Coastal Financial Corporation $CCB Shares Sold by SummerHaven Investment Management LLC

SummerHaven Investment Management LLC decreased its holdings in shares of Coastal Financial Corporation (NASDAQ:CCB) by 52.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 8,309 shares of the company’s stock after selling 8,994 shares during the period. SummerHaven Investment Management LLC’s holdings in Coastal Financial were worth $899,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in shares of Coastal Financial by 2.3% in the second quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company’s stock worth $644,000 after buying an additional 149 shares during the period. Emerald Advisers LLC lifted its position in shares of Coastal Financial by 2.5% during the second quarter. Emerald Advisers LLC now owns 7,421 shares of the company’s stock worth $719,000 after purchasing an additional 179 shares in the last quarter. EJF Capital LLC boosted its stake in shares of Coastal Financial by 2.5% in the second quarter. EJF Capital LLC now owns 13,547 shares of the company’s stock valued at $1,312,000 after purchasing an additional 329 shares during the period. AQR Capital Management LLC grew its holdings in Coastal Financial by 3.7% during the 1st quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock valued at $1,185,000 after purchasing an additional 473 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Coastal Financial by 229.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after buying an additional 576 shares during the period. 59.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. UBS Group set a $155.00 target price on Coastal Financial in a research note on Friday, December 5th. TD Cowen restated a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $125.17.

Insiders Place Their Bets

In other Coastal Financial news, Director Steven D. Hovde sold 3,000 shares of the business’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $117.25, for a total transaction of $351,750.00. Following the completion of the sale, the director owned 11,500 shares in the company, valued at $1,348,375. The trade was a 20.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Eric M. Sprink sold 8,778 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $114.95, for a total transaction of $1,009,031.10. Following the sale, the chief executive officer directly owned 193,884 shares in the company, valued at $22,286,965.80. This trade represents a 4.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 61,996 shares of company stock valued at $7,143,003. 14.10% of the stock is currently owned by corporate insiders.

Coastal Financial Stock Down 4.7%

Shares of Coastal Financial stock opened at $104.58 on Wednesday. The business has a 50-day moving average price of $112.95 and a 200 day moving average price of $108.76. Coastal Financial Corporation has a fifty-two week low of $76.11 and a fifty-two week high of $120.05. The firm has a market cap of $1.58 billion, a P/E ratio of 33.10 and a beta of 0.89. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Wednesday, October 29th. The company reported $0.88 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.01). The firm had revenue of $52.89 million during the quarter, compared to analyst estimates of $133.44 million. Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%. On average, sell-side analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Coastal Financial Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.