Barclays PLC Increases Stake in Coastal Financial Co. (NASDAQ:CCB)

Barclays PLC lifted its position in Coastal Financial Co. (NASDAQ:CCB - Free Report) by 60.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,804 shares of the company's stock after purchasing an additional 11,922 shares during the period. Barclays PLC owned about 0.23% of Coastal Financial worth $1,719,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of CCB. State Street Corp lifted its holdings in Coastal Financial by 2.4% in the 3rd quarter. State Street Corp now owns 314,274 shares of the company's stock worth $16,968,000 after purchasing an additional 7,386 shares in the last quarter. Stifel Financial Corp raised its position in shares of Coastal Financial by 7.5% during the third quarter. Stifel Financial Corp now owns 70,925 shares of the company's stock valued at $3,829,000 after buying an additional 4,925 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new position in shares of Coastal Financial in the third quarter worth $2,034,000. Point72 DIFC Ltd bought a new position in shares of Coastal Financial during the third quarter worth $31,000. Finally, Point72 Asset Management L.P. purchased a new position in Coastal Financial during the third quarter valued at $221,000. 59.24% of the stock is currently owned by institutional investors.

Coastal Financial Price Performance

Shares of Coastal Financial stock traded down $4.18 during trading hours on Friday, reaching $79.67. The company's stock had a trading volume of 156,709 shares, compared to its average volume of 140,402. The firm has a 50 day moving average price of $78.06 and a 200-day moving average price of $61.23. 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 has a market cap of $1.08 billion, a P/E ratio of 26.82 and a beta of 1.22. Coastal Financial Co. has a one year low of $35.67 and a one year high of $87.12.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly earnings data on Monday, October 28th. The company reported $0.97 earnings per share 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 analysts' expectations of $154.30 million. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. On average, analysts predict that Coastal Financial Co. will post 3.55 EPS for the current year.

Insider Activity at Coastal Financial

In related news, CEO Eric M. Sprink sold 3,705 shares of the firm's stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $60.01, for a total transaction of $222,337.05. Following the completion of the sale, the chief executive officer now directly owns 275,683 shares of the company's stock, valued at approximately $16,543,736.83. This trade represents a 1.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jonathan E. Sand sold 1,000 shares of the business's stock in a transaction on Monday, November 11th. The shares were sold at an average price of $74.15, for a total value of $74,150.00. Following the transaction, the executive vice president now owns 19,611 shares of the company's stock, valued at approximately $1,454,155.65. The trade was a 4.85 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,346 shares of company stock worth $1,705,296. Company insiders own 16.82% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on CCB. Keefe, Bruyette & Woods boosted their price target on shares of Coastal Financial from $92.00 to $96.00 and gave the stock an "outperform" rating in a research note on Thursday, December 12th. Raymond James boosted their target price on 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, Hovde Group raised their price target on Coastal Financial from $67.00 to $76.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th.

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.