Cox Capital Mgt LLC Trims Holdings in Coastal Financial Co. (NASDAQ:CCB)

Cox Capital Mgt LLC trimmed its stake in Coastal Financial Co. (NASDAQ:CCB) by 5.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 34,183 shares of the company’s stock after selling 1,827 shares during the period. Cox Capital Mgt LLC owned about 0.25% of Coastal Financial worth $1,577,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in CCB. EntryPoint Capital LLC increased its stake in Coastal Financial by 642.4% during the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after buying an additional 1,439 shares during the period. SG Americas Securities LLC increased its stake in Coastal Financial by 59.8% during 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. Quadrature Capital Ltd purchased a new stake in Coastal Financial during the 1st quarter worth approximately $207,000. BNP Paribas Financial Markets increased its stake in Coastal Financial by 18.0% during the 1st quarter. BNP Paribas Financial Markets now owns 11,572 shares of the company’s stock worth $450,000 after buying an additional 1,766 shares during the period. Finally, Diversify Advisory Services LLC purchased a new stake in Coastal Financial during the 1st quarter worth approximately $714,000. 59.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CCB shares. Keefe, Bruyette & Woods raised shares of Coastal Financial to a “moderate buy” rating in a research note on Tuesday, July 30th. Hovde Group increased their price objective on shares of Coastal Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th.

Coastal Financial Stock Up 1.1 %

Shares of NASDAQ:CCB traded up $0.52 during trading hours on Tuesday, reaching $47.49. The stock had a trading volume of 37,263 shares, compared to its average volume of 56,697. Coastal Financial Co. has a 1 year low of $35.67 and a 1 year high of $53.54. The firm’s 50 day moving average is $47.18 and its 200-day moving average is $42.52. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $637.27 million, a price-to-earnings ratio of 16.60 and a beta of 1.25.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.03. Coastal Financial had a net margin of 6.07% and a return on equity of 13.60%. The business had revenue of $167.41 million during the quarter, compared to analysts’ expectations of $168.30 million. Research analysts predict that Coastal Financial Co. will post 3.52 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Joel G. Edwards sold 1,034 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $44.45, for a total value of $45,961.30. Following the completion of the transaction, the chief financial officer now owns 56,369 shares in the company, valued at approximately $2,505,602.05. The sale was disclosed in a document filed with the SEC, which is available at this link. Company 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.