Coastal Financial Corporation $CCB Position Cut by Persistent Asset Partners Ltd

Persistent Asset Partners Ltd lowered its holdings in shares of Coastal Financial Corporation (NASDAQ:CCB) by 44.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,091 shares of the company’s stock after selling 7,341 shares during the period. Persistent Asset Partners Ltd’s holdings in Coastal Financial were worth $983,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. American Century Companies Inc. increased its holdings in shares of Coastal Financial by 133.5% during the second quarter. American Century Companies Inc. now owns 481,933 shares of the company’s stock valued at $46,685,000 after purchasing an additional 275,500 shares during the period. Azora Capital LP increased its stake in shares of Coastal Financial by 26.4% during the second quarter. Azora Capital LP now owns 751,098 shares of the company’s stock valued at $72,759,000 after acquiring an additional 156,956 shares during the period. Ranger Investment Management L.P. bought a new stake in Coastal Financial during the third quarter worth approximately $16,895,000. D.A. Davidson & CO. bought a new stake in Coastal Financial during the third quarter worth approximately $13,580,000. Finally, First Trust Advisors LP boosted its stake in Coastal Financial by 657.4% during the 2nd quarter. First Trust Advisors LP now owns 68,748 shares of the company’s stock valued at $6,660,000 after purchasing an additional 59,671 shares in the last quarter. Institutional investors own 59.24% of the company’s stock.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, Director Steven D. Hovde sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $117.25, for a total transaction of $351,750.00. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric M. Sprink sold 8,778 shares of the business’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $114.95, for a total value of $1,009,031.10. Following the completion of the sale, the chief executive officer directly owned 193,884 shares of the company’s stock, valued at $22,286,965.80. This represents a 4.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 63,296 shares of company stock worth $7,287,745 over the last three months. Company insiders own 14.10% of the company’s stock.

Coastal Financial Trading Down 1.3%

NASDAQ:CCB opened at $83.97 on Friday. The stock’s 50-day moving average is $105.82 and its two-hundred day moving average is $107.41. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. The stock has a market cap of $1.27 billion, a PE ratio of 27.62 and a beta of 0.87. Coastal Financial Corporation has a fifty-two week low of $76.11 and a fifty-two week high of $120.05.

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

Analyst Ratings Changes

A number of brokerages have weighed in on CCB. TD Cowen reissued a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. UBS Group set a $155.00 target price on Coastal Financial in a report on Friday, December 5th. Zacks Research lowered Coastal Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 29th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a research report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $128.00.

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.