Diversify Wealth Management LLC Trims Position in Coastal Financial Co. (NASDAQ:CCB)

Diversify Wealth Management LLC lessened its holdings in shares of Coastal Financial Co. (NASDAQ:CCB) by 10.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 14,083 shares of the company’s stock after selling 1,647 shares during the quarter. Diversify Wealth Management LLC owned approximately 0.10% of Coastal Financial worth $1,122,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Point72 DIFC Ltd purchased a new position in Coastal Financial during the third quarter worth about $31,000. nVerses Capital LLC lifted its holdings in shares of Coastal Financial by 300.0% during the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after acquiring an additional 600 shares during the period. FMR LLC lifted its holdings in shares of Coastal Financial by 21.0% during the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after acquiring an additional 228 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Coastal Financial in the third quarter worth approximately $119,000. Finally, USA Financial Formulas acquired a new position in Coastal Financial during the fourth quarter worth approximately $122,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Price Performance

CCB opened at $84.22 on Tuesday. The company has a 50 day moving average of $79.94 and a two-hundred day moving average of $62.86. Coastal Financial Co. has a 52-week low of $35.67 and a 52-week high of $88.60. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The company has a market cap of $1.14 billion, a P/E ratio of 28.36 and a beta of 1.22.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Monday, October 28th. The company reported $0.97 earnings per share (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 the consensus estimate of $154.30 million. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. On average, analysts expect that Coastal Financial Co. will post 3.53 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity at Coastal Financial

In other 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 sale, the chief executive officer now directly owns 275,683 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 value 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. This trade represents a 4.85 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 22,346 shares of company stock worth $1,473,096. 16.82% of the stock is currently owned by company insiders.

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.