USA Financial Formulas Acquires Shares of 1,441 Coastal Financial Co. (NASDAQ:CCB)

USA Financial Formulas purchased a new position in shares of Coastal Financial Co. (NASDAQ:CCB) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,441 shares of the company’s stock, valued at approximately $122,000.

A number of other large investors have also recently made changes to their positions in CCB. Point72 DIFC Ltd bought a new stake in shares of Coastal Financial in the 3rd quarter valued at about $31,000. nVerses Capital LLC increased its holdings in 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 period. FMR LLC raised its stake in Coastal Financial by 21.0% in the third quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after buying an additional 228 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Coastal Financial during the third quarter worth $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Coastal Financial by 190.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock valued at $166,000 after acquiring an additional 2,019 shares in the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CCB has been the topic of several analyst reports. Hovde Group lifted their target price on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Raymond James lifted their price objective 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. Finally, Keefe, Bruyette & Woods increased their target price on shares of Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th.

Coastal Financial Price Performance

Shares of CCB stock opened at $84.81 on Friday. Coastal Financial Co. has a fifty-two week low of $35.67 and a fifty-two week high of $88.60. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 28.56 and a beta of 1.22. The stock’s 50-day simple moving average is $79.14 and its 200-day simple moving average is $61.93.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Monday, October 28th. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.01. The business had revenue of $185.15 million for the quarter, compared to the consensus estimate of $154.30 million. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. As a group, equities analysts forecast that Coastal Financial Co. will post 3.53 earnings per share for the current fiscal year.

Insider Transactions at Coastal Financial

In related news, EVP Jonathan E. Sand sold 1,000 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $74.15, for a total value of $74,150.00. Following the completion of the transaction, the executive vice president now directly owns 19,611 shares of the company’s stock, valued at approximately $1,454,155.65. This represents a 4.85 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Eric M. Sprink sold 4,000 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $63.20, for a total transaction of $252,800.00. Following the completion of the sale, the chief executive officer now owns 271,078 shares of the company’s stock, valued at $17,132,129.60. This trade represents a 1.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,346 shares of company stock valued at $1,473,096 in the last ninety days. 16.82% of the stock is currently owned by corporate insiders.

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.