PDT Partners LLC Takes Position in Coastal Financial Co. (NASDAQ:CCB)

PDT Partners LLC bought a new stake in shares of Coastal Financial Co. (NASDAQ:CCB - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 12,045 shares of the company's stock, valued at approximately $650,000. PDT Partners LLC owned 0.09% of Coastal Financial at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. nVerses Capital LLC increased its stake 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 purchasing an additional 600 shares during the period. FMR LLC increased its stake in Coastal Financial by 21.0% in the 3rd quarter. FMR LLC now owns 1,316 shares of the company's stock worth $71,000 after buying an additional 228 shares during the period. Quantbot Technologies LP bought a new stake in Coastal Financial during the 3rd quarter valued at about $119,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in 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 buying an additional 2,019 shares during the period. Finally, Quest Partners LLC bought a new position in Coastal Financial in the 3rd quarter worth about $214,000. Institutional investors own 59.24% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CCB. Raymond James boosted their price target on Coastal Financial from $61.00 to $73.00 and gave the company a "strong-buy" rating in a report on Tuesday, October 29th. Hovde Group upped their price objective on Coastal Financial from $67.00 to $76.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods lifted their target price on Coastal Financial from $70.00 to $75.00 and gave the company an "outperform" rating in a research note on Tuesday, October 29th.

Insider Activity at Coastal Financial

In other news, EVP Jonathan E. Sand sold 1,000 shares of the firm's 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 in the company, valued at $1,454,155.65. This trade represents a 4.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric M. Sprink sold 2,000 shares of the business's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $70.95, for a total value of $141,900.00. Following the completion of the sale, the chief executive officer now owns 240,388 shares of the company's stock, valued at $17,055,528.60. This trade represents a 0.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 72,921 shares of company stock worth $4,159,029 over the last three months. Company insiders own 16.82% of the company's stock.

Coastal Financial Stock Performance

NASDAQ:CCB traded down $0.37 during trading hours on Tuesday, hitting $75.31. 40,565 shares of the company were exchanged, compared to its average volume of 78,570. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. Coastal Financial Co. has a 52-week low of $35.67 and a 52-week high of $79.59. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 25.36 and a beta of 1.24. The company's 50 day moving average price is $63.91 and its 200-day moving average price is $53.59.

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