Geode Capital Management LLC Has $14.03 Million Stake in Coastal Financial Co. (NASDAQ:CCB)

Geode Capital Management LLC lowered its holdings in Coastal Financial Co. (NASDAQ:CCB - Free Report) by 9.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 259,769 shares of the company's stock after selling 27,914 shares during the period. Geode Capital Management LLC owned about 1.92% of Coastal Financial worth $14,028,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. purchased a new position in Coastal Financial in the 3rd quarter worth about $377,000. PDT Partners LLC acquired a new position in shares of Coastal Financial in the third quarter worth about $650,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Coastal Financial by 188.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company's stock valued at $4,967,000 after acquiring an additional 60,106 shares during the period. Rosenthal Henry Capital Advisors Inc. lifted its position in shares of Coastal Financial by 214.0% in the 3rd quarter. Rosenthal Henry Capital Advisors Inc. now owns 30,116 shares of the company's stock valued at $1,626,000 after acquiring an additional 20,525 shares in the last quarter. Finally, State Street Corp grew its position in Coastal Financial by 2.4% during 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. 59.24% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Coastal Financial news, EVP Jonathan E. Sand sold 1,000 shares of the business's stock in a transaction dated 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 sale, the executive vice president now owns 19,611 shares of the company's stock, valued at $1,454,155.65. The trade was a 4.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Eric M. Sprink sold 5,000 shares of the stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $52.01, for a total value of $260,050.00. Following the transaction, the chief executive officer now directly owns 305,285 shares in the company, valued at approximately $15,877,872.85. This represents a 1.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 45,346 shares of company stock valued at $2,730,336 over the last ninety days. Corporate insiders own 16.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CCB. Raymond James increased their target price on Coastal Financial from $61.00 to $73.00 and gave the company a "strong-buy" rating in a report on Tuesday, October 29th. Keefe, Bruyette & Woods increased their price objective on Coastal Financial from $92.00 to $96.00 and gave the stock an "outperform" rating in a research note on Thursday, December 12th. Finally, Hovde Group raised their price objective on Coastal Financial from $67.00 to $76.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 29th.

Coastal Financial Stock Down 1.2 %

Shares of NASDAQ:CCB traded down $1.07 during midday trading on Tuesday, hitting $84.91. 148,563 shares of the stock were exchanged, compared to its average volume of 67,117. The business's fifty day simple moving average is $74.13 and its two-hundred day simple moving average is $58.69. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. Coastal Financial Co. has a 52-week low of $35.67 and a 52-week high of $87.10. The company has a market capitalization of $1.15 billion, a PE ratio of 28.59 and a beta of 1.24.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly 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. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. The company had revenue of $185.15 million during the quarter, compared to the consensus estimate of $154.30 million. As a group, research analysts predict 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.