nVerses Capital LLC Buys 600 Shares of Coastal Financial Co. (NASDAQ:CCB)

nVerses Capital LLC raised its stake in shares of Coastal Financial Co. (NASDAQ:CCB) by 300.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 800 shares of the company’s stock after buying an additional 600 shares during the quarter. nVerses Capital LLC’s holdings in Coastal Financial were worth $43,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norden Group LLC bought a new stake in shares of Coastal Financial in the first quarter worth about $1,488,000. American Century Companies Inc. raised its holdings in Coastal Financial by 23.3% during the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after buying an additional 26,690 shares during the period. Dimensional Fund Advisors LP lifted its stake in Coastal Financial by 6.0% in 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 in the last quarter. Diversify Advisory Services LLC acquired a new position in shares of Coastal Financial in the first quarter valued at approximately $714,000. Finally, Rosenthal Henry Capital Advisors Inc. bought a new stake in shares of Coastal Financial during the second quarter worth $443,000. 59.24% of the stock is owned by institutional investors.

Coastal Financial Stock Performance

CCB opened at $59.27 on Wednesday. The firm has a market capitalization of $795.34 million, a PE ratio of 20.72 and a beta of 1.24. Coastal Financial Co. has a 52-week low of $35.67 and a 52-week high of $61.22. The business’s 50-day simple moving average is $52.48 and its 200 day simple moving average is $47.38. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.03 and a current ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Monday, July 29th. The company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. The business had revenue of $167.41 million for the quarter, compared to the consensus estimate of $168.30 million. As a group, sell-side analysts expect that Coastal Financial Co. will post 3.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Eric M. Sprink sold 1,000 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $59.19, for a total value of $59,190.00. Following the transaction, the chief executive officer now directly owns 282,388 shares of the company’s stock, valued at $16,714,545.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Eric M. Sprink sold 1,000 shares of Coastal Financial stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $59.19, for a total transaction of $59,190.00. Following the completion of the sale, the chief executive officer now owns 282,388 shares of the company’s stock, valued at approximately $16,714,545.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Eric M. Sprink sold 3,000 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $57.67, for a total transaction of $173,010.00. Following the completion of the sale, the chief executive officer now directly owns 286,285 shares of the company’s stock, valued at approximately $16,510,055.95. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,631 shares of company stock worth $2,955,200. Company insiders own 16.82% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on CCB. Hovde Group increased their target price on Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a report on Tuesday, July 30th. Keefe, Bruyette & Woods upgraded shares of Coastal Financial to a “moderate buy” rating in a report on Tuesday, July 30th.

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.