Citadel Advisors LLC Cuts Holdings in Coastal Financial Co. (NASDAQ:CCB)

Citadel Advisors LLC decreased its position in Coastal Financial Co. (NASDAQ:CCB) by 32.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 24,525 shares of the company’s stock after selling 11,575 shares during the period. Citadel Advisors LLC owned about 0.18% of Coastal Financial worth $2,082,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC grew its position in shares of Coastal Financial by 179.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company’s stock valued at $61,000 after purchasing an additional 461 shares during the period. Meeder Asset Management Inc. acquired a new stake in shares of Coastal Financial in the fourth quarter valued at about $64,000. New York State Teachers Retirement System acquired a new stake in shares of Coastal Financial in the fourth quarter valued at about $87,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Coastal Financial in the fourth quarter valued at about $178,000. Finally, Pictet Asset Management Holding SA acquired a new stake in shares of Coastal Financial in the fourth quarter valued at about $214,000. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Coastal Financial from $114.00 to $110.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Stephens restated an “overweight” rating and set a $100.00 price target on shares of Coastal Financial in a research report on Tuesday, March 18th. Hovde Group lowered their price target on shares of Coastal Financial from $120.00 to $110.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Finally, Raymond James lowered their price target on shares of Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, April 30th.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, Director Gregory A. Tisdel sold 1,600 shares of the business’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $79.07, for a total value of $126,512.00. Following the transaction, the director now directly owns 14,006 shares in the company, valued at $1,107,454.42. The trade was a 10.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Joel G. Edwards sold 3,128 shares of the business’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $88.44, for a total transaction of $276,640.32. Following the completion of the transaction, the chief financial officer now owns 41,387 shares in the company, valued at $3,660,266.28. The trade was a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 16.82% of the stock is currently owned by company insiders.

Coastal Financial Stock Performance

CCB opened at $86.01 on Friday. The firm has a market capitalization of $1.29 billion, a PE ratio of 26.46 and a beta of 0.94. Coastal Financial Co. has a twelve month low of $42.64 and a twelve month high of $102.25. The firm’s 50-day moving average price is $84.97 and its 200 day moving average price is $83.79. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.30). The business had revenue of $139.54 million for the quarter, compared to analyst estimates of $158.65 million. Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. As a group, sell-side analysts expect that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

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.