Curi RMB Capital LLC Lowers Position in Coastal Financial Co. (NASDAQ:CCB)

Curi RMB Capital LLC cut its holdings in shares of Coastal Financial Co. (NASDAQ:CCB - Free Report) by 25.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,000 shares of the company's stock after selling 10,000 shares during the quarter. Curi RMB Capital LLC owned approximately 0.22% of Coastal Financial worth $1,620,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. BNP Paribas Financial Markets raised its stake in Coastal Financial by 18.0% during the 1st quarter. BNP Paribas Financial Markets now owns 11,572 shares of the company's stock valued at $450,000 after purchasing an additional 1,766 shares during the period. Vanguard Group Inc. raised its position in shares of Coastal Financial by 0.9% during the first quarter. Vanguard Group Inc. now owns 598,601 shares of the company's stock valued at $23,268,000 after buying an additional 5,592 shares during the last quarter. EntryPoint Capital LLC lifted its holdings in shares of Coastal Financial by 642.4% in the first quarter. EntryPoint Capital LLC now owns 1,663 shares of the company's stock worth $65,000 after buying an additional 1,439 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of Coastal Financial during the first quarter worth $207,000. Finally, Kennedy Capital Management LLC grew its stake in Coastal Financial by 3.1% during the first quarter. Kennedy Capital Management LLC now owns 275,383 shares of the company's stock valued at $10,704,000 after acquiring an additional 8,230 shares in the last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Hovde Group boosted their price target 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. 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, Keefe, Bruyette & Woods raised their price target on Coastal Financial from $70.00 to $75.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th.

Insider Activity at Coastal Financial

In other Coastal Financial news, Director Steven D. Hovde sold 1,497 shares of the firm's stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $53.00, for a total value of $79,341.00. Following the completion of the sale, the director now owns 26,500 shares of the company's stock, valued at $1,404,500. This trade represents a 5.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Eric M. Sprink sold 3,223 shares of the company's stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $50.44, for a total value of $162,568.12. Following the transaction, the chief executive officer now directly owns 313,689 shares in the company, valued at approximately $15,822,473.16. This represents a 1.02 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 77,977 shares of company stock worth $4,428,296. Company insiders own 16.82% of the company's stock.

Coastal Financial Price Performance

Shares of Coastal Financial stock traded up $0.02 during trading hours on Friday, reaching $73.32. The company's stock had a trading volume of 59,110 shares, compared to its average volume of 60,717. The firm has a 50 day moving average price of $58.35 and a 200-day moving average price of $50.87. 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 $993.05 million, a P/E ratio of 24.69 and a beta of 1.22. Coastal Financial Co. has a one year low of $35.67 and a one year high of $74.58.

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.

Coastal Financial 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.