Bank of New York Mellon Corp Purchases 5,053 Shares of Coastal Financial Co. (NASDAQ:CCB)

Bank of New York Mellon Corp lifted its position in Coastal Financial Co. (NASDAQ:CCB) by 11.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 48,794 shares of the company’s stock after purchasing an additional 5,053 shares during the quarter. Bank of New York Mellon Corp owned about 0.36% of Coastal Financial worth $2,251,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Riverwater Partners LLC raised its holdings in shares of Coastal Financial by 6.4% during the 2nd quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock valued at $381,000 after buying an additional 494 shares in the last quarter. Cox Capital Mgt LLC lifted its stake in Coastal Financial by 1.6% in the first quarter. Cox Capital Mgt LLC now owns 36,010 shares of the company’s stock worth $1,400,000 after purchasing an additional 556 shares during the last quarter. First Bank & Trust boosted its position in Coastal Financial by 3.6% during the first quarter. First Bank & Trust now owns 21,767 shares of the company’s stock valued at $846,000 after buying an additional 761 shares during the period. EntryPoint Capital LLC increased its holdings in shares of Coastal Financial by 642.4% in the first quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after buying an additional 1,439 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in shares of Coastal Financial by 18.0% in the 1st quarter. BNP Paribas Financial Markets now owns 11,572 shares of the company’s stock valued at $450,000 after acquiring an additional 1,766 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Analyst Ratings Changes

CCB has been the topic of several recent research reports. Keefe, Bruyette & Woods upgraded Coastal Financial to a “moderate buy” rating in a research report on Tuesday, July 30th. Hovde Group lifted their target price on shares of Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th.

Coastal Financial Stock Performance

Coastal Financial stock opened at $50.32 on Tuesday. 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 firm has a market cap of $675.24 million, a P/E ratio of 17.59 and a beta of 1.24. Coastal Financial Co. has a 1-year low of $35.67 and a 1-year high of $54.00. The firm has a 50-day moving average of $50.30 and a 200-day moving average of $44.47.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Monday, July 29th. The company reported $0.84 earnings per share 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 business had revenue of $167.41 million during the quarter, compared to analysts’ expectations of $168.30 million. Sell-side analysts expect that Coastal Financial Co. will post 3.52 EPS for the current year.

Insider Activity at Coastal Financial

In other Coastal Financial news, Director Steven D. Hovde sold 1,497 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $53.00, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Coastal Financial news, Director Steven D. Hovde sold 1,497 shares of the stock in a transaction 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 owns 26,500 shares in the company, valued at $1,404,500. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Steven D. Hovde sold 1,556 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $53.50, for a total transaction of $83,246.00. Following the sale, the director now owns 24,000 shares in the company, valued at approximately $1,284,000. The disclosure for this sale can be found here. Insiders have sold a total of 5,056 shares of company stock worth $269,267 over the last quarter. Corporate insiders own 16.82% of the company’s stock.

About Coastal Financial

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.