Coastal Financial Co. (NASDAQ:CCB) Shares Bought by State Street Corp

State Street Corp raised its holdings in shares of Coastal Financial Co. (NASDAQ:CCB) by 2.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 314,274 shares of the company’s stock after buying an additional 7,386 shares during the quarter. State Street Corp owned about 2.32% of Coastal Financial worth $16,968,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CCB. Stifel Financial Corp lifted its position in Coastal Financial by 7.5% during the third quarter. Stifel Financial Corp now owns 70,925 shares of the company’s stock worth $3,829,000 after buying an additional 4,925 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC acquired a new stake in shares of Coastal Financial in the 3rd quarter worth $2,034,000. Point72 DIFC Ltd purchased a new position in shares of Coastal Financial during the 3rd quarter worth $31,000. Point72 Asset Management L.P. acquired a new position in shares of Coastal Financial during the 3rd quarter valued at about $221,000. Finally, Jacobs Asset Management LLC increased its position in Coastal Financial by 9.1% during the third quarter. Jacobs Asset Management LLC now owns 187,500 shares of the company’s stock worth $10,123,000 after purchasing an additional 15,683 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Coastal Financial news, CEO Eric M. Sprink sold 2,000 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $70.95, for a total value of $141,900.00. Following the sale, the chief executive officer now directly owns 240,388 shares in the company, valued at $17,055,528.60. This trade represents a 0.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jonathan E. Sand sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $74.15, for a total value of $74,150.00. Following the completion of the transaction, the executive vice president now directly 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 a total of 52,346 shares of company stock worth $3,105,016 in the last ninety days. 16.82% of the stock is owned by corporate insiders.

Coastal Financial Stock Up 1.5 %

Shares of NASDAQ CCB opened at $83.19 on Wednesday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The business’s 50 day moving average is $71.66 and its two-hundred day moving average is $57.27. Coastal Financial Co. has a 52-week low of $35.67 and a 52-week high of $86.27. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of 28.01 and a beta of 1.24.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.01. The firm had revenue of $185.15 million for the quarter, compared to the consensus estimate of $154.30 million. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. Research analysts predict that Coastal Financial Co. will post 3.55 EPS for the current year.

Analyst Upgrades and Downgrades

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