Emerald Mutual Fund Advisers Trust Acquires 14,122 Shares of Coastal Financial Corporation $CCB

Emerald Mutual Fund Advisers Trust boosted its holdings in shares of Coastal Financial Corporation (NASDAQ:CCB) by 21.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 78,995 shares of the company’s stock after acquiring an additional 14,122 shares during the period. Emerald Mutual Fund Advisers Trust’s holdings in Coastal Financial were worth $7,652,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of CCB. AlphaQuest LLC acquired a new position in shares of Coastal Financial during the first quarter worth about $188,000. KLP Kapitalforvaltning AS boosted its position in shares of Coastal Financial by 28.6% during the second quarter. KLP Kapitalforvaltning AS now owns 2,700 shares of the company’s stock worth $262,000 after buying an additional 600 shares during the period. Arizona State Retirement System boosted its position in shares of Coastal Financial by 15.8% during the first quarter. Arizona State Retirement System now owns 3,844 shares of the company’s stock worth $348,000 after buying an additional 524 shares during the period. Corebridge Financial Inc. boosted its position in shares of Coastal Financial by 8.6% during the first quarter. Corebridge Financial Inc. now owns 6,132 shares of the company’s stock worth $554,000 after buying an additional 487 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its position in shares of Coastal Financial by 208.1% during 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 period. 59.24% of the stock is currently owned by institutional investors.

Coastal Financial Stock Up 0.3%

CCB stock opened at $105.16 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The business has a 50 day moving average price of $110.11 and a two-hundred day moving average price of $98.50. The company has a market cap of $1.59 billion, a price-to-earnings ratio of 32.36 and a beta of 0.99. Coastal Financial Corporation has a twelve month low of $61.38 and a twelve month high of $119.22.

Coastal Financial (NASDAQ:CCB) last posted its quarterly 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). The company had revenue of $144.68 million during the quarter, compared to the consensus estimate of $133.44 million. Coastal Financial had a net margin of 7.02% and a return on equity of 11.31%. Analysts anticipate that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CCB shares. Hovde Group set a $126.00 price objective on Coastal Financial in a research report on Monday, August 18th. Keefe, Bruyette & Woods upped their price objective on Coastal Financial from $110.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, July 11th. TD Cowen started coverage on Coastal Financial in a research report on Thursday, September 25th. They set a “buy” rating and a $140.00 price objective for the company. Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, September 29th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Coastal Financial in a research report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $116.20.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, CFO Joel G. Edwards sold 9,425 shares of the company’s 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 owned 12,762 shares in the company, valued at $1,463,418.54. This represents a 42.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stephan Klee sold 4,350 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $109.14, for a total value of $474,759.00. Following the completion of the sale, the director owned 1,661 shares in the company, valued at $181,281.54. This represents a 72.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 64,958 shares of company stock worth $7,210,220 over the last 90 days. Company insiders own 14.10% of the company’s stock.

Coastal Financial Company Profile

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.