Rhumbline Advisers Acquires 1,535 Shares of Coastal Financial Co. (NASDAQ:CCB)

Rhumbline Advisers boosted its holdings in shares of Coastal Financial Co. (NASDAQ:CCB) by 10.6% during the second quarter, Holdings Channel.com reports. The institutional investor owned 15,981 shares of the company’s stock after acquiring an additional 1,535 shares during the quarter. Rhumbline Advisers’ holdings in Coastal Financial were worth $737,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Diversify Advisory Services LLC acquired a new position in Coastal Financial in the 1st quarter valued at about $714,000. Norden Group LLC acquired a new position in shares of Coastal Financial in the first quarter valued at approximately $1,488,000. Vanguard Group Inc. increased its stake in shares of Coastal Financial by 0.9% during the first quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock worth $23,268,000 after purchasing an additional 5,592 shares during the period. BNP Paribas Financial Markets lifted its holdings in Coastal Financial by 18.0% during the 1st quarter. BNP Paribas Financial Markets now owns 11,572 shares of the company’s stock worth $450,000 after purchasing an additional 1,766 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Coastal Financial by 22,360.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after purchasing an additional 4,472 shares during the period. 59.24% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Coastal Financial news, Director Steven D. Hovde sold 1,497 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $53.00, for a total transaction of $79,341.00. Following the completion of the sale, the director now directly owns 26,500 shares in the company, valued at $1,404,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Coastal Financial news, Director Steven D. Hovde sold 1,497 shares of Coastal Financial stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $53.00, for a total value of $79,341.00. Following the transaction, the director now owns 26,500 shares in the company, valued at $1,404,500. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Steven D. Hovde sold 2,050 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $53.51, for a total value of $109,695.50. Following the transaction, the director now directly owns 21,950 shares of the company’s stock, valued at approximately $1,174,544.50. The disclosure for this sale can be found here. Insiders have sold 24,631 shares of company stock worth $1,271,720 over the last ninety days. Corporate insiders own 16.82% of the company’s stock.

Coastal Financial Trading Up 0.4 %

Shares of CCB stock opened at $51.76 on Wednesday. The stock has a market cap of $694.57 million, a P/E ratio of 18.10 and a beta of 1.24. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.15. The stock has a 50 day simple moving average of $50.74 and a 200 day simple moving average of $45.05. Coastal Financial Co. has a 1 year low of $35.67 and a 1 year high of $54.00.

Coastal Financial (NASDAQ:CCB) last released its earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.03. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. The company had revenue of $167.41 million for the quarter, compared to analyst estimates of $168.30 million. On average, research analysts predict that Coastal Financial Co. will post 3.52 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have weighed in on CCB shares. Keefe, Bruyette & Woods upgraded Coastal Financial to a “moderate buy” rating in a research report on Tuesday, July 30th. 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.

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.