Envestnet Asset Management Inc. Decreases Stake in Coastal Financial Corporation $CCB

Envestnet Asset Management Inc. decreased its holdings in Coastal Financial Corporation (NASDAQ:CCB) by 26.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 35,472 shares of the company’s stock after selling 12,963 shares during the quarter. Envestnet Asset Management Inc. owned about 0.23% of Coastal Financial worth $3,837,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. State of Alaska Department of Revenue acquired a new position in shares of Coastal Financial during the 3rd quarter worth $64,000. Russell Investments Group Ltd. grew its position in Coastal Financial by 229.5% during the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after buying an additional 576 shares during the period. Farther Finance Advisors LLC grew its position in Coastal Financial by 634.4% during the third quarter. Farther Finance Advisors LLC now owns 896 shares of the company’s stock worth $97,000 after buying an additional 774 shares during the period. USA Financial Formulas purchased a new position in Coastal Financial in the third quarter valued at about $102,000. Finally, First Horizon Corp acquired a new stake in shares of Coastal Financial during the 3rd quarter valued at approximately $122,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Insider Buying and Selling

In related news, Director Steven D. Hovde sold 3,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director owned 11,500 shares of the company’s stock, valued at approximately $1,348,375. This represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Eric M. Sprink sold 8,778 shares of Coastal Financial stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $114.95, for a total transaction of $1,009,031.10. Following the completion of the sale, the chief executive officer directly owned 193,884 shares of the company’s stock, valued at $22,286,965.80. The trade was a 4.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 63,296 shares of company stock valued at $7,287,745. Company insiders own 14.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on CCB shares. Hovde Group lowered their price target on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a report on Friday, January 30th. UBS Group set a $155.00 target price on Coastal Financial in a research report on Friday, December 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 29th. Keefe, Bruyette & Woods cut their price target on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a research note on Monday, February 2nd. Finally, TD Cowen reissued a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $128.00.

Coastal Financial Stock Up 4.3%

CCB opened at $78.90 on Wednesday. The firm has a market cap of $1.19 billion, a P/E ratio of 25.95 and a beta of 0.88. The business’s fifty day simple moving average is $103.69 and its 200 day simple moving average is $107.22. Coastal Financial Corporation has a 52 week low of $73.90 and a 52 week high of $120.05. 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 (NASDAQ:CCB) last announced its earnings results 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). Coastal Financial had a net margin of 7.11% and a return on equity of 10.16%. The firm had revenue of $56.49 million during the quarter, compared to analyst estimates of $140.81 million. As a group, equities research analysts anticipate that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Coastal Financial 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.