Los Angeles Capital Management LLC Buys 25,482 Shares of Coastal Financial Co. (NASDAQ:CCB)

Los Angeles Capital Management LLC boosted its stake in shares of Coastal Financial Co. (NASDAQ:CCB) by 79.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,357 shares of the company’s stock after purchasing an additional 25,482 shares during the quarter. Los Angeles Capital Management LLC owned about 0.43% of Coastal Financial worth $3,097,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Riverwater Partners LLC boosted its holdings in shares of Coastal Financial by 367.9% during the 3rd quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock worth $2,012,000 after buying an additional 30,405 shares during the period. American Century Companies Inc. boosted its holdings in Coastal Financial by 23.3% during the second quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock valued at $6,515,000 after acquiring an additional 26,690 shares during the period. Rosenthal Henry Capital Advisors Inc. grew its position in shares of Coastal Financial by 214.0% in the third quarter. Rosenthal Henry Capital Advisors Inc. now owns 30,116 shares of the company’s stock valued at $1,626,000 after purchasing an additional 20,525 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Coastal Financial by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock worth $16,603,000 after purchasing an additional 20,517 shares during the period. Finally, Moss Adams Wealth Advisors LLC acquired a new position in shares of Coastal Financial during the 3rd quarter worth about $1,020,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Insiders Place Their Bets

In other news, Director Steven D. Hovde sold 2,003 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $53.26, for a total value of $106,679.78. Following the sale, the director now directly owns 27,997 shares in the company, valued at approximately $1,491,120.22. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Coastal Financial news, Director Steven D. Hovde sold 2,003 shares of Coastal Financial stock in a transaction on Monday, August 26th. The stock was sold at an average price of $53.26, for a total transaction of $106,679.78. Following the completion of the transaction, the director now directly owns 27,997 shares of the company’s stock, valued at approximately $1,491,120.22. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 sale, the executive vice president now directly owns 19,611 shares in the company, valued at approximately $1,454,155.65. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 77,977 shares of company stock worth $4,428,296 over the last quarter. Company insiders own 16.82% of the company’s stock.

Coastal Financial Stock Performance

Shares of NASDAQ CCB opened at $72.51 on Wednesday. The firm has a market capitalization of $975.98 million, a price-to-earnings ratio of 24.41 and a beta of 1.22. Coastal Financial Co. has a one year low of $35.67 and a one year high of $74.25. The business has a fifty day simple moving average of $56.99 and a 200 day simple moving average of $50.31. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.15.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. Coastal Financial had a net margin of 5.98% and a return on equity of 14.16%. The company had revenue of $185.15 million during the quarter, compared to analysts’ expectations of $154.30 million. Sell-side analysts expect that Coastal Financial Co. will post 3.55 EPS for the current year.

Wall Street Analysts Forecast Growth

CCB has been the topic of several recent analyst reports. Hovde Group lifted their price target on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Raymond James increased their price target on shares of 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 boosted their price objective on shares of Coastal Financial from $70.00 to $75.00 and gave the stock 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.