Point72 DIFC Ltd Purchases Shares of 573 Coastal Financial Co. (NASDAQ:CCB)

Point72 DIFC Ltd acquired a new position in shares of Coastal Financial Co. (NASDAQ:CCB) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 573 shares of the company’s stock, valued at approximately $31,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Riverwater Partners LLC grew its stake in shares of Coastal Financial by 6.4% in the 2nd quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock valued at $381,000 after purchasing an additional 494 shares during the period. Arcus Capital Partners LLC acquired a new stake in Coastal Financial in the 2nd quarter valued at $378,000. Bank of New York Mellon Corp grew its position in Coastal Financial by 11.6% in the second quarter. Bank of New York Mellon Corp now owns 48,794 shares of the company’s stock valued at $2,251,000 after acquiring an additional 5,053 shares during the period. Allspring Global Investments Holdings LLC raised its stake 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 acquiring an additional 4,472 shares in the last quarter. Finally, Rosenthal Henry Capital Advisors Inc. bought a new position in shares of Coastal Financial during the second quarter valued at $443,000. 59.24% of the stock is owned by institutional investors.

Coastal Financial Stock Up 0.7 %

Shares of NASDAQ CCB opened at $74.69 on Wednesday. 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 company has a market cap of $1.01 billion, a price-to-earnings ratio of 25.15 and a beta of 1.24. Coastal Financial Co. has a 12-month low of $35.67 and a 12-month high of $79.59. The firm’s 50-day simple moving average is $66.70 and its 200 day simple moving average is $54.91.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Monday, October 28th. The company reported $0.97 EPS for the quarter, beating the consensus estimate 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%. On average, research analysts expect that Coastal Financial Co. will post 3.55 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CCB. Raymond James increased their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, October 29th. Hovde Group raised their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods boosted their target price on Coastal Financial from $75.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th.

Insider Buying and Selling at Coastal Financial

In related news, EVP Jonathan E. Sand sold 1,000 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $74.15, for a total value of $74,150.00. Following the transaction, the executive vice president now directly owns 19,611 shares in the company, valued at $1,454,155.65. This represents a 4.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Eric M. Sprink sold 3,223 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $50.44, for a total transaction of $162,568.12. Following the completion of the transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 72,921 shares of company stock worth $4,159,029. Insiders own 16.82% of the company’s stock.

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.