Coastal Financial Corporation (NASDAQ:CCB) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC lifted its stake in shares of Coastal Financial Corporation (NASDAQ:CCB) by 50,271.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,526 shares of the company’s stock after purchasing an additional 3,519 shares during the period. GAMMA Investing LLC’s holdings in Coastal Financial were worth $319,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. First Trust Advisors LP increased its stake in Coastal Financial by 1.9% in the 4th quarter. First Trust Advisors LP now owns 8,297 shares of the company’s stock worth $704,000 after purchasing an additional 156 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Coastal Financial by 5.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,459 shares of the company’s stock worth $548,000 after buying an additional 343 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Coastal Financial by 0.9% in the fourth quarter. Franklin Resources Inc. now owns 45,886 shares of the company’s stock worth $3,896,000 after buying an additional 400 shares during the period. Tower Research Capital LLC TRC increased 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 worth $61,000 after acquiring an additional 461 shares in the last quarter. Finally, Bridgeway Capital Management LLC raised its holdings in shares of Coastal Financial by 2.9% during the fourth quarter. Bridgeway Capital Management LLC now owns 18,091 shares of the company’s stock valued at $1,536,000 after acquiring an additional 507 shares during the period. 59.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CCB. Hovde Group decreased their price objective on shares of Coastal Financial from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Keefe, Bruyette & Woods reduced their target price on Coastal Financial from $114.00 to $110.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Stephens reiterated an “overweight” rating and set a $100.00 price target on shares of Coastal Financial in a report on Tuesday, March 18th. Finally, Raymond James Financial dropped their price target on 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 Activity at Coastal Financial

In related news, CFO Joel G. Edwards sold 3,128 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $88.44, for a total transaction of $276,640.32. Following the transaction, the chief financial officer now owns 41,387 shares of the company’s stock, valued at approximately $3,660,266.28. This trade represents a 7.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory A. Tisdel sold 1,600 shares of the business’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $79.07, for a total transaction of $126,512.00. Following the completion of the sale, the director now directly owns 14,006 shares of the company’s stock, valued at $1,107,454.42. This represents a 10.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 14.10% of the company’s stock.

Coastal Financial Stock Performance

Shares of CCB opened at $86.04 on Friday. The company has a market capitalization of $1.29 billion, a PE ratio of 25.46 and a beta of 0.96. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.04 and a current ratio of 1.06. The company’s 50 day moving average price is $85.49 and its 200 day moving average price is $85.45. Coastal Financial Corporation has a 52 week low of $43.01 and a 52 week high of $102.25.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.30). Coastal Financial had a net margin of 6.94% and a return on equity of 12.53%. The company had revenue of $139.54 million for the quarter, compared to analyst estimates of $158.65 million. Research analysts expect that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

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.