Arcus Capital Partners LLC Acquires 700 Shares of Coastal Financial Co. (NASDAQ:CCB)

Arcus Capital Partners LLC boosted its holdings in Coastal Financial Co. (NASDAQ:CCB) by 8.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,896 shares of the company’s stock after acquiring an additional 700 shares during the period. Arcus Capital Partners LLC’s holdings in Coastal Financial were worth $480,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in CCB. Portside Wealth Group LLC boosted its holdings in shares of Coastal Financial by 3.7% during the third quarter. Portside Wealth Group LLC now owns 4,669 shares of the company’s stock worth $252,000 after acquiring an additional 166 shares during the period. Parallel Advisors LLC increased its position in Coastal Financial by 2.9% during the 2nd quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock worth $369,000 after buying an additional 227 shares during the period. Riverwater Partners LLC boosted its position in shares of Coastal Financial by 6.4% in the second quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock valued at $381,000 after acquiring an additional 494 shares during the period. nVerses Capital LLC grew its stake in shares of Coastal Financial by 300.0% in the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after acquiring an additional 600 shares in the last quarter. Finally, GSA Capital Partners LLP increased its position in Coastal Financial by 7.8% during the third quarter. GSA Capital Partners LLP now owns 11,850 shares of the company’s stock worth $640,000 after acquiring an additional 857 shares during the period. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Stock Performance

Coastal Financial stock opened at $72.39 on Tuesday. The stock has a market cap of $974.37 million, a PE ratio of 24.37 and a beta of 1.22. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.15. The business’s 50-day moving average price is $56.59 and its two-hundred day moving average price is $50.08. Coastal Financial Co. has a 12-month low of $35.67 and a 12-month high of $74.25.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. Coastal Financial had a return on equity of 14.16% and a net margin of 5.98%. The business had revenue of $185.15 million during the quarter, compared to analysts’ expectations of $154.30 million. As a group, analysts expect that Coastal Financial Co. will post 3.55 earnings per share for the current fiscal year.

Insider Transactions at Coastal Financial

In other news, Director Steven D. Hovde sold 2,003 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $53.26, for a total value of $106,679.78. Following the sale, the director now directly owns 27,997 shares of the company’s stock, valued at approximately $1,491,120.22. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Coastal Financial news, Director Steven D. Hovde sold 2,003 shares of Coastal Financial stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $53.26, for a total value of $106,679.78. Following the completion of the sale, the director now directly owns 27,997 shares in the company, valued at approximately $1,491,120.22. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Eric M. Sprink sold 3,482 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $71.14, for a total transaction of $247,709.48. Following the transaction, the chief executive officer now directly owns 244,906 shares in the company, valued at approximately $17,422,612.84. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 74,977 shares of company stock worth $4,212,246. Company insiders own 16.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CCB. Hovde Group increased their target price 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. 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 research note on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods increased their target price on Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” rating in a 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.