First Pacific Financial Sells 808 Shares of Coastal Financial Co. (NASDAQ:CCB)

First Pacific Financial decreased its position in shares of Coastal Financial Co. (NASDAQ:CCB) by 39.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,248 shares of the company’s stock after selling 808 shares during the quarter. First Pacific Financial’s holdings in Coastal Financial were worth $106,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in CCB. Point72 DIFC Ltd bought a new position in shares of Coastal Financial in the 3rd quarter worth $31,000. nVerses Capital LLC boosted its holdings in 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 last quarter. FMR LLC boosted its holdings in Coastal Financial by 21.0% during the third quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after purchasing an additional 228 shares during the last quarter. Quantbot Technologies LP bought a new position in Coastal Financial in the 3rd quarter valued at $119,000. Finally, USA Financial Formulas bought a new position in Coastal Financial in the 4th quarter valued at $122,000. Institutional investors own 59.24% of the company’s stock.

Insider Activity

In other news, CEO Eric M. Sprink sold 7,000 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $65.93, for a total transaction of $461,510.00. Following the completion of the transaction, the chief executive officer now directly owns 251,388 shares in the company, valued at $16,574,010.84. This trade represents a 2.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jonathan E. Sand sold 1,000 shares of the company’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 transaction, the executive vice president now owns 19,611 shares in the company, valued at approximately $1,454,155.65. The trade was a 4.85 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,346 shares of company stock valued at $1,473,096. 16.82% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

Coastal Financial Price Performance

CCB opened at $84.81 on Friday. The stock has a market capitalization of $1.15 billion, a P/E ratio of 28.56 and a beta of 1.22. The stock has a 50-day moving average price of $79.43 and a 200-day moving average price of $62.09. Coastal Financial Co. has a 12-month low of $35.67 and a 12-month high of $88.60. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14.

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