Phocas Financial Corp. Takes $3.95 Million Position in Coastal Financial Corporation $CCB

Phocas Financial Corp. purchased a new stake in shares of Coastal Financial Corporation (NASDAQ:CCB) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 34,453 shares of the company’s stock, valued at approximately $3,948,000.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Coastal Financial by 0.5% during the third quarter. Vanguard Group Inc. now owns 766,037 shares of the company’s stock valued at $82,862,000 after purchasing an additional 3,801 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Coastal Financial by 5.9% during the third quarter. American Century Companies Inc. now owns 510,549 shares of the company’s stock valued at $55,226,000 after purchasing an additional 28,616 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Coastal Financial by 9.0% during the third quarter. Wellington Management Group LLP now owns 486,197 shares of the company’s stock valued at $52,592,000 after purchasing an additional 39,984 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Coastal Financial by 364.1% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,764 shares of the company’s stock valued at $18,255,000 after purchasing an additional 132,403 shares during the last quarter. Finally, UBS Group AG lifted its holdings in Coastal Financial by 158.7% in the third quarter. UBS Group AG now owns 166,185 shares of the company’s stock valued at $17,976,000 after buying an additional 101,935 shares during the period. 59.24% of the stock is owned by institutional investors.

Coastal Financial Trading Down 0.4%

CCB opened at $82.04 on Wednesday. The firm’s fifty day moving average is $79.70 and its two-hundred day moving average is $99.01. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.06. The firm has a market cap of $1.25 billion, a PE ratio of 26.99 and a beta of 0.87. Coastal Financial Corporation has a twelve month low of $70.72 and a twelve month high of $120.05.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.34). The firm had revenue of $56.49 million during the quarter, compared to analyst estimates of $140.81 million. Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%. Equities research analysts anticipate that Coastal Financial Corporation will post 4.59 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on CCB. Keefe, Bruyette & Woods cut their price objective on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a report on Monday, February 2nd. Hovde Group cut their price objective on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a report on Friday, January 30th. Weiss Ratings lowered shares of Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. Wall Street Zen lowered shares of Coastal Financial from a “hold” rating to a “sell” rating in a report on Saturday, April 4th. Finally, Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, April 6th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Coastal Financial has an average rating of “Buy” and an average price target of $133.60.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink sold 4,000 shares of the stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $116.01, for a total value of $464,040.00. Following the sale, the chief executive officer directly owned 159,126 shares in the company, valued at approximately $18,460,207.26. This trade represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Joel G. Edwards sold 1,300 shares of the stock in a transaction on Monday, January 26th. The stock was sold at an average price of $111.34, for a total transaction of $144,742.00. Following the completion of the sale, the chief financial officer owned 11,462 shares in the company, valued at approximately $1,276,179.08. This trade represents a 10.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 21,058 shares of company stock worth $2,410,134. Company insiders own 14.10% of the company’s stock.

Coastal Financial Company Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.