Charles Schwab Investment Management Inc. Increases Position in Coastal Financial Co. (NASDAQ:CCB)

Charles Schwab Investment Management Inc. boosted its holdings in Coastal Financial Co. (NASDAQ:CCB) by 188.4% during the third quarter, Holdings Channel.com reports. The firm owned 92,007 shares of the company’s stock after acquiring an additional 60,106 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Coastal Financial were worth $4,967,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of CCB. Dimensional Fund Advisors LP grew its holdings in shares of Coastal Financial by 6.0% during the second quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock valued at $16,603,000 after buying an additional 20,517 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Coastal Financial by 23.3% during the second quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock valued at $6,515,000 after buying an additional 26,690 shares during the last quarter. Stieven Capital Advisors L.P. grew its holdings in shares of Coastal Financial by 35.7% during the third quarter. Stieven Capital Advisors L.P. now owns 74,113 shares of the company’s stock valued at $4,001,000 after buying an additional 19,500 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Coastal Financial by 3.5% during the second quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock valued at $2,679,000 after buying an additional 1,956 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its holdings in shares of Coastal Financial by 79.9% during the third quarter. Los Angeles Capital Management LLC now owns 57,357 shares of the company’s stock valued at $3,097,000 after buying an additional 25,482 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Coastal Financial Stock Up 3.2 %

Shares of Coastal Financial stock opened at $83.02 on Friday. The company has a market cap of $1.12 billion, a price-to-earnings ratio of 27.95 and a beta of 1.24. The company’s 50 day moving average is $68.41 and its 200 day moving average is $55.52. Coastal Financial Co. has a twelve month low of $35.67 and a twelve month high of $83.22. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Monday, October 28th. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. The company had revenue of $185.15 million for the quarter, compared to the consensus estimate of $154.30 million. Research analysts anticipate that Coastal Financial Co. will post 3.55 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CCB shares. Raymond James increased their price target on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 29th. Hovde Group increased their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday.

Insiders Place Their Bets

In other news, EVP Jonathan E. Sand sold 1,000 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $74.15, for a total value of $74,150.00. Following the completion of the sale, the executive vice president now directly owns 19,611 shares of the company’s stock, valued at $1,454,155.65. This represents a 4.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Eric M. Sprink sold 7,000 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $52.02, for a total transaction of $364,140.00. Following the completion of the sale, the chief executive officer now directly owns 302,689 shares of the company’s stock, valued at approximately $15,745,881.78. This trade represents a 2.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 65,619 shares of company stock worth $3,792,980. Company insiders own 16.82% of the company’s stock.

Coastal Financial Company 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.