Phocas Financial Corp. Buys Shares of 34,453 Coastal Financial Corporation $CCB

Phocas Financial Corp. bought a new position in Coastal Financial Corporation (NASDAQ:CCB) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 34,453 shares of the company’s stock, valued at approximately $3,948,000. Phocas Financial Corp. owned approximately 0.23% of Coastal Financial as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. AQR Capital Management LLC lifted its stake in shares of Coastal Financial by 3.7% in the 1st quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock valued at $1,185,000 after purchasing an additional 473 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Coastal Financial by 15.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock worth $672,000 after buying an additional 977 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Coastal Financial by 44.8% during the first quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock worth $6,645,000 after buying an additional 22,725 shares during the last quarter. Empowered Funds LLC raised its holdings in Coastal Financial by 7.3% during the first quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock valued at $1,125,000 after buying an additional 848 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Coastal Financial by 4.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company’s stock worth $2,393,000 after buying an additional 1,048 shares during the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Insider Buying and Selling

In other news, CEO Eric M. Sprink sold 8,402 shares of the stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $114.27, for a total value of $960,096.54. Following the completion of the sale, the chief executive officer directly owned 163,126 shares of the company’s stock, valued at approximately $18,640,408.02. This represents a 4.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Joel G. Edwards sold 1,300 shares of the firm’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $111.34, for a total transaction of $144,742.00. Following the completion of the sale, the chief financial officer owned 11,462 shares in the company, valued at approximately $1,276,179.08. The trade was a 10.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 36,058 shares of company stock valued at $4,169,254. Corporate insiders own 14.10% of the company’s stock.

Coastal Financial Stock Performance

Shares of NASDAQ:CCB opened at $77.66 on Monday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.06. The stock’s 50-day moving average is $82.31 and its 200-day moving average is $100.69. The company has a market cap of $1.18 billion, a P/E ratio of 25.55 and a beta of 0.87. Coastal Financial Corporation has a 52-week low of $70.72 and a 52-week high of $120.05.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.34). The business had revenue of $56.49 million for the quarter, compared to analyst estimates of $140.81 million. Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%. Equities research analysts predict that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Weiss Ratings downgraded Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, March 2nd. Wall Street Zen lowered Coastal Financial from a “hold” rating to a “sell” rating in a report on Saturday. Hovde Group decreased their target price on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research report on Friday, January 30th. Zacks Research downgraded Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a research report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $133.60.

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.