Charles Schwab Investment Management Inc. Buys 60,106 Shares of Coastal Financial Co. (NASDAQ:CCB)

Charles Schwab Investment Management Inc. increased its holdings in shares of Coastal Financial Co. (NASDAQ:CCB - Free Report) by 188.4% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 92,007 shares of the company's stock after purchasing an additional 60,106 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.68% of Coastal Financial worth $4,967,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its holdings in shares of Coastal Financial by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company's stock valued at $16,603,000 after purchasing an additional 20,517 shares in the last quarter. American Century Companies Inc. raised its position in Coastal Financial by 23.3% in the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company's stock valued at $6,515,000 after buying an additional 26,690 shares during the last quarter. Stieven Capital Advisors L.P. lifted its stake in Coastal Financial by 35.7% in the 3rd quarter. Stieven Capital Advisors L.P. now owns 74,113 shares of the company's stock valued at $4,001,000 after acquiring an additional 19,500 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in Coastal Financial by 3.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company's stock worth $2,679,000 after acquiring an additional 1,956 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its stake in shares of Coastal Financial by 79.9% during the 3rd quarter. Los Angeles Capital Management LLC now owns 57,357 shares of the company's stock worth $3,097,000 after acquiring an additional 25,482 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Coastal Financial Stock Up 3.2 %

Shares of NASDAQ:CCB traded up $2.55 during midday trading on Friday, hitting $83.02. The stock had a trading volume of 229,161 shares, compared to its average volume of 64,395. The company has a market cap of $1.12 billion, a P/E ratio of 27.95 and a beta of 1.24. Coastal Financial Co. has a 12 month low of $35.67 and a 12 month high of $83.22. The business's 50-day simple moving average is $68.41 and its 200-day simple moving average is $55.52. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings data on Monday, October 28th. The company reported $0.97 EPS for the quarter, beating analysts' consensus estimates of $0.96 by $0.01. The company had revenue of $185.15 million during 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%. On average, sell-side analysts forecast that Coastal Financial Co. will post 3.55 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Raymond James increased their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the stock a "strong-buy" rating in a report on Tuesday, October 29th. Hovde Group increased their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods raised their price objective on Coastal Financial from $92.00 to $96.00 and gave the company an "outperform" rating in a report on Thursday.

Insider Buying and Selling

In other Coastal Financial news, EVP Jonathan E. Sand sold 1,000 shares of the firm's stock in a transaction on 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 of the company's stock, valued at $1,454,155.65. This trade represents a 4.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Eric M. Sprink sold 3,482 shares of Coastal Financial 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 of the company's stock, valued at approximately $17,422,612.84. This trade represents a 1.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,619 shares of company stock worth $3,792,980. Company insiders own 16.82% of the company's stock.

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.