Point72 Asset Management L.P. Takes $221,000 Position in Coastal Financial Co. (NASDAQ:CCB)

Point72 Asset Management L.P. acquired a new position in Coastal Financial Co. (NASDAQ:CCB) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 4,085 shares of the company’s stock, valued at approximately $221,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in shares of Coastal Financial by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock worth $16,603,000 after buying an additional 20,517 shares in the last quarter. Jacobs Asset Management LLC lifted its stake in Coastal Financial by 9.1% in the 3rd quarter. Jacobs Asset Management LLC now owns 187,500 shares of the company’s stock worth $10,123,000 after purchasing an additional 15,683 shares in the last quarter. American Century Companies Inc. boosted its holdings in Coastal Financial by 23.3% in the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock valued at $6,515,000 after purchasing an additional 26,690 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Coastal Financial by 188.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock valued at $4,967,000 after purchasing an additional 60,106 shares in the last quarter. Finally, Stieven Capital Advisors L.P. increased its holdings in shares of Coastal Financial by 35.7% in the third quarter. Stieven Capital Advisors L.P. now owns 74,113 shares of the company’s stock worth $4,001,000 after purchasing an additional 19,500 shares during the period. 59.24% of the stock is currently owned by institutional investors.

Coastal Financial Trading Up 1.9 %

Shares of CCB stock opened at $80.47 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The firm has a market cap of $1.09 billion, a P/E ratio of 27.09 and a beta of 1.24. The business has a 50-day moving average price of $67.81 and a two-hundred day moving average price of $55.25. Coastal Financial Co. has a 12-month low of $35.67 and a 12-month high of $80.92.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Monday, October 28th. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. The business had revenue of $185.15 million for the quarter, compared to analysts’ expectations of $154.30 million. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. Equities analysts anticipate that Coastal Financial Co. will post 3.55 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Eric M. Sprink sold 3,223 shares of Coastal Financial stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $50.44, for a total value of $162,568.12. Following the transaction, the chief executive officer now owns 313,689 shares in the company, valued at approximately $15,822,473.16. The trade was a 1.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jonathan E. Sand sold 1,000 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $74.15, for a total value of $74,150.00. Following the completion of the sale, the executive vice president now directly owns 19,611 shares of the company’s stock, valued at approximately $1,454,155.65. This trade represents a 4.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,619 shares of company stock worth $3,792,980 in the last 90 days. 16.82% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods lifted their price objective on Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a research note on Thursday. Hovde Group upped their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Finally, Raymond James lifted their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research report on Tuesday, October 29th.

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.