JPMorgan Chase & Co. Buys 33,964 Shares of Coastal Financial Co. (NASDAQ:CCB)

JPMorgan Chase & Co. raised its stake in Coastal Financial Co. (NASDAQ:CCB) by 40.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 117,081 shares of the company’s stock after buying an additional 33,964 shares during the period. JPMorgan Chase & Co. owned about 0.86% of Coastal Financial worth $6,321,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in CCB. Principal Financial Group Inc. bought a new stake in Coastal Financial in the 3rd quarter worth approximately $377,000. Barclays PLC raised its stake in shares of Coastal Financial by 60.0% during the third quarter. Barclays PLC now owns 31,804 shares of the company’s stock worth $1,719,000 after acquiring an additional 11,922 shares in the last quarter. PDT Partners LLC bought a new stake in shares of Coastal Financial in the 3rd quarter worth approximately $650,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Coastal Financial by 188.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock valued at $4,967,000 after purchasing an additional 60,106 shares in the last quarter. Finally, Rosenthal Henry Capital Advisors Inc. grew its holdings in shares of Coastal Financial by 214.0% during the 3rd quarter. Rosenthal Henry Capital Advisors Inc. now owns 30,116 shares of the company’s stock valued at $1,626,000 after purchasing an additional 20,525 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Coastal Financial Price Performance

Shares of Coastal Financial stock opened at $85.44 on Thursday. The company’s fifty day simple moving average is $78.85 and its two-hundred day simple moving average is $61.76. Coastal Financial Co. has a 12-month low of $35.67 and a 12-month high of $88.60. The firm has a market cap of $1.16 billion, a PE ratio of 28.77 and a beta of 1.22. 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 (NASDAQ:CCB) last posted its earnings results on Monday, October 28th. The company reported $0.97 earnings per share (EPS) 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%. As a group, equities analysts expect that Coastal Financial Co. will post 3.55 EPS for the current year.

Insider Activity

In other news, EVP Jonathan E. Sand sold 1,000 shares of Coastal Financial stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $74.15, for a total transaction of $74,150.00. Following the sale, the executive vice president now owns 19,611 shares of the company’s stock, valued at approximately $1,454,155.65. The trade was a 4.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Eric M. Sprink sold 4,000 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $63.20, for a total transaction of $252,800.00. Following the completion of the transaction, the chief executive officer now directly owns 271,078 shares of the company’s stock, valued at approximately $17,132,129.60. The trade was a 1.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,346 shares of company stock valued at $1,473,096. Company insiders own 16.82% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Coastal Financial from $92.00 to $96.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. Raymond James boosted their target price on Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research note on Tuesday, October 29th. Finally, Hovde Group raised their price target on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th.

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.