Envestnet Asset Management Inc. Buys 1,649 Shares of Coastal Financial Co. (NASDAQ:CCB)

Envestnet Asset Management Inc. grew its stake in shares of Coastal Financial Co. (NASDAQ:CCB) by 2.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 63,355 shares of the company’s stock after buying an additional 1,649 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.47% of Coastal Financial worth $5,379,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Meeder Asset Management Inc. bought a new stake in shares of Coastal Financial in the fourth quarter worth $64,000. FMR LLC increased its stake in Coastal Financial by 21.0% in the third quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after purchasing an additional 228 shares in the last quarter. New York State Teachers Retirement System bought a new position in shares of Coastal Financial during the 4th quarter worth about $87,000. USA Financial Formulas acquired a new stake in shares of Coastal Financial in the 4th quarter valued at about $122,000. Finally, KLP Kapitalforvaltning AS bought a new stake in Coastal Financial in the 4th quarter valued at about $178,000. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Coastal Financial

In related news, Director Gregory A. Tisdel sold 1,600 shares of Coastal Financial stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $79.07, for a total value of $126,512.00. Following the completion of the sale, the director now owns 14,006 shares of the company’s stock, valued at approximately $1,107,454.42. This trade represents a 10.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 16.82% of the company’s stock.

Coastal Financial Stock Up 0.8 %

CCB opened at $83.89 on Tuesday. Coastal Financial Co. has a fifty-two week low of $37.51 and a fifty-two week high of $102.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. The company’s 50-day moving average is $86.69 and its 200 day moving average is $79.77. The firm has a market capitalization of $1.26 billion, a P/E ratio of 25.81 and a beta of 1.00.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.09). Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. Research analysts expect that Coastal Financial Co. will post 4.59 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CCB. Raymond James reaffirmed a “strong-buy” rating on shares of Coastal Financial in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods lifted their price objective on shares of Coastal Financial from $96.00 to $114.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Finally, Stephens restated an “overweight” rating and issued a $100.00 target price on shares of Coastal Financial in a report on Tuesday, March 18th.

Coastal Financial Company Profile

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.