UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 3,504 Shares of Coastal Financial Co. (NASDAQ:CCB)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its holdings in shares of Coastal Financial Co. (NASDAQ:CCB) by 21.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 12,603 shares of the company’s stock after selling 3,504 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Coastal Financial were worth $680,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Portside Wealth Group LLC increased its holdings in Coastal Financial by 3.7% during the third quarter. Portside Wealth Group LLC now owns 4,669 shares of the company’s stock worth $252,000 after buying an additional 166 shares during the last quarter. Parallel Advisors LLC lifted its stake in Coastal Financial by 2.9% in the second quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock valued at $369,000 after acquiring an additional 227 shares during the last quarter. FMR LLC grew its position in shares of Coastal Financial by 21.0% in the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after acquiring an additional 228 shares during the period. Empowered Funds LLC increased its stake in shares of Coastal Financial by 5.1% during the 3rd quarter. Empowered Funds LLC now owns 11,084 shares of the company’s stock worth $598,000 after purchasing an additional 536 shares during the last quarter. Finally, nVerses Capital LLC raised its holdings in shares of Coastal Financial by 300.0% in the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after purchasing an additional 600 shares during the period. Institutional investors own 59.24% of the company’s stock.

Insider Transactions at Coastal Financial

In other news, CEO Eric M. Sprink sold 1,000 shares of the business’s stock in a transaction dated 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 approximately $16,122,244.84. The trade was a 0.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders have sold 53,346 shares of company stock worth $3,156,576. Company insiders own 16.82% of the company’s stock.

Coastal Financial Stock Performance

NASDAQ CCB opened at $79.03 on Friday. The stock has a market cap of $1.07 billion, a PE ratio of 26.61 and a beta of 1.24. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a 50-day moving average of $70.69 and a 200-day moving average of $56.59. Coastal Financial Co. has a 52-week low of $35.67 and a 52-week high of $86.27.

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

Wall Street Analyst Weigh In

CCB has been the subject of a number of research analyst reports. Raymond James lifted their price target on Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th. Keefe, Bruyette & Woods raised their price objective on Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. Finally, Hovde Group boosted their target price on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th.

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.