Portside Wealth Group LLC Increases Position in Coastal Financial Corporation $CCB

Portside Wealth Group LLC grew its position in Coastal Financial Corporation (NASDAQ:CCB) by 22.9% during the second quarter, Holdings Channel.com reports. The firm owned 4,505 shares of the company’s stock after acquiring an additional 839 shares during the period. Portside Wealth Group LLC’s holdings in Coastal Financial were worth $436,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Creative Planning increased its holdings in Coastal Financial by 16.0% in the second quarter. Creative Planning now owns 11,466 shares of the company’s stock valued at $1,111,000 after buying an additional 1,582 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Coastal Financial by 69.1% during the 2nd quarter. SG Americas Securities LLC now owns 10,741 shares of the company’s stock worth $1,040,000 after acquiring an additional 4,391 shares in the last quarter. Advisors Capital Management LLC boosted its position in shares of Coastal Financial by 1.3% during the 2nd quarter. Advisors Capital Management LLC now owns 141,658 shares of the company’s stock worth $13,722,000 after acquiring an additional 1,763 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Coastal Financial by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 304,365 shares of the company’s stock valued at $29,488,000 after acquiring an additional 6,730 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust raised its position in shares of Coastal Financial by 21.8% during the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 78,995 shares of the company’s stock worth $7,652,000 after acquiring an additional 14,122 shares in the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Coastal Financial

In other Coastal Financial news, CFO Joel G. Edwards sold 9,425 shares of the firm’s stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $114.67, for a total transaction of $1,080,764.75. Following the completion of the transaction, the chief financial officer owned 12,762 shares of the company’s stock, valued at approximately $1,463,418.54. This trade represents a 42.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Stephan Klee sold 4,350 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $109.14, for a total value of $474,759.00. Following the sale, the director directly owned 1,661 shares in the company, valued at approximately $181,281.54. The trade was a 72.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 64,958 shares of company stock valued at $7,210,220 in the last ninety days. Corporate insiders own 14.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. TD Cowen began coverage on shares of Coastal Financial in a research note on Thursday, September 25th. They issued a “buy” rating and a $140.00 price target on the stock. Hovde Group set a $126.00 target price on shares of Coastal Financial in a report on Monday, August 18th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Coastal Financial in a research report on Tuesday, November 11th. Finally, Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, September 29th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $116.20.

Coastal Financial Trading Down 1.0%

NASDAQ:CCB opened at $101.92 on Thursday. Coastal Financial Corporation has a 1 year low of $72.78 and a 1 year high of $119.22. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The stock has a fifty day moving average price of $107.98 and a two-hundred day moving average price of $100.73. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 32.25 and a beta of 1.06.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Wednesday, October 29th. The company reported $0.88 earnings per share for the quarter, missing the consensus estimate of $0.89 by ($0.01). The company had revenue of $52.89 million for the quarter, compared to analyst estimates of $133.44 million. Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%. As a group, sell-side analysts anticipate that Coastal Financial Corporation will post 4.59 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.