Creative Planning Invests $298,000 in Coastal Financial Co. (NASDAQ:CCB)

Creative Planning bought a new position in shares of Coastal Financial Co. (NASDAQ:CCB) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 5,513 shares of the company’s stock, valued at approximately $298,000.

Other large investors also recently made changes to their positions in the company. Envestnet Asset Management Inc. increased its stake in shares of Coastal Financial by 3.5% during the second quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock worth $2,679,000 after purchasing an additional 1,956 shares during the period. American Century Companies Inc. grew its position in Coastal Financial by 23.3% during the second quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after buying an additional 26,690 shares in the last quarter. Vanguard Group Inc. grew its position in Coastal Financial by 0.9% during the first quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock worth $23,268,000 after buying an additional 5,592 shares in the last quarter. BNP Paribas Financial Markets grew its position in Coastal Financial by 18.0% during the first quarter. BNP Paribas Financial Markets now owns 11,572 shares of the company’s stock worth $450,000 after buying an additional 1,766 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Coastal Financial by 22,360.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock worth $207,000 after buying an additional 4,472 shares in the last quarter. Institutional investors own 59.24% of the company’s stock.

Coastal Financial Stock Up 0.4 %

Shares of CCB opened at $70.57 on Friday. Coastal Financial Co. has a 52 week low of $35.67 and a 52 week high of $72.96. The stock has a market capitalization of $949.87 million, a price-to-earnings ratio of 23.76 and a beta of 1.22. 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 stock has a fifty day moving average of $56.22 and a 200-day moving average of $49.80.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Monday, October 28th. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. The company had revenue of $185.15 million during the quarter, compared to analysts’ expectations of $154.30 million. Coastal Financial had a return on equity of 14.16% and a net margin of 5.98%. As a group, sell-side analysts anticipate that Coastal Financial Co. will post 3.55 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CCB has been the topic of a number of analyst reports. Raymond James increased their price target on Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, October 29th. Keefe, Bruyette & Woods increased their price target on Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Finally, Hovde Group increased their price target on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th.

Insider Buying and Selling

In related news, CEO Eric M. Sprink sold 7,302 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $50.13, for a total transaction of $366,049.26. Following the completion of the transaction, the chief executive officer now directly owns 316,912 shares of the company’s stock, valued at $15,886,798.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Eric M. Sprink sold 7,302 shares of Coastal Financial stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.13, for a total value of $366,049.26. Following the completion of the transaction, the chief executive officer now directly owns 316,912 shares of the company’s stock, valued at approximately $15,886,798.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven D. Hovde sold 2,003 shares of Coastal Financial stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $53.26, for a total value of $106,679.78. Following the completion of the transaction, the director now directly owns 27,997 shares of the company’s stock, valued at approximately $1,491,120.22. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 74,977 shares of company stock valued at $4,212,246 in the last three months. Insiders own 16.82% of the company’s stock.

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.