JPMorgan Chase & Co. Has $6.32 Million Holdings in Coastal Financial Co. (NASDAQ:CCB)

JPMorgan Chase & Co. lifted its holdings in Coastal Financial Co. (NASDAQ:CCB - Free Report) by 40.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 117,081 shares of the company's stock after purchasing an additional 33,964 shares during the quarter. JPMorgan Chase & Co. owned 0.86% of Coastal Financial worth $6,321,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Point72 DIFC Ltd acquired a new position in shares of Coastal Financial in the 3rd quarter worth approximately $31,000. nVerses Capital LLC grew its position in Coastal Financial by 300.0% in the third quarter. nVerses Capital LLC now owns 800 shares of the company's stock worth $43,000 after buying an additional 600 shares during the last quarter. FMR LLC boosted its position in shares of Coastal Financial by 21.0% in the 3rd quarter. FMR LLC now owns 1,316 shares of the company's stock valued at $71,000 after purchasing an additional 228 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Coastal Financial during the third quarter valued at approximately $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Coastal Financial by 190.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company's stock valued at $166,000 after acquiring an additional 2,019 shares in the last quarter. 59.24% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Jonathan E. Sand sold 1,000 shares of Coastal Financial stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $74.15, for a total transaction of $74,150.00. Following the sale, the executive vice president now directly owns 19,611 shares of the company's stock, valued at $1,454,155.65. This trade represents a 4.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric M. Sprink sold 3,705 shares of Coastal Financial stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $60.01, for a total value of $222,337.05. Following the sale, the chief executive officer now directly owns 275,683 shares in the company, valued at $16,543,736.83. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,346 shares of company stock valued at $1,473,096 over the last 90 days. 16.82% of the stock is currently owned by company insiders.

Coastal Financial Stock Down 0.7 %

NASDAQ CCB traded down $0.63 during trading on Thursday, reaching $84.81. The company's stock had a trading volume of 86,569 shares, compared to its average volume of 130,177. The business has a 50-day moving average price of $79.14 and a 200-day moving average price of $61.93. Coastal Financial Co. has a 1-year low of $35.67 and a 1-year high of $88.60. The stock has a market capitalization of $1.15 billion, a PE ratio of 28.56 and a beta of 1.22. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its earnings results on Monday, October 28th. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.01. The company had revenue of $185.15 million for the quarter, compared to analyst estimates of $154.30 million. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. On average, research analysts forecast that Coastal Financial Co. will post 3.53 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CCB has been the topic of several recent analyst reports. Hovde Group upped their price target on Coastal Financial from $67.00 to $76.00 and gave the company an "outperform" rating in a research report on Tuesday, October 29th. Keefe, Bruyette & Woods lifted their target price on shares of Coastal Financial from $92.00 to $96.00 and gave the company an "outperform" rating in a research note on Thursday, December 12th. Finally, Raymond James increased their price objective on Coastal Financial from $61.00 to $73.00 and gave the stock a "strong-buy" rating in a report on Tuesday, October 29th.

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.