Quantinno Capital Management LP Has $1.93 Million Stake in Coastal Financial Corporation $CCB

Quantinno Capital Management LP increased its position in Coastal Financial Corporation (NASDAQ:CCB) by 1,026.9% in the 1st quarter, Holdings Channel reports. The firm owned 25,377 shares of the company’s stock after buying an additional 23,125 shares during the quarter. Quantinno Capital Management LP’s holdings in Coastal Financial were worth $1,931,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. EverSource Wealth Advisors LLC increased its holdings in Coastal Financial by 129.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock valued at $34,000 after buying an additional 169 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Coastal Financial in the 4th quarter valued at $50,000. Smartleaf Asset Management LLC lifted its holdings in shares of Coastal Financial by 20,700.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock worth $72,000 after acquiring an additional 621 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Coastal Financial by 229.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after acquiring an additional 576 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in shares of Coastal Financial by 521.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock valued at $122,000 after acquiring an additional 1,059 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Stock Up 6.7%

Shares of NASDAQ:CCB opened at $51.86 on Wednesday. The company’s fifty day moving average is $69.43 and its 200-day moving average is $76.45. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.03 and a current ratio of 1.06. Coastal Financial Corporation has a 52 week low of $36.61 and a 52 week high of $120.05. The company has a market capitalization of $792.94 million, a PE ratio of -185.21 and a beta of 0.76.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Thursday, July 30th. The company reported ($2.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($3.77). Coastal Financial had a negative return on equity of 0.79% and a negative net margin of 0.53%.The firm had revenue of $178.07 million for the quarter, compared to analyst estimates of $148.50 million. Equities research analysts predict that Coastal Financial Corporation will post 1.26 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Steven D. Hovde acquired 10,000 shares of the firm’s stock in a transaction on Thursday, August 6th. The shares were purchased at an average cost of $43.83 per share, with a total value of $438,300.00. Following the completion of the purchase, the director owned 26,500 shares of the company’s stock, valued at $1,161,495. This represents a 60.61% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Eric M. Sprink acquired 10,000 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were purchased at an average cost of $44.45 per share, with a total value of $444,500.00. Following the acquisition, the chief executive officer owned 173,238 shares of the company’s stock, valued at approximately $7,700,429.10. This represents a 6.13% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 25,290 shares of company stock worth $1,115,894 over the last ninety days. Insiders own 13.49% of the company’s stock.

Wall Street Analyst Weigh In

CCB has been the topic of a number of analyst reports. Stephens reissued an “overweight” rating and issued a $110.00 target price on shares of Coastal Financial in a research note on Friday, May 1st. Keefe, Bruyette & Woods cut their price target on shares of Coastal Financial from $95.00 to $53.00 and set an “outperform” rating for the company in a research note on Friday, July 31st. Wall Street Zen raised Coastal Financial from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Coastal Financial in a research note on Monday, June 29th. Finally, Raymond James Financial cut Coastal Financial from a “strong-buy” rating to an “outperform” rating and set a $50.00 target price for the company. in a report on Friday, July 31st. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $91.33.

Coastal Financial Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.