Coastal Financial Co. (NASDAQ:CCB) Stake Lifted by Cox Capital Mgt LLC

Cox Capital Mgt LLC grew its position in Coastal Financial Co. (NASDAQ:CCB) by 44.2% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 48,614 shares of the company’s stock after purchasing an additional 14,905 shares during the quarter. Coastal Financial makes up 2.7% of Cox Capital Mgt LLC’s portfolio, making the stock its 10th biggest position. Cox Capital Mgt LLC’s holdings in Coastal Financial were worth $4,128,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Point72 DIFC Ltd purchased a new stake in Coastal Financial during the third quarter worth $31,000. nVerses Capital LLC lifted its stake in shares of Coastal Financial by 300.0% during the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after purchasing an additional 600 shares during the last quarter. FMR LLC boosted its position in Coastal Financial by 21.0% during the third quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after purchasing an additional 228 shares in the last quarter. Quantbot Technologies LP purchased a new position in Coastal Financial in the third quarter valued at about $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Coastal Financial by 190.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock worth $166,000 after purchasing an additional 2,019 shares in the last quarter. Institutional investors own 59.24% of the company’s stock.

Coastal Financial Stock Performance

Shares of Coastal Financial stock opened at $84.93 on Wednesday. The firm has a market capitalization of $1.15 billion, a P/E ratio of 28.60 and a beta of 1.22. Coastal Financial Co. has a 52 week low of $35.67 and a 52 week high of $87.12. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The company has a 50 day moving average price of $78.43 and a 200 day moving average price of $61.49.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. The business had revenue of $185.15 million during the quarter, compared to analysts’ expectations of $154.30 million. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. Sell-side analysts expect that Coastal Financial Co. will post 3.55 EPS for the current year.

Insider Buying and Selling at Coastal Financial

In related news, EVP Jonathan E. Sand sold 1,000 shares of Coastal Financial stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $74.15, for a total transaction of $74,150.00. Following the completion of the sale, the executive vice president now owns 19,611 shares of the company’s stock, valued at $1,454,155.65. The trade was a 4.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Eric M. Sprink sold 4,000 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $63.20, for a total transaction of $252,800.00. Following the completion of the transaction, the chief executive officer now owns 271,078 shares in the company, valued at approximately $17,132,129.60. This trade represents a 1.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,346 shares of company stock worth $1,473,096. 16.82% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CCB has been the topic of a number of analyst reports. Raymond James lifted their price objective on shares of Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, October 29th. Hovde Group lifted their price target on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods increased their price objective on Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, December 12th.

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.