D.A. Davidson & CO. Purchases New Stake in Coastal Financial Corporation $CCB

D.A. Davidson & CO. bought a new stake in Coastal Financial Corporation (NASDAQ:CCB) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 125,539 shares of the company’s stock, valued at approximately $13,580,000. D.A. Davidson & CO. owned about 0.83% of Coastal Financial as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Corebridge Financial Inc. raised its holdings in shares of Coastal Financial by 8.6% in 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 during the period. Cubist Systematic Strategies LLC increased its position in Coastal Financial by 208.1% in the first quarter. Cubist Systematic Strategies LLC now owns 6,255 shares of the company’s stock worth $566,000 after buying an additional 4,225 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Coastal Financial by 3.7% in the first quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock valued at $1,185,000 after buying an additional 473 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Coastal Financial by 15.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock valued at $672,000 after buying an additional 977 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Coastal Financial by 44.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock worth $6,645,000 after acquiring an additional 22,725 shares during the period. 59.24% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CCB shares. UBS Group set a $155.00 target price on shares of Coastal Financial in a research report on Friday, December 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Coastal Financial in a report on Monday, December 29th. Cowen reiterated a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. TD Cowen increased their target price on Coastal Financial from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, December 5th. Finally, Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $125.17.

Coastal Financial Trading Up 1.6%

Shares of CCB stock opened at $115.11 on Tuesday. The company has a market capitalization of $1.74 billion, a PE ratio of 36.43 and a beta of 0.89. Coastal Financial Corporation has a 52-week low of $76.11 and a 52-week high of $120.05. The business’s fifty day moving average is $110.53 and its 200 day moving average is $107.14. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Wednesday, October 29th. The company reported $0.88 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%.The business had revenue of $52.89 million during the quarter, compared to the consensus estimate of $133.44 million. On average, equities research analysts anticipate that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Eric M. Sprink sold 8,778 shares of the stock in a transaction on Monday, January 5th. The shares were sold at an average price of $114.95, for a total value of $1,009,031.10. Following the transaction, the chief executive officer owned 193,884 shares of the company’s stock, valued at $22,286,965.80. This represents a 4.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven D. Hovde sold 3,000 shares of the firm’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $117.25, for a total transaction of $351,750.00. Following the sale, the director owned 11,500 shares in the company, valued at approximately $1,348,375. This trade represents a 20.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 27,238 shares of company stock worth $3,118,491 over the last ninety days. 14.10% of the stock is currently owned by insiders.

Coastal Financial Company Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.