Jane Street Group LLC Sells 2,642 Shares of Coastal Financial Co. (NASDAQ:CCB)

Jane Street Group LLC cut its holdings in shares of Coastal Financial Co. (NASDAQ:CCB) by 16.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,472 shares of the company’s stock after selling 2,642 shares during the period. Jane Street Group LLC owned about 0.10% of Coastal Financial worth $727,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Point72 DIFC Ltd acquired a new stake in shares of Coastal Financial in the 3rd quarter valued at approximately $31,000. nVerses Capital LLC boosted its position in Coastal Financial by 300.0% in the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after buying an additional 600 shares in the last quarter. FMR LLC grew its stake in shares of Coastal Financial by 21.0% during the third quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after buying an additional 228 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Coastal Financial during the third quarter worth $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Coastal Financial by 190.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock worth $166,000 after buying an additional 2,019 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Insider Activity at Coastal Financial

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 value of $74,150.00. Following the completion of the transaction, the executive vice president now owns 19,611 shares in the company, valued at $1,454,155.65. This trade represents a 4.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric M. Sprink sold 6,000 shares of Coastal Financial stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $53.09, for a total transaction of $318,540.00. Following the completion of the transaction, the chief executive officer now owns 297,285 shares of the company’s stock, valued at $15,782,860.65. This represents a 1.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,346 shares of company stock worth $2,470,286. Insiders own 16.82% of the company’s stock.

Coastal Financial Stock Down 0.2 %

Shares of NASDAQ CCB opened at $84.75 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. The company has a 50-day moving average price of $75.63 and a 200-day moving average price of $59.34. The stock has a market capitalization of $1.15 billion, a P/E ratio of 28.54 and a beta of 1.24. Coastal Financial Co. has a 1 year low of $35.67 and a 1 year high of $87.10.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. The business had revenue of $185.15 million during the quarter, compared to the consensus estimate of $154.30 million. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. On average, equities research analysts forecast that Coastal Financial Co. will post 3.55 EPS for the current fiscal year.

Analyst Ratings Changes

CCB has been the topic of a number of research reports. Raymond James boosted their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th. Keefe, Bruyette & Woods increased their price objective on Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, December 12th. Finally, Hovde Group lifted their target price on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a 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.