Coastal Financial Co. (NASDAQ:CCB) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC reduced its position in Coastal Financial Co. (NASDAQ:CCB) by 9.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 259,769 shares of the company’s stock after selling 27,914 shares during the quarter. Geode Capital Management LLC owned approximately 1.92% of Coastal Financial worth $14,028,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CCB. 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 buying an additional 60,106 shares during the period. Philadelphia Financial Management of San Francisco LLC purchased a new position in shares of Coastal Financial in the 3rd quarter valued at about $2,034,000. Riverwater Partners LLC boosted its stake 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 valued at $2,012,000 after buying an additional 30,405 shares during the period. American Century Companies Inc. boosted its stake 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 valued at $6,515,000 after buying an additional 26,690 shares during the period. Finally, Los Angeles Capital Management LLC boosted its stake in shares of Coastal Financial by 79.9% in the 3rd quarter. Los Angeles Capital Management LLC now owns 57,357 shares of the company’s stock valued at $3,097,000 after buying an additional 25,482 shares during the period. 59.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CCB has been the subject of several recent research reports. Hovde Group lifted their price objective on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Raymond James boosted 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. Finally, Keefe, Bruyette & Woods boosted their target price on Coastal Financial from $92.00 to $96.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th.

Coastal Financial Price Performance

Shares of NASDAQ CCB opened at $85.98 on Tuesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. Coastal Financial Co. has a twelve month low of $35.67 and a twelve month high of $86.38. The stock has a 50 day moving average of $73.59 and a two-hundred day moving average of $58.40. The stock has a market cap of $1.16 billion, a P/E ratio of 28.95 and a beta of 1.24.

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 return on equity of 13.86% and a net margin of 5.98%. The company had revenue of $185.15 million during the quarter, compared to analysts’ expectations of $154.30 million. On average, research analysts forecast that Coastal Financial Co. will post 3.55 earnings per share for the current year.

Insider Buying and Selling at Coastal Financial

In other news, CEO Eric M. Sprink sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $59.19, for a total value of $59,190.00. Following the transaction, the chief executive officer now owns 282,388 shares of the company’s stock, valued at approximately $16,714,545.72. The trade was a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders sold 45,346 shares of company stock worth $2,730,336. 16.82% of the stock is owned by insiders.

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.