Portside Wealth Group LLC Boosts Stake in Coastal Financial Co. (NASDAQ:CCB)

Portside Wealth Group LLC grew its stake in shares of Coastal Financial Co. (NASDAQ:CCB) by 3.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,669 shares of the company’s stock after purchasing an additional 166 shares during the period. Portside Wealth Group LLC’s holdings in Coastal Financial were worth $252,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CCB. nVerses Capital LLC grew its position in Coastal Financial by 300.0% during the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after buying an additional 600 shares during the period. EntryPoint Capital LLC raised its position in shares of Coastal Financial by 642.4% during the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after purchasing an additional 1,439 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in Coastal Financial in the 1st quarter valued at approximately $207,000. Allspring Global Investments Holdings LLC increased its position in Coastal Financial by 22,360.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock worth $207,000 after buying an additional 4,472 shares in the last quarter. Finally, Creative Planning acquired a new position in shares of Coastal Financial in the third quarter worth $298,000. 59.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Keefe, Bruyette & Woods increased their price objective on Coastal Financial from $70.00 to $75.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Raymond James lifted their price target on shares of Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th. Finally, Hovde Group upped their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th.

Insider Activity

In related news, CEO Eric M. Sprink sold 1,000 shares of Coastal Financial stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $51.56, for a total value of $51,560.00. Following the transaction, the chief executive officer now owns 312,689 shares in the company, valued at approximately $16,122,244.84. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Eric M. Sprink sold 1,000 shares of the stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $51.56, for a total value of $51,560.00. Following the completion of the sale, the chief executive officer now owns 312,689 shares of the company’s stock, valued at $16,122,244.84. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Eric M. Sprink sold 7,302 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.13, for a total value of $366,049.26. Following the completion of the transaction, the chief executive officer now directly owns 316,912 shares in the company, valued at $15,886,798.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,977 shares of company stock valued at $4,212,246 in the last ninety days. Company insiders own 16.82% of the company’s stock.

Coastal Financial Stock Performance

NASDAQ CCB opened at $70.57 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $949.87 million, a PE ratio of 23.76 and a beta of 1.22. The business’s 50-day moving average price is $56.22 and its 200 day moving average price is $49.80. Coastal Financial Co. has a twelve month low of $35.67 and a twelve month high of $72.96.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Monday, October 28th. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.01. Coastal Financial had a net margin of 5.98% and a return on equity of 14.16%. The business had revenue of $185.15 million for the quarter, compared to analyst estimates of $154.30 million. On average, research analysts predict that Coastal Financial Co. will post 3.55 earnings per share for the current year.

About Coastal Financial

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.