Coastal Financial Co. (NASDAQ:CCB) Shares Purchased by Fmr LLC

Fmr LLC raised its position in Coastal Financial Co. (NASDAQ:CCB) by 21.0% during the third quarter, HoldingsChannel.com reports. The firm owned 1,316 shares of the company’s stock after buying an additional 228 shares during the quarter. Fmr LLC’s holdings in Coastal Financial were worth $71,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Portside Wealth Group LLC boosted its position in Coastal Financial by 3.7% during the 3rd quarter. Portside Wealth Group LLC now owns 4,669 shares of the company’s stock worth $252,000 after purchasing an additional 166 shares during the period. Parallel Advisors LLC boosted its position in shares of Coastal Financial by 2.9% in the second quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock worth $369,000 after buying an additional 227 shares during the period. Empowered Funds LLC grew its stake in shares of Coastal Financial by 5.1% in the third quarter. Empowered Funds LLC now owns 11,084 shares of the company’s stock valued at $598,000 after buying an additional 536 shares in the last quarter. nVerses Capital LLC raised its holdings in shares of Coastal Financial by 300.0% during the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after buying an additional 600 shares during the period. Finally, Arcus Capital Partners LLC lifted its position in Coastal Financial by 8.5% during the 3rd quarter. Arcus Capital Partners LLC now owns 8,896 shares of the company’s stock worth $480,000 after acquiring an additional 700 shares in the last quarter. 59.24% of the stock is owned by institutional investors and hedge funds.

Coastal Financial Price Performance

Shares of NASDAQ CCB opened at $83.19 on Wednesday. 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 Co. has a fifty-two week low of $35.67 and a fifty-two week high of $86.27. The business has a 50 day moving average price of $71.66 and a two-hundred day moving average price of $57.27. The firm has a market cap of $1.13 billion, a PE ratio of 28.01 and a beta of 1.24.

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

Insider Buying and Selling at Coastal Financial

In other news, EVP Jonathan E. Sand sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was 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 in the company, valued at approximately $1,454,155.65. The trade was a 4.85 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Eric M. Sprink sold 3,482 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $71.14, for a total value of $247,709.48. Following the sale, the chief executive officer now directly owns 244,906 shares in the company, valued at approximately $17,422,612.84. This represents a 1.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 52,346 shares of company stock worth $3,105,016 in the last ninety days. 16.82% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CCB has been the subject of several recent research reports. Raymond James increased their price objective on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research report on Tuesday, October 29th. Keefe, Bruyette & Woods raised their price target on shares of Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, December 12th. Finally, Hovde Group boosted their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th.

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.