Riverwater Partners LLC Purchases 30,405 Shares of Coastal Financial Co. (NASDAQ:CCB)

Riverwater Partners LLC boosted its position in Coastal Financial Co. (NASDAQ:CCB - Free Report) by 367.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,670 shares of the company's stock after buying an additional 30,405 shares during the quarter. Coastal Financial makes up about 1.0% of Riverwater Partners LLC's holdings, making the stock its 23rd largest position. Riverwater Partners LLC owned about 0.29% of Coastal Financial worth $2,012,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Parallel Advisors LLC lifted its stake in shares of Coastal Financial by 2.9% during the 2nd quarter. Parallel Advisors LLC now owns 8,005 shares of the company's stock valued at $369,000 after buying an additional 227 shares in the last quarter. nVerses Capital LLC lifted its position in shares of Coastal Financial by 300.0% during the third quarter. nVerses Capital LLC now owns 800 shares of the company's stock worth $43,000 after acquiring an additional 600 shares in the last quarter. First Bank & Trust boosted its holdings in shares of Coastal Financial by 3.6% in the first quarter. First Bank & Trust now owns 21,767 shares of the company's stock worth $846,000 after acquiring an additional 761 shares during the period. EntryPoint Capital LLC boosted 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 acquiring an additional 1,439 shares during the period. Finally, Rhumbline Advisers grew its position in shares of Coastal Financial by 10.6% in the second quarter. Rhumbline Advisers now owns 15,981 shares of the company's stock valued at $737,000 after purchasing an additional 1,535 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on CCB. Hovde Group raised their target price on Coastal Financial from $55.00 to $67.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 30th. Keefe, Bruyette & Woods upgraded shares of Coastal Financial to a "moderate buy" rating in a research report on Tuesday, July 30th.

Insiders Place Their Bets

In related news, CEO Eric M. Sprink sold 1,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $59.19, for a total value of $59,190.00. Following the transaction, the chief executive officer now owns 282,388 shares of the company's stock, valued at $16,714,545.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Coastal Financial news, CEO Eric M. Sprink sold 3,000 shares of Coastal Financial stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $57.67, for a total transaction of $173,010.00. Following the transaction, the chief executive officer now directly owns 286,285 shares of the company's stock, valued at approximately $16,510,055.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Eric M. Sprink sold 1,000 shares of the business's stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $59.19, for a total transaction of $59,190.00. Following the completion of the sale, the chief executive officer now owns 282,388 shares of the company's stock, valued at approximately $16,714,545.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 55,631 shares of company stock valued at $2,955,200 in the last quarter. Corporate insiders own 16.82% of the company's stock.

Coastal Financial Price Performance

Shares of CCB stock traded up $0.01 on Thursday, reaching $59.98. The company's stock had a trading volume of 37,796 shares, compared to its average volume of 57,418. The company has a market capitalization of $804.87 million, a P/E ratio of 20.97 and a beta of 1.24. Coastal Financial Co. has a 12-month low of $35.67 and a 12-month high of $61.22. The stock's 50 day simple moving average is $52.97 and its 200-day simple moving average is $47.61. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.15.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.03. The firm had revenue of $167.41 million during the quarter, compared to the consensus estimate of $168.30 million. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. As a group, equities analysts predict that Coastal Financial Co. will post 3.56 earnings per share for the current fiscal year.

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.