FNY Investment Advisers LLC Purchases New Position in Coastal Financial Co. (NASDAQ:CCB)

FNY Investment Advisers LLC acquired a new stake in Coastal Financial Co. (NASDAQ:CCB) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,000 shares of the company’s stock, valued at approximately $339,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Point72 DIFC Ltd bought a new position in Coastal Financial during the third quarter worth $31,000. nVerses Capital LLC grew its holdings in shares of Coastal Financial by 300.0% during the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after buying an additional 600 shares during the last quarter. FMR LLC increased its holdings in Coastal Financial by 21.0% during the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after purchasing an additional 228 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Coastal Financial in the 3rd quarter valued at $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Coastal Financial by 190.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock valued at $166,000 after purchasing an additional 2,019 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Coastal Financial

In other news, CEO Eric M. Sprink sold 4,000 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $63.20, for a total transaction of $252,800.00. Following the sale, the chief executive officer now owns 271,078 shares in the company, valued at approximately $17,132,129.60. The trade was a 1.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Jonathan E. Sand sold 1,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was 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 owns 19,611 shares in the company, valued at approximately $1,454,155.65. This trade represents a 4.85 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,346 shares of company stock worth $1,532,286. 16.82% of the stock is currently owned by company insiders.

Coastal Financial Price Performance

CCB opened at $81.33 on Tuesday. 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 stock’s 50 day simple moving average is $78.43 and its 200 day simple moving average is $61.49. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of 27.38 and a beta of 1.22. Coastal Financial Co. has a 1 year low of $35.67 and a 1 year high of $87.12.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Monday, October 28th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.96 by $0.01. The company had revenue of $185.15 million for the quarter, compared to the consensus estimate of $154.30 million. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. As a group, analysts predict that Coastal Financial Co. will post 3.55 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Hovde Group lifted their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Keefe, Bruyette & Woods upped their price target on shares of Coastal Financial from $92.00 to $96.00 and gave the stock an “outperform” rating in a report on Thursday, December 12th. Finally, Raymond James upped 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.

Coastal Financial Company 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.