Mesirow Financial Investment Management Inc. Lowers Stake in Coastal Financial Co. (NASDAQ:CCB)

Mesirow Financial Investment Management Inc. cut its stake in Coastal Financial Co. (NASDAQ:CCB) by 25.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,371 shares of the company’s stock after selling 2,209 shares during the quarter. Mesirow Financial Investment Management Inc.’s holdings in Coastal Financial were worth $248,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in CCB. Mendon Capital Advisors Corp acquired a new stake in shares of Coastal Financial during the fourth quarter worth about $5,329,000. Kennedy Capital Management LLC lifted its stake in Coastal Financial by 17.2% during the 3rd quarter. Kennedy Capital Management LLC now owns 263,688 shares of the company’s stock valued at $11,315,000 after acquiring an additional 38,632 shares during the period. Cox Capital Mgt LLC increased its stake in shares of Coastal Financial by 79.8% in the fourth quarter. Cox Capital Mgt LLC now owns 35,454 shares of the company’s stock worth $1,575,000 after acquiring an additional 15,730 shares during the period. Vanguard Group Inc. increased its stake in shares of Coastal Financial by 1.6% in the third quarter. Vanguard Group Inc. now owns 577,945 shares of the company’s stock worth $24,800,000 after acquiring an additional 9,244 shares during the period. Finally, SG Americas Securities LLC raised its holdings in shares of Coastal Financial by 59.8% during the fourth quarter. SG Americas Securities LLC now owns 3,978 shares of the company’s stock worth $177,000 after purchasing an additional 1,489 shares during the last quarter. 59.24% of the stock is owned by institutional investors.

Coastal Financial Price Performance

Shares of CCB stock traded down $1.48 during trading hours on Wednesday, reaching $45.27. The company had a trading volume of 34,993 shares, compared to its average volume of 51,442. Coastal Financial Co. has a 12-month low of $35.67 and a 12-month high of $48.50. The company has a market capitalization of $607.52 million, a price-to-earnings ratio of 16.03 and a beta of 1.25. The stock has a fifty day moving average of $43.51 and a 200-day moving average of $41.26. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.03 and a current ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Monday, April 29th. The company reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.11). Coastal Financial had a return on equity of 14.31% and a net margin of 6.55%. The business had revenue of $147.89 million for the quarter, compared to analyst estimates of $121.10 million. On average, equities analysts anticipate that Coastal Financial Co. will post 3.47 earnings per share for the current year.

Insider Activity at Coastal Financial

In related news, CFO Joel G. Edwards sold 1,034 shares of the business’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $44.45, for a total value of $45,961.30. Following the sale, the chief financial officer now owns 56,369 shares in the company, valued at approximately $2,505,602.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 16.82% of the stock is owned by insiders.

Analyst Ratings Changes

Separately, Hovde Group cut their target price on shares of Coastal Financial from $57.50 to $55.00 and set an “outperform” rating for the company in a report on Friday, May 3rd.

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.