State Street Corp Buys 7,386 Shares of Coastal Financial Co. (NASDAQ:CCB)

State Street Corp grew its position in Coastal Financial Co. (NASDAQ:CCB - Free Report) by 2.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 314,274 shares of the company's stock after acquiring an additional 7,386 shares during the period. State Street Corp owned 2.32% of Coastal Financial worth $16,968,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of CCB. Portside Wealth Group LLC grew its holdings in Coastal Financial by 3.7% during the 3rd 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 last quarter. Parallel Advisors LLC lifted its holdings in shares of Coastal Financial by 2.9% during the second quarter. Parallel Advisors LLC now owns 8,005 shares of the company's stock worth $369,000 after purchasing an additional 227 shares during the period. FMR LLC grew its stake in shares of 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 purchasing an additional 228 shares during the last quarter. Empowered Funds LLC increased its holdings in Coastal Financial by 5.1% in the third quarter. Empowered Funds LLC now owns 11,084 shares of the company's stock valued at $598,000 after purchasing an additional 536 shares during the period. Finally, Point72 DIFC Ltd acquired a new position in Coastal Financial during the 3rd quarter worth about $31,000. Institutional investors and hedge funds own 59.24% of the company's stock.

Insider Buying and Selling

In related news, EVP Jonathan E. Sand sold 1,000 shares of Coastal Financial 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 completion of the sale, the executive vice president now owns 19,611 shares of the company's stock, valued at approximately $1,454,155.65. This trade represents a 4.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Eric M. Sprink sold 5,000 shares of the firm's stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $52.01, for a total transaction of $260,050.00. Following the completion of the transaction, the chief executive officer now directly owns 305,285 shares in the company, valued at $15,877,872.85. This trade represents a 1.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,346 shares of company stock valued at $3,105,016 over the last ninety days. 16.82% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CCB shares. Hovde Group increased their price target 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 increased their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the company a "strong-buy" rating in a research report on Tuesday, October 29th. Finally, 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 report on Thursday, December 12th.

Coastal Financial Trading Up 1.5 %

Shares of CCB stock traded up $1.19 during mid-day trading on Wednesday, hitting $83.19. The company's stock had a trading volume of 74,759 shares, compared to its average volume of 66,371. Coastal Financial Co. has a 52 week low of $35.67 and a 52 week high of $86.27. 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 company's fifty day simple moving average is $72.64 and its 200-day simple moving average is $57.72. The company has a market cap of $1.13 billion, a PE ratio of 28.01 and a beta of 1.24.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its earnings results on Monday, October 28th. The company reported $0.97 earnings per share for the quarter, topping analysts' consensus estimates of $0.96 by $0.01. The business had revenue of $185.15 million during 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 research analysts expect that Coastal Financial Co. will post 3.55 earnings per share for the current fiscal year.

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.