Coastal Financial Co. (NASDAQ:CCB) is Jacobs Asset Management LLC’s 5th Largest Position

Jacobs Asset Management LLC lessened its holdings in shares of Coastal Financial Co. (NASDAQ:CCB) by 41.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 110,096 shares of the company’s stock after selling 77,404 shares during the quarter. Coastal Financial makes up about 5.6% of Jacobs Asset Management LLC’s investment portfolio, making the stock its 5th biggest position. Jacobs Asset Management LLC owned 0.81% of Coastal Financial worth $9,348,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Tower Research Capital LLC TRC grew its position in Coastal Financial by 179.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company’s stock valued at $61,000 after acquiring an additional 461 shares during the period. Meeder Asset Management Inc. purchased a new stake in shares of Coastal Financial during the 4th quarter worth about $64,000. New York State Teachers Retirement System acquired a new stake in Coastal Financial during the 4th quarter worth approximately $87,000. USA Financial Formulas acquired a new stake in Coastal Financial during the 4th quarter worth approximately $122,000. Finally, KLP Kapitalforvaltning AS purchased a new position in Coastal Financial in the fourth quarter valued at approximately $178,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Stock Performance

Coastal Financial stock opened at $84.31 on Friday. Coastal Financial Co. has a 12-month low of $42.64 and a 12-month high of $102.25. 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 market capitalization of $1.27 billion, a price-to-earnings ratio of 25.94 and a beta of 0.94. The firm’s fifty day moving average price is $84.29 and its 200 day moving average price is $82.22.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.30). The business had revenue of $139.54 million for the quarter, compared to analysts’ expectations of $158.65 million. Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. On average, research analysts forecast that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods dropped their price objective on shares of Coastal Financial from $114.00 to $110.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Stephens reiterated an “overweight” rating and issued a $100.00 price target on shares of Coastal Financial in a report on Tuesday, March 18th. Hovde Group cut their price objective on Coastal Financial from $120.00 to $110.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Finally, Raymond James decreased their target price on Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating for the company in a research report on Wednesday, April 30th.

Insiders Place Their Bets

In other news, Director Gregory A. Tisdel sold 1,600 shares of the company’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $79.07, for a total value of $126,512.00. Following the sale, the director now owns 14,006 shares in the company, valued at approximately $1,107,454.42. This represents a 10.25 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 16.82% of the stock is owned by company 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.