Rhumbline Advisers Has $737,000 Stake in Coastal Financial Co. (NASDAQ:CCB)

Rhumbline Advisers grew its stake in shares of Coastal Financial Co. (NASDAQ:CCB) by 10.6% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 15,981 shares of the company’s stock after buying an additional 1,535 shares during the period. Rhumbline Advisers owned approximately 0.12% of Coastal Financial worth $737,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in CCB. Rosenthal Henry Capital Advisors Inc. bought a new stake in Coastal Financial in the 2nd quarter valued at $443,000. Allspring Global Investments Holdings LLC boosted its position in shares of Coastal Financial by 22,360.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after acquiring an additional 4,472 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Coastal Financial by 11.6% in the second quarter. Bank of New York Mellon Corp now owns 48,794 shares of the company’s stock valued at $2,251,000 after acquiring an additional 5,053 shares during the period. Arcus Capital Partners LLC acquired a new position in Coastal Financial in the second quarter worth about $378,000. Finally, Riverwater Partners LLC lifted its stake in Coastal Financial by 6.4% during the second quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock worth $381,000 after purchasing an additional 494 shares during the period. Institutional investors own 59.24% of the company’s stock.

Insiders Place Their Bets

In other news, Director Steven D. Hovde sold 2,050 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $53.51, for a total transaction of $109,695.50. Following the sale, the director now owns 21,950 shares of the company’s stock, valued at $1,174,544.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Steven D. Hovde sold 2,050 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $53.51, for a total transaction of $109,695.50. Following the completion of the sale, the director now owns 21,950 shares of the company’s stock, valued at $1,174,544.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Eric M. Sprink sold 7,302 shares of the business’s stock in a transaction on Friday, September 13th. The shares were 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 $15,886,798.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 24,631 shares of company stock worth $1,271,720. Corporate insiders own 16.82% of the company’s stock.

Coastal Financial Price Performance

CCB opened at $51.76 on Wednesday. The company has a fifty day moving average price of $50.74 and a two-hundred day moving average price of $45.05. The firm has a market capitalization of $694.57 million, a PE ratio of 18.10 and a beta of 1.24. Coastal Financial Co. has a 52 week low of $35.67 and a 52 week high of $54.00. 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 announced its quarterly earnings data on Monday, July 29th. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates 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. As a group, analysts anticipate that Coastal Financial Co. will post 3.52 earnings per share for the current year.

Analysts Set New Price Targets

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