SG Americas Securities LLC Purchases 4,391 Shares of Coastal Financial Corporation $CCB

SG Americas Securities LLC grew its position in Coastal Financial Corporation (NASDAQ:CCB) by 69.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,741 shares of the company’s stock after purchasing an additional 4,391 shares during the period. SG Americas Securities LLC’s holdings in Coastal Financial were worth $1,040,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. boosted its holdings in Coastal Financial by 1.3% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,339,269 shares of the company’s stock worth $121,084,000 after purchasing an additional 16,944 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Coastal Financial by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 739,322 shares of the company’s stock worth $66,842,000 after buying an additional 53,937 shares in the last quarter. Azora Capital LP boosted its stake in shares of Coastal Financial by 49.3% in the 1st quarter. Azora Capital LP now owns 594,142 shares of the company’s stock worth $53,716,000 after buying an additional 196,148 shares during the last quarter. Westwood Holdings Group Inc. boosted its stake in shares of Coastal Financial by 400.4% in the 1st quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company’s stock worth $40,604,000 after buying an additional 359,371 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Coastal Financial by 2.3% in the second quarter. Geode Capital Management LLC now owns 304,365 shares of the company’s stock valued at $29,488,000 after acquiring an additional 6,730 shares in the last quarter. 59.24% of the stock is owned by institutional investors.

Coastal Financial Stock Performance

NASDAQ:CCB opened at $102.77 on Friday. The company has a market capitalization of $1.55 billion, a P/E ratio of 32.52 and a beta of 1.06. The business has a fifty day simple moving average of $107.62 and a two-hundred day simple moving average of $101.03. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. Coastal Financial Corporation has a 1 year low of $73.80 and a 1 year 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 the consensus estimate of $0.89 by ($0.01). Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%.The firm had revenue of $52.89 million for the quarter, compared to the consensus estimate of $133.44 million. On average, analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Joel G. Edwards sold 9,425 shares of Coastal Financial stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $114.67, for a total value of $1,080,764.75. Following the completion of the transaction, the chief financial officer owned 12,762 shares in the company, valued at $1,463,418.54. This trade represents a 42.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric M. Sprink sold 10,683 shares of the business’s stock in a transaction that occurred on Thursday, September 18th. The shares were 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 in the company, valued at approximately $24,192,411.15. This trade represents a 4.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 64,958 shares of company stock worth $7,210,220 over the last quarter. 14.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently commented on CCB. Weiss Ratings reiterated a “buy (b)” rating on shares of Coastal Financial in a report on Tuesday, November 11th. Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, September 29th. Hovde Group set a $126.00 price target on shares of Coastal Financial in a report on Monday, August 18th. Finally, TD Cowen assumed coverage on shares of Coastal Financial in a research report on Thursday, September 25th. They set a “buy” rating and a $140.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $116.20.

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.