Orion Portfolio Solutions LLC Sells 2,267 Shares of Coastal Financial Co. (NASDAQ:CCB)

Orion Portfolio Solutions LLC lessened its position in shares of Coastal Financial Co. (NASDAQ:CCB) by 2.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 97,637 shares of the company’s stock after selling 2,267 shares during the quarter. Orion Portfolio Solutions LLC owned 0.73% of Coastal Financial worth $3,795,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. SG Americas Securities LLC increased its stake in Coastal Financial by 59.8% in the 4th quarter. SG Americas Securities LLC now owns 3,978 shares of the company’s stock worth $177,000 after buying an additional 1,489 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Coastal Financial by 18.0% in the first quarter. BNP Paribas Financial Markets now owns 11,572 shares of the company’s stock worth $450,000 after acquiring an additional 1,766 shares during the period. Diversify Advisory Services LLC purchased a new position in shares of Coastal Financial during the 1st quarter valued at about $714,000. First Bank & Trust lifted its holdings in Coastal Financial by 3.6% in the first quarter. First Bank & Trust now owns 21,767 shares of the company’s stock valued at $846,000 after acquiring an additional 761 shares during the period. Finally, Cox Capital Mgt LLC raised its position in shares of Coastal Financial by 1.6% in the first quarter. Cox Capital Mgt LLC now owns 36,010 shares of the company’s stock worth $1,400,000 after acquiring an additional 556 shares during the period. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Coastal Financial Stock Down 0.5 %

CCB traded down $0.28 during trading on Friday, hitting $50.75. The company had a trading volume of 57,427 shares, compared to its average volume of 53,492. Coastal Financial Co. has a 1-year low of $35.67 and a 1-year high of $52.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market cap of $681.07 million, a PE ratio of 17.84 and a beta of 1.25. The business has a 50-day moving average of $45.09 and a 200-day moving average of $41.52.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Monday, April 29th. The company reported $0.67 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.11). Coastal Financial had a return on equity of 14.31% and a net margin of 6.55%. The business had revenue of $147.89 million for the quarter, compared to analyst estimates of $121.10 million. As a group, analysts forecast that Coastal Financial Co. will post 3.47 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Hovde Group reduced their target price on shares of Coastal Financial from $57.50 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd.

Insider Activity at Coastal Financial

In related news, CFO Joel G. Edwards sold 1,034 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $44.45, for a total transaction of $45,961.30. Following the completion of the transaction, the chief financial officer now owns 56,369 shares in the company, valued at $2,505,602.05. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 16.82% of the company’s stock.

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.