First Pacific Financial Has $109,000 Stock Position in Coastal Financial Corporation $CCB

First Pacific Financial lowered its holdings in shares of Coastal Financial Corporation (NASDAQ:CCB) by 9.5% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 1,130 shares of the company’s stock after selling 118 shares during the period. First Pacific Financial’s holdings in Coastal Financial were worth $109,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. SummerHaven Investment Management LLC grew its holdings in Coastal Financial by 0.9% during the first quarter. SummerHaven Investment Management LLC now owns 17,138 shares of the company’s stock worth $1,549,000 after purchasing an additional 161 shares during the period. MetLife Investment Management LLC grew its holdings in Coastal Financial by 6.2% during the first quarter. MetLife Investment Management LLC now owns 7,272 shares of the company’s stock worth $657,000 after purchasing an additional 427 shares during the period. AQR Capital Management LLC grew its holdings in Coastal Financial by 3.7% during the first quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock worth $1,185,000 after purchasing an additional 473 shares during the period. Corebridge Financial Inc. lifted its position in Coastal Financial by 8.6% during the first quarter. Corebridge Financial Inc. now owns 6,132 shares of the company’s stock worth $554,000 after acquiring an additional 487 shares during the last quarter. Finally, Arizona State Retirement System lifted its position in Coastal Financial by 15.8% during the first quarter. Arizona State Retirement System now owns 3,844 shares of the company’s stock worth $348,000 after acquiring an additional 524 shares during the last quarter. Institutional investors own 59.24% of the company’s stock.

Insider Activity

In other news, CEO Eric M. Sprink sold 10,683 shares of Coastal Financial stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $114.65, for a total value of $1,224,805.95. Following the completion of the sale, the chief executive officer directly owned 211,011 shares in the company, valued at approximately $24,192,411.15. The trade was a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Joel G. Edwards sold 9,425 shares of the business’s stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $114.67, for a total transaction of $1,080,764.75. Following the transaction, the chief financial officer owned 12,762 shares of the company’s stock, valued at approximately $1,463,418.54. This represents a 42.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 64,958 shares of company stock worth $7,210,220. Corporate insiders own 14.10% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CCB shares. Keefe, Bruyette & Woods raised their price objective on shares of Coastal Financial from $110.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, July 11th. Hovde Group set a $126.00 price objective on shares of Coastal Financial in a research report on Monday, August 18th. Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Monday. Finally, TD Cowen started coverage on shares of Coastal Financial in a research report on Thursday, September 25th. They set a “buy” rating and a $140.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $116.20.

Coastal Financial Stock Up 2.2%

NASDAQ CCB opened at $110.50 on Thursday. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a 1-year low of $51.49 and a 1-year high of $119.22. The company has a 50 day moving average of $107.73 and a 200-day moving average of $95.37. The company has a market cap of $1.67 billion, a price-to-earnings ratio of 34.00 and a beta of 0.99.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.16). Coastal Financial had a net margin of 7.02% and a return on equity of 11.31%. The business had revenue of $119.43 million during the quarter, compared to analyst estimates of $158.05 million. On average, equities research analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

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.