Coastal Financial Corporation $CCB Stake Raised by Truist Financial Corp

Truist Financial Corp increased its holdings in Coastal Financial Corporation (NASDAQ:CCB) by 10.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,381 shares of the company’s stock after acquiring an additional 1,698 shares during the period. Truist Financial Corp owned about 0.12% of Coastal Financial worth $1,781,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. AlphaQuest LLC purchased a new stake in shares of Coastal Financial during the 1st quarter worth about $188,000. GAMMA Investing LLC raised its stake in shares of Coastal Financial by 50,271.4% during the 1st quarter. GAMMA Investing LLC now owns 3,526 shares of the company’s stock worth $319,000 after purchasing an additional 3,519 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Coastal Financial by 15.8% during the 1st quarter. Arizona State Retirement System now owns 3,844 shares of the company’s stock worth $348,000 after purchasing an additional 524 shares in the last quarter. FNY Investment Advisers LLC raised its stake in shares of Coastal Financial by 15.0% during the 1st quarter. FNY Investment Advisers LLC now owns 4,600 shares of the company’s stock worth $415,000 after purchasing an additional 600 shares in the last quarter. Finally, Corebridge Financial Inc. raised its stake in shares of Coastal Financial by 8.6% during the 1st quarter. Corebridge Financial Inc. now owns 6,132 shares of the company’s stock worth $554,000 after purchasing an additional 487 shares in the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, Director Stephan Klee sold 4,350 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $109.14, for a total value of $474,759.00. Following the sale, the director owned 1,661 shares of the company’s stock, valued at $181,281.54. This trade represents a 72.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Joel G. Edwards sold 9,425 shares of Coastal Financial stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $114.67, for a total value of $1,080,764.75. Following the sale, the chief financial officer directly owned 12,762 shares in the company, valued at $1,463,418.54. The trade was a 42.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 64,958 shares of company stock valued at $7,210,220 in the last 90 days. 14.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Hovde Group set a $126.00 price target on Coastal Financial in a research note on Monday, August 18th. Keefe, Bruyette & Woods raised their price target on Coastal Financial from $110.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, July 11th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Coastal Financial in a research note on Saturday, September 27th. TD Cowen began coverage on Coastal Financial in a research note on Thursday, September 25th. They set a “buy” rating and a $140.00 price target for the company. Finally, Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $116.20.

Coastal Financial Stock Performance

CCB opened at $103.63 on Friday. The firm has a market capitalization of $1.57 billion, a P/E ratio of 31.89 and a beta of 0.99. The stock’s 50 day moving average price is $109.24 and its two-hundred day moving average price is $96.58. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a 12-month low of $54.25 and a 12-month high of $119.22.

Coastal Financial (NASDAQ:CCB) last released its earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.16). The business had revenue of $119.43 million during the quarter, compared to analyst estimates of $158.05 million. Coastal Financial had a net margin of 7.02% and a return on equity of 11.31%. On average, equities analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share for the current 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.