3,955 Shares in Coastal Financial Co. (NASDAQ:CCB) Bought by Quest Partners LLC

Quest Partners LLC acquired a new position in shares of Coastal Financial Co. (NASDAQ:CCB) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,955 shares of the company’s stock, valued at approximately $214,000.

A number of other institutional investors have also made changes to their positions in CCB. nVerses Capital LLC lifted its holdings in Coastal Financial by 300.0% during the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after acquiring an additional 600 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Coastal Financial by 22,360.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock worth $207,000 after acquiring an additional 4,472 shares in the last quarter. Portside Wealth Group LLC lifted its holdings in Coastal Financial by 3.7% during the third quarter. Portside Wealth Group LLC now owns 4,669 shares of the company’s stock worth $252,000 after acquiring an additional 166 shares in the last quarter. Quadrature Capital Ltd bought a new position in Coastal Financial during the first quarter worth about $207,000. Finally, Victory Capital Management Inc. bought a new position in Coastal Financial during the third quarter worth about $296,000. 59.24% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Eric M. Sprink sold 7,302 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.13, for a total transaction of $366,049.26. Following the sale, the chief executive officer now owns 316,912 shares in the company, valued at approximately $15,886,798.56. This represents a 2.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Jonathan E. Sand sold 1,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $74.15, for a total value of $74,150.00. Following the sale, the executive vice president now owns 19,611 shares in the company, valued at $1,454,155.65. The trade was a 4.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 74,477 shares of company stock worth $4,242,275 over the last three months. Corporate insiders own 16.82% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. 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. Keefe, Bruyette & Woods lifted their target price on Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, Raymond James lifted their target price on Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th.

Coastal Financial Stock Performance

Shares of Coastal Financial stock opened at $77.23 on Thursday. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of 26.03 and a beta of 1.22. The stock’s 50-day moving average is $61.93 and its 200-day moving average is $52.69. Coastal Financial Co. has a one year low of $35.67 and a one year high of $79.59. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03.

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

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.