USA Financial Formulas Invests $122,000 in Coastal Financial Co. (NASDAQ:CCB)

USA Financial Formulas bought a new position in shares of Coastal Financial Co. (NASDAQ:CCB) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,441 shares of the company’s stock, valued at approximately $122,000.

A number of other institutional investors also recently bought and sold shares of the business. Cox Capital Mgt LLC boosted its stake in shares of Coastal Financial by 44.2% in the fourth quarter. Cox Capital Mgt LLC now owns 48,614 shares of the company’s stock valued at $4,128,000 after buying an additional 14,905 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Coastal Financial during the 4th quarter worth $339,000. JPMorgan Chase & Co. increased its holdings in shares of Coastal Financial by 40.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 117,081 shares of the company’s stock valued at $6,321,000 after purchasing an additional 33,964 shares in the last quarter. Principal Financial Group Inc. purchased a new stake in Coastal Financial during the third quarter worth about $377,000. Finally, Barclays PLC grew its position in Coastal Financial by 60.0% during the third quarter. Barclays PLC now owns 31,804 shares of the company’s stock worth $1,719,000 after buying an additional 11,922 shares during the period. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Coastal Financial

In related news, CEO Eric M. Sprink sold 3,705 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $60.01, for a total value of $222,337.05. Following the completion of the sale, the chief executive officer now owns 275,683 shares in the company, valued at approximately $16,543,736.83. This trade represents a 1.33 % 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 on Monday, November 11th. The shares were sold at an average price of $74.15, for a total transaction of $74,150.00. Following the completion of the sale, the executive vice president now directly owns 19,611 shares in the company, valued at $1,454,155.65. This trade represents a 4.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,346 shares of company stock valued at $1,473,096 in the last quarter. Company insiders own 16.82% of the company’s stock.

Coastal Financial Trading Down 0.7 %

NASDAQ:CCB opened at $84.81 on Friday. Coastal Financial Co. has a 12-month low of $35.67 and a 12-month high of $88.60. The firm has a market capitalization of $1.15 billion, a P/E ratio of 28.56 and a beta of 1.22. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. The business has a 50 day simple moving average of $79.14 and a 200 day simple moving average of $61.93.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Monday, October 28th. The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. The company had revenue of $185.15 million for the quarter, compared to the consensus estimate of $154.30 million. Equities research analysts predict that Coastal Financial Co. will post 3.53 EPS for the current year.

Wall Street Analysts Forecast Growth

CCB has been the topic of several recent research reports. Keefe, Bruyette & Woods boosted their price objective on shares of Coastal Financial from $92.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. Raymond James raised their price objective on 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 boosted their target price on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th.

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.