Coastal Financial Co. (NASDAQ:CCB) Shares Sold by Mendon Capital Advisors Corp

Mendon Capital Advisors Corp cut its position in shares of Coastal Financial Co. (NASDAQ:CCB) by 60.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 40,000 shares of the company’s stock after selling 60,000 shares during the period. Coastal Financial comprises about 1.6% of Mendon Capital Advisors Corp’s holdings, making the stock its 15th largest position. Mendon Capital Advisors Corp’s holdings in Coastal Financial were worth $1,846,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Diversify Advisory Services LLC acquired a new stake in Coastal Financial in the 1st quarter valued at $714,000. Norden Group LLC purchased a new stake in shares of Coastal Financial in the first quarter worth about $1,488,000. Vanguard Group Inc. grew its stake in shares of Coastal Financial by 0.9% in the first quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock valued at $23,268,000 after buying an additional 5,592 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Coastal Financial by 23.3% during the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock valued at $6,515,000 after buying an additional 26,690 shares during the period. Finally, BNP Paribas Financial Markets lifted its position 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 acquiring an additional 1,766 shares in the last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CCB shares. 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. Keefe, Bruyette & Woods raised shares of Coastal Financial to a “moderate buy” rating in a report on Tuesday, July 30th.

Insider Buying and Selling at Coastal Financial

In other news, Director Steven D. Hovde sold 1,497 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $53.00, for a total value of $79,341.00. Following the completion of the sale, the director now owns 26,500 shares of the company’s stock, valued at approximately $1,404,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Coastal Financial news, Director Steven D. Hovde sold 1,497 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $53.00, for a total transaction of $79,341.00. Following the transaction, the director now owns 26,500 shares of the company’s stock, valued at approximately $1,404,500. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Steven D. Hovde sold 2,050 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $53.51, for a total value of $109,695.50. Following the completion of the sale, the director now owns 21,950 shares of the company’s stock, valued at $1,174,544.50. The disclosure for this sale can be found here. Insiders have sold 28,631 shares of company stock worth $1,480,960 in the last ninety days. 16.82% of the stock is owned by insiders.

Coastal Financial Trading Down 3.4 %

NASDAQ:CCB opened at $52.13 on Wednesday. The stock has a market cap of $699.53 million, a price-to-earnings ratio of 18.23 and a beta of 1.24. Coastal Financial Co. has a one year low of $35.67 and a one year high of $54.73. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.03 and a current ratio of 1.03. The business’s 50-day simple moving average is $50.82 and its 200 day simple moving average is $45.60.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. The company had revenue of $167.41 million for the quarter, compared to analyst estimates of $168.30 million. As a group, sell-side analysts predict that Coastal Financial Co. will post 3.52 earnings per share for the current fiscal year.

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.