Barclays PLC Increases Position in Coastal Financial Co. (NASDAQ:CCB)

Barclays PLC grew its holdings in shares of Coastal Financial Co. (NASDAQ:CCB) by 60.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 31,804 shares of the company’s stock after purchasing an additional 11,922 shares during the period. Barclays PLC owned approximately 0.23% of Coastal Financial worth $1,719,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in CCB. Charles Schwab Investment Management Inc. raised its stake in Coastal Financial by 188.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock valued at $4,967,000 after buying an additional 60,106 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new position in shares of Coastal Financial during the third quarter valued at $2,034,000. Riverwater Partners LLC raised its position in shares of Coastal Financial by 367.9% in the 3rd quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock worth $2,012,000 after purchasing an additional 30,405 shares during the last quarter. American Century Companies Inc. raised its position in shares of Coastal Financial by 23.3% in the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after purchasing an additional 26,690 shares during the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in Coastal Financial by 79.9% in the 3rd quarter. Los Angeles Capital Management LLC now owns 57,357 shares of the company’s stock worth $3,097,000 after purchasing an additional 25,482 shares in the last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Coastal Financial Price Performance

CCB opened at $79.67 on Friday. The company’s 50-day simple moving average is $78.06 and its two-hundred day simple moving average is $61.11. Coastal Financial Co. has a 52-week low of $35.67 and a 52-week high of $87.12. The stock has a market capitalization of $1.08 billion, a P/E ratio of 26.82 and a beta of 1.22. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03.

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, beating analysts’ consensus estimates of $0.96 by $0.01. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. The company had revenue of $185.15 million for the quarter, compared to the consensus estimate of $154.30 million. As a group, analysts predict that Coastal Financial Co. will post 3.55 EPS for the current year.

Insider Activity

In other news, CEO Eric M. Sprink sold 2,000 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $70.95, for a total transaction of $141,900.00. Following the completion of the sale, the chief executive officer now owns 240,388 shares of the company’s stock, valued at $17,055,528.60. The trade was a 0.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jonathan E. Sand sold 1,000 shares of the company’s stock in a transaction 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 owns 19,611 shares of the company’s stock, valued at $1,454,155.65. This trade represents a 4.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,346 shares of company stock valued at $1,705,296 in the last ninety days. 16.82% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Hovde Group lifted their target price 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. 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 research report on Thursday, December 12th. Finally, 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.

Coastal Financial 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.