AQR Capital Management LLC Increases Stake in Coastal Financial Co. (NASDAQ:CCB)

AQR Capital Management LLC boosted its holdings in shares of Coastal Financial Co. (NASDAQ:CCB) by 19.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,684 shares of the company’s stock after acquiring an additional 1,912 shares during the period. AQR Capital Management LLC owned about 0.09% of Coastal Financial worth $539,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norden Group LLC purchased a new position in shares of Coastal Financial in the 1st quarter valued at approximately $1,488,000. American Century Companies Inc. raised its position in Coastal Financial by 23.3% during the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after buying an additional 26,690 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Coastal Financial by 6.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock worth $16,603,000 after buying an additional 20,517 shares during the last quarter. Diversify Advisory Services LLC purchased a new position in Coastal Financial during the 1st quarter worth approximately $714,000. Finally, Rosenthal Henry Capital Advisors Inc. purchased a new position in Coastal Financial during the 2nd quarter worth approximately $443,000. 59.24% of the stock is currently owned by institutional investors.

Coastal Financial Price Performance

Shares of NASDAQ CCB opened at $57.52 on Tuesday. The stock has a market capitalization of $771.86 million, a price-to-earnings ratio of 20.11 and a beta of 1.24. Coastal Financial Co. has a 12 month low of $35.67 and a 12 month high of $58.10. The firm’s 50 day simple moving average is $51.29 and its 200-day simple moving average is $46.64. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.03 and a quick ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. The firm had revenue of $167.41 million for the quarter, compared to analysts’ expectations of $168.30 million. Analysts expect that Coastal Financial Co. will post 3.56 EPS for the current year.

Insiders Place Their Bets

In related news, Director Steven D. Hovde sold 2,003 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $53.26, for a total value of $106,679.78. Following the sale, the director now directly owns 27,997 shares in the company, valued at approximately $1,491,120.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Steven D. Hovde sold 1,497 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $53.00, for a total value of $79,341.00. Following the completion of the transaction, the director now directly owns 26,500 shares of the company’s stock, valued at $1,404,500. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Steven D. Hovde sold 2,003 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $53.26, for a total value of $106,679.78. Following the completion of the transaction, the director now directly owns 27,997 shares of the company’s stock, valued at $1,491,120.22. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 51,631 shares of company stock valued at $2,723,000 in the last 90 days. 16.82% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CCB. Hovde Group raised their price target on shares of Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods raised shares of Coastal Financial to a “moderate buy” rating in a research report on Tuesday, July 30th.

Coastal Financial 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.