First Pacific Financial Lowers Holdings in Coastal Financial Co. (NASDAQ:CCB)

First Pacific Financial cut its holdings in Coastal Financial Co. (NASDAQ:CCB) by 39.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,248 shares of the company’s stock after selling 808 shares during the period. First Pacific Financial’s holdings in Coastal Financial were worth $106,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in CCB. Point72 DIFC Ltd purchased a new position in Coastal Financial in the 3rd quarter worth approximately $31,000. nVerses Capital LLC grew 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 valued at $43,000 after purchasing an additional 600 shares in the last quarter. FMR LLC grew its position in shares of Coastal Financial by 21.0% during the third quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after purchasing an additional 228 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Coastal Financial during the third quarter valued at about $119,000. Finally, USA Financial Formulas purchased a new position in shares of Coastal Financial during the fourth quarter valued at about $122,000. 59.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Coastal Financial Stock Performance

Shares of CCB opened at $84.81 on Friday. Coastal Financial Co. has a 12 month low of $35.67 and a 12 month high of $88.60. The stock has a fifty day moving average price of $79.43 and a 200-day moving average price of $62.09. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The firm has a market cap of $1.15 billion, a PE ratio of 28.56 and a beta of 1.22.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Monday, October 28th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.96 by $0.01. The firm 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%. Equities research analysts predict that Coastal Financial Co. will post 3.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Eric M. Sprink sold 4,000 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $63.20, for a total value of $252,800.00. Following the completion of the transaction, the chief executive officer now directly owns 271,078 shares in the company, valued at $17,132,129.60. The trade was a 1.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Jonathan E. Sand sold 1,000 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $74.15, for a total value of $74,150.00. Following the transaction, the executive vice president now owns 19,611 shares in the company, valued at $1,454,155.65. This represents a 4.85 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 22,346 shares of company stock valued at $1,473,096. Insiders own 16.82% of the company’s stock.

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.