a total value of $144,742.00. Following the transaction, the chief financial officer owned 11,462 shares of the company’s stock, valued at $1,276,179.08. This trade represents a 10.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 63,296 shares of company stock worth $7,287,745 over the last three months. 14.10% of the stock is currently owned by corporate insiders.

About Coastal Financial

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.