Mesirow Financial Investment Management Inc. Sells 2,209 Shares of Coastal Financial Co. (NASDAQ:CCB)

Mesirow Financial Investment Management Inc. cut its stake in shares of Coastal Financial Co. (NASDAQ:CCB) by 25.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,371 shares of the company’s stock after selling 2,209 shares during the quarter. Mesirow Financial Investment Management Inc.’s holdings in Coastal Financial were worth $248,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Kennedy Capital Management LLC increased its holdings in Coastal Financial by 17.2% during the 3rd quarter. Kennedy Capital Management LLC now owns 263,688 shares of the company’s stock valued at $11,315,000 after purchasing an additional 38,632 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Coastal Financial by 1.6% during the third quarter. Vanguard Group Inc. now owns 577,945 shares of the company’s stock worth $24,800,000 after purchasing an additional 9,244 shares during the last quarter. Cox Capital Mgt LLC increased its stake in shares of Coastal Financial by 79.8% in the fourth quarter. Cox Capital Mgt LLC now owns 35,454 shares of the company’s stock valued at $1,575,000 after buying an additional 15,730 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of Coastal Financial by 59.8% in the fourth quarter. SG Americas Securities LLC now owns 3,978 shares of the company’s stock valued at $177,000 after buying an additional 1,489 shares during the last quarter. Finally, First Bank & Trust lifted its position in Coastal Financial by 3.6% during the 1st quarter. First Bank & Trust now owns 21,767 shares of the company’s stock worth $846,000 after buying an additional 761 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Analysts Set New Price Targets

Separately, Hovde Group lowered their price objective on shares of Coastal Financial from $57.50 to $55.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd.

Coastal Financial Trading Down 3.2 %

NASDAQ:CCB traded down $1.48 during trading hours on Wednesday, hitting $45.27. 34,993 shares of the stock were exchanged, compared to its average volume of 51,442. The company’s 50 day moving average is $43.51 and its two-hundred day moving average is $41.26. The company has a market capitalization of $607.52 million, a P/E ratio of 16.03 and a beta of 1.25. Coastal Financial Co. has a twelve month low of $35.67 and a twelve month high of $48.50. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.16.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Monday, April 29th. The company reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.11). The firm had revenue of $147.89 million for the quarter, compared to analyst estimates of $121.10 million. Coastal Financial had a net margin of 6.55% and a return on equity of 14.31%. On average, sell-side analysts anticipate that Coastal Financial Co. will post 3.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Coastal Financial

In related news, CFO Joel G. Edwards sold 1,034 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $44.45, for a total value of $45,961.30. Following the completion of the sale, the chief financial officer now owns 56,369 shares in the company, valued at $2,505,602.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 16.82% of the company’s stock.

Coastal Financial 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.