Empowered Funds LLC Purchases 536 Shares of Coastal Financial Co. (NASDAQ:CCB)

Empowered Funds LLC lifted its position in shares of Coastal Financial Co. (NASDAQ:CCB) by 5.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,084 shares of the company’s stock after acquiring an additional 536 shares during the period. Empowered Funds LLC owned approximately 0.08% of Coastal Financial worth $598,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in CCB. Vanguard Group Inc. boosted its holdings in shares of Coastal Financial by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock valued at $23,268,000 after acquiring an additional 5,592 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Coastal Financial by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock worth $16,603,000 after purchasing an additional 20,517 shares during the last quarter. Kennedy Capital Management LLC grew its position in Coastal Financial by 3.1% in the 1st quarter. Kennedy Capital Management LLC now owns 275,383 shares of the company’s stock worth $10,704,000 after purchasing an additional 8,230 shares during the period. American Century Companies Inc. raised its stake in Coastal Financial by 23.3% during the 2nd 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. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Coastal Financial by 3.5% during the 2nd 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 period. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on CCB. Hovde Group lifted their price objective on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Raymond James increased their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th.

Coastal Financial Stock Up 1.8 %

CCB opened at $76.69 on Monday. 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 52 week low of $35.67 and a 52 week high of $77.00. The firm has a 50-day simple moving average of $60.84 and a two-hundred day simple moving average of $52.20. The company has a market capitalization of $1.04 billion, a PE ratio of 25.82 and a beta of 1.22.

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, topping the consensus estimate of $0.96 by $0.01. The company had revenue of $185.15 million for 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%. Analysts forecast that Coastal Financial Co. will post 3.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Eric M. Sprink sold 7,302 shares of Coastal Financial stock in a transaction on Friday, September 13th. The stock was sold at an average price of $50.13, for a total transaction of $366,049.26. Following the completion of the sale, the chief executive officer now directly owns 316,912 shares in the company, valued at approximately $15,886,798.56. This trade represents a 2.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction, the executive vice president now owns 19,611 shares in the company, valued at approximately $1,454,155.65. The trade was a 4.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 75,974 shares of company stock valued at $4,321,616 over the last three months. 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.