Coastal Financial Corporation $CCB Shares Sold by Persistent Asset Partners Ltd

Persistent Asset Partners Ltd lessened its position in Coastal Financial Corporation (NASDAQ:CCB) by 24.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,432 shares of the company’s stock after selling 5,382 shares during the period. Coastal Financial makes up 1.2% of Persistent Asset Partners Ltd’s holdings, making the stock its 21st largest position. Persistent Asset Partners Ltd’s holdings in Coastal Financial were worth $1,592,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CCB. SummerHaven Investment Management LLC raised its position in Coastal Financial by 1.0% in the second quarter. SummerHaven Investment Management LLC now owns 17,303 shares of the company’s stock worth $1,676,000 after acquiring an additional 165 shares in the last quarter. Emerald Advisers LLC boosted its position in shares of Coastal Financial by 2.5% during the 2nd quarter. Emerald Advisers LLC now owns 7,421 shares of the company’s stock valued at $719,000 after purchasing an additional 179 shares in the last quarter. MetLife Investment Management LLC grew its stake in shares of Coastal Financial by 6.2% in the 1st quarter. MetLife Investment Management LLC now owns 7,272 shares of the company’s stock worth $657,000 after purchasing an additional 427 shares during the last quarter. AQR Capital Management LLC raised its holdings 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 worth $1,185,000 after purchasing an additional 473 shares in the last quarter. Finally, Corebridge Financial Inc. lifted its stake in Coastal Financial by 8.6% during the first quarter. Corebridge Financial Inc. now owns 6,132 shares of the company’s stock valued at $554,000 after purchasing an additional 487 shares during the last quarter. Institutional investors own 59.24% of the company’s stock.

Coastal Financial Trading Up 0.3%

NASDAQ CCB opened at $104.85 on Friday. The firm’s 50 day moving average price is $108.51 and its two-hundred day moving average price is $100.29. 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 Corporation has a twelve month low of $71.89 and a twelve month high of $119.22. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 33.18 and a beta of 1.06.

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

Insider Buying and Selling at Coastal Financial

In other news, CFO Joel G. Edwards sold 9,425 shares of the company’s stock in a transaction dated 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 transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Eric M. Sprink sold 10,683 shares of the stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $114.65, for a total transaction of $1,224,805.95. Following the completion of the sale, the chief executive officer directly owned 211,011 shares of the company’s stock, valued at $24,192,411.15. This trade represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 64,958 shares of company stock valued at $7,210,220 in the last 90 days. 14.10% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have issued reports on CCB. TD Cowen initiated coverage on shares of Coastal Financial in a research report on Thursday, September 25th. They issued a “buy” rating and a $140.00 price target on the stock. Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. Weiss Ratings restated a “buy (b)” rating on shares of Coastal Financial in a report on Tuesday. Finally, Hovde Group set a $126.00 target price on Coastal Financial in a report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Coastal Financial has an average rating of “Buy” and a consensus price target of $116.20.

Coastal Financial 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.