Coastal Financial Corporation $CCB Shares Sold by Cox Capital Mgt LLC

Cox Capital Mgt LLC lowered its position in Coastal Financial Corporation (NASDAQ:CCB) by 1.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 47,175 shares of the company’s stock after selling 802 shares during the quarter. Coastal Financial makes up about 3.1% of Cox Capital Mgt LLC’s holdings, making the stock its 10th biggest holding. Cox Capital Mgt LLC owned about 0.31% of Coastal Financial worth $4,570,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Ameriprise Financial Inc. boosted its position in shares of Coastal Financial by 4.9% during the 4th quarter. Ameriprise Financial Inc. now owns 30,828 shares of the company’s stock worth $2,618,000 after acquiring an additional 1,453 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Coastal Financial by 9.7% in the fourth quarter. Bank of America Corp DE now owns 16,742 shares of the company’s stock valued at $1,422,000 after acquiring an additional 1,478 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Coastal Financial by 5.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,459 shares of the company’s stock valued at $548,000 after acquiring an additional 343 shares during the period. Nuveen Asset Management LLC grew its position in shares of Coastal Financial by 88.2% during the fourth quarter. Nuveen Asset Management LLC now owns 96,253 shares of the company’s stock worth $8,173,000 after acquiring an additional 45,100 shares during the last quarter. Finally, ProShare Advisors LLC acquired a new position in shares of Coastal Financial in the 4th quarter valued at $272,000. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on CCB. Keefe, Bruyette & Woods upped their target price on shares of Coastal Financial from $110.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, July 11th. TD Cowen initiated coverage on Coastal Financial in a research report on Thursday. They set a “buy” rating and a $140.00 price objective for the company. Finally, Hovde Group set a $126.00 price target on Coastal Financial in a research note on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company’s stock. According to data from MarketBeat, Coastal Financial presently has an average rating of “Buy” and a consensus target price of $116.20.

Insider Buying and Selling

In related news, CFO Joel G. Edwards sold 9,425 shares of the company’s stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $114.67, for a total value of $1,080,764.75. Following the sale, the chief financial officer owned 12,762 shares of the company’s stock, valued at approximately $1,463,418.54. This represents a 42.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Eric M. Sprink sold 10,683 shares of the firm’s stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $114.65, for a total value of $1,224,805.95. Following the transaction, the chief executive officer directly owned 211,011 shares of the company’s stock, valued at $24,192,411.15. The trade was a 4.82% decrease in their position. The disclosure for this sale can be found here. Insiders sold 64,958 shares of company stock worth $7,210,220 in the last ninety days. Insiders own 14.10% of the company’s stock.

Coastal Financial Stock Up 0.4%

CCB stock opened at $115.35 on Friday. The company’s 50-day moving average price is $106.79 and its 200 day moving average price is $94.54. The company has a market cap of $1.74 billion, a P/E ratio of 35.49 and a beta of 1.05. Coastal Financial Corporation has a 52 week low of $51.45 and a 52 week high of $118.00. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.16). The firm had revenue of $119.43 million during the quarter, compared to analyst estimates of $158.05 million. Coastal Financial had a net margin of 7.02% and a return on equity of 11.31%. On average, research analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

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.