Coastal Financial Corporation $CCB Shares Sold by Boothbay Fund Management LLC

Boothbay Fund Management LLC lowered its holdings in Coastal Financial Corporation (NASDAQ:CCB) by 43.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,626 shares of the company’s stock after selling 48,289 shares during the quarter. Boothbay Fund Management LLC owned 0.41% of Coastal Financial worth $6,774,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CCB. Creative Planning grew its holdings in shares of Coastal Financial by 19.1% during the 3rd quarter. Creative Planning now owns 13,655 shares of the company’s stock worth $1,477,000 after purchasing an additional 2,189 shares during the period. Mendon Capital Advisors Corp purchased a new stake in Coastal Financial in the 3rd quarter valued at about $3,152,000. Virtu Financial LLC acquired a new position in Coastal Financial in the third quarter valued at about $533,000. Cooper Creek Partners Management LLC lifted its position in Coastal Financial by 108.7% in the third quarter. Cooper Creek Partners Management LLC now owns 162,099 shares of the company’s stock valued at $17,534,000 after buying an additional 84,438 shares during the last quarter. Finally, California State Teachers Retirement System boosted its stake in Coastal Financial by 18.0% during the third quarter. California State Teachers Retirement System now owns 12,579 shares of the company’s stock worth $1,361,000 after buying an additional 1,920 shares during the period. Institutional investors and hedge funds own 59.24% of the company’s stock.

Insider Activity at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink sold 4,000 shares of the business’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $116.01, for a total value of $464,040.00. Following the completion of the transaction, the chief executive officer owned 159,126 shares in the company, valued at $18,460,207.26. The trade was a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Joel G. Edwards sold 1,300 shares of the company’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $111.34, for a total value of $144,742.00. Following the sale, the chief financial officer directly owned 11,462 shares in the company, valued at $1,276,179.08. This represents a 10.19% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 53,185 shares of company stock worth $6,127,817. 14.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CCB shares. UBS Group set a $155.00 price target on shares of Coastal Financial in a research report on Friday, December 5th. Weiss Ratings lowered shares of Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. Wall Street Zen raised shares of Coastal Financial from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. Keefe, Bruyette & Woods dropped their target price on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a report on Monday, February 2nd. Finally, TD Cowen reissued a “buy” rating on shares of Coastal Financial in a research report on Friday, December 5th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $128.00.

Coastal Financial Stock Down 0.6%

Shares of NASDAQ:CCB opened at $76.92 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.04. The firm has a market capitalization of $1.17 billion, a PE ratio of 25.30 and a beta of 0.87. The firm’s 50-day moving average is $93.70 and its two-hundred day moving average is $104.47. Coastal Financial Corporation has a 1 year low of $70.72 and a 1 year high of $120.05.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Thursday, January 29th. The company reported $0.82 earnings per share (EPS) 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%. Analysts predict that Coastal Financial Corporation will post 4.59 EPS for the current year.

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.