Coastal Financial Co. (NASDAQ:CCB) Shares Sold by Diversify Wealth Management LLC

Diversify Wealth Management LLC lowered its position in shares of Coastal Financial Co. (NASDAQ:CCB) by 10.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 14,083 shares of the company’s stock after selling 1,647 shares during the quarter. Diversify Wealth Management LLC’s holdings in Coastal Financial were worth $1,122,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of CCB. Point72 DIFC Ltd bought a new stake in shares of Coastal Financial in the 3rd quarter valued at approximately $31,000. nVerses Capital LLC raised its holdings 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 purchasing an additional 600 shares during the period. FMR LLC lifted 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 worth $71,000 after buying an additional 228 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of Coastal Financial in the 3rd quarter valued at about $119,000. Finally, USA Financial Formulas bought a new stake in shares of Coastal Financial during the 4th quarter valued at about $122,000. Institutional investors own 59.24% of the company’s stock.

Coastal Financial Price Performance

Shares of NASDAQ:CCB opened at $84.22 on Tuesday. 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’s 50 day moving average is $79.94 and its two-hundred day moving average is $62.86. The firm has a market capitalization of $1.14 billion, a P/E ratio of 28.36 and a beta of 1.22. Coastal Financial Co. has a 52 week low of $35.67 and a 52 week high of $88.60.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.01. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. The company had revenue of $185.15 million during the quarter, compared to analysts’ expectations of $154.30 million. Analysts anticipate that Coastal Financial Co. will post 3.53 earnings per share for the current year.

Insider Buying and Selling at Coastal Financial

In related news, CEO Eric M. Sprink sold 3,705 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $60.01, for a total transaction of $222,337.05. Following the completion of the transaction, the chief executive officer now owns 275,683 shares of the company’s stock, valued at $16,543,736.83. This trade represents a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Jonathan E. Sand sold 1,000 shares of the business’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 completion of the sale, the executive vice president now owns 19,611 shares in the company, valued at approximately $1,454,155.65. This trade represents a 4.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,346 shares of company stock valued at $1,473,096. Company insiders own 16.82% of the company’s stock.

Analysts Set New Price Targets

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

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.