Coastal Financial Corporation $CCB Shares Sold by Great Lakes Advisors LLC

Great Lakes Advisors LLC trimmed its position in Coastal Financial Corporation (NASDAQ:CCB) by 50.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 23,365 shares of the company’s stock after selling 23,411 shares during the period. Great Lakes Advisors LLC owned about 0.15% of Coastal Financial worth $2,527,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in shares of Coastal Financial by 2.3% in the second quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company’s stock worth $644,000 after acquiring an additional 149 shares during the last quarter. Emerald Advisers LLC lifted its holdings in Coastal Financial by 2.5% in the 2nd quarter. Emerald Advisers LLC now owns 7,421 shares of the company’s stock valued at $719,000 after purchasing an additional 179 shares in the last quarter. EJF Capital LLC boosted its stake in Coastal Financial by 2.5% during the 2nd quarter. EJF Capital LLC now owns 13,547 shares of the company’s stock worth $1,312,000 after purchasing an additional 329 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Coastal Financial by 3.7% during the first quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock worth $1,185,000 after buying an additional 473 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Coastal Financial by 229.5% in the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock valued at $80,000 after buying an additional 576 shares during the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Price Performance

CCB stock opened at $95.78 on Friday. Coastal Financial Corporation has a 52-week low of $76.11 and a 52-week high of $120.05. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of 31.51 and a beta of 0.89. The business has a fifty day moving average of $112.82 and a two-hundred day moving average of $108.69.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.34). The business had revenue of $56.49 million for the quarter, compared to analysts’ expectations of $140.81 million. Coastal Financial had a return on equity of 10.16% and a net margin of 7.11%. As a group, research analysts anticipate that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. TD Cowen restated a “buy” rating on shares of Coastal Financial in a research report on Friday, December 5th. Hovde Group decreased their target price on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a research note on Friday. Weiss Ratings restated a “buy (b-)” rating on shares of Coastal Financial in a report on Monday, December 29th. Finally, UBS Group set a $155.00 price target on Coastal Financial in a report on Friday, December 5th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Coastal Financial currently has a consensus rating of “Buy” and a consensus price target of $126.33.

Insider Activity

In other Coastal Financial news, Director Steven D. Hovde sold 3,000 shares of Coastal Financial stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $117.25, for a total transaction of $351,750.00. Following the completion of the sale, the director directly owned 11,500 shares in the company, valued at $1,348,375. This trade represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric M. Sprink sold 8,778 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $114.95, for a total transaction of $1,009,031.10. Following the completion of the transaction, the chief executive officer owned 193,884 shares in the company, valued at approximately $22,286,965.80. This represents a 4.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 63,296 shares of company stock valued at $7,287,745. 14.10% of the stock is currently owned by insiders.

About Coastal Financial

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.