Coastal Financial Co. (NASDAQ:CCB) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC lessened its holdings in shares of Coastal Financial Co. (NASDAQ:CCB) by 9.7% during the third quarter, HoldingsChannel reports. The fund owned 259,769 shares of the company’s stock after selling 27,914 shares during the period. Geode Capital Management LLC’s holdings in Coastal Financial were worth $14,028,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CCB. Portside Wealth Group LLC grew its holdings in Coastal Financial by 3.7% in the third quarter. Portside Wealth Group LLC now owns 4,669 shares of the company’s stock valued at $252,000 after purchasing an additional 166 shares during the last quarter. Parallel Advisors LLC grew its holdings in Coastal Financial by 2.9% in the second quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock valued at $369,000 after purchasing an additional 227 shares during the last quarter. FMR LLC grew its holdings in Coastal Financial by 21.0% in the third quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after purchasing an additional 228 shares during the last quarter. Empowered Funds LLC lifted its position 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 acquiring an additional 536 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in shares of Coastal Financial in the third quarter valued at $31,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Raymond James upped their price objective on Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research report on Tuesday, October 29th. Hovde Group upped their price objective on 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 upped their price objective on Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th.

Coastal Financial Stock Performance

NASDAQ CCB opened at $85.98 on Tuesday. The business’s 50-day moving average price is $73.59 and its 200 day moving average price is $58.40. Coastal Financial Co. has a twelve month low of $35.67 and a twelve month high of $86.38. The company has a market capitalization of $1.16 billion, a PE ratio of 28.95 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 0.14.

Coastal Financial (NASDAQ:CCB) last released its earnings results on Monday, October 28th. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.01. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. The firm had revenue of $185.15 million for the quarter, compared to the consensus estimate of $154.30 million. On average, research analysts predict that Coastal Financial Co. will post 3.55 earnings per share for the current year.

Insider Buying and Selling

In other Coastal Financial news, EVP Jonathan E. Sand sold 1,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $74.15, for a total transaction 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 $1,454,155.65. This represents a 4.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Eric M. Sprink sold 6,000 shares of the company’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $53.09, for a total value of $318,540.00. Following the sale, the chief executive officer now owns 297,285 shares of the company’s stock, valued at $15,782,860.65. This represents a 1.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,346 shares of company stock worth $2,730,336. 16.82% of the stock is owned by company insiders.

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.