Corton Capital Inc. Sells 6,198 Shares of Coastal Financial Co. (NASDAQ:CCB)

Corton Capital Inc. reduced its position in Coastal Financial Co. (NASDAQ:CCB - Free Report) by 59.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,289 shares of the company's stock after selling 6,198 shares during the period. Corton Capital Inc.'s holdings in Coastal Financial were worth $364,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. raised its position in shares of Coastal Financial by 47.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company's stock valued at $112,279,000 after buying an additional 423,864 shares during the last quarter. Wellington Management Group LLP grew its position in Coastal Financial by 1,067.9% in the fourth quarter. Wellington Management Group LLP now owns 456,887 shares of the company's stock valued at $38,794,000 after acquiring an additional 417,767 shares in the last quarter. Azora Capital LP acquired a new stake in shares of Coastal Financial during the fourth quarter worth approximately $33,794,000. Kennedy Capital Management LLC grew its position in shares of Coastal Financial by 38.6% in the 4th quarter. Kennedy Capital Management LLC now owns 299,456 shares of the company's stock worth $25,427,000 after acquiring an additional 83,331 shares in the last quarter. Finally, Royce & Associates LP raised its position in shares of Coastal Financial by 795.5% during the 4th quarter. Royce & Associates LP now owns 89,554 shares of the company's stock valued at $7,604,000 after acquiring an additional 79,554 shares in the last quarter. 59.24% of the stock is owned by institutional investors and hedge funds.

Coastal Financial Price Performance

Shares of NASDAQ:CCB traded up $0.36 during trading hours on Friday, hitting $84.31. 73,513 shares of the company's stock traded hands, compared to its average volume of 93,642. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The company's fifty day simple moving average is $84.29 and its two-hundred day simple moving average is $82.22. Coastal Financial Co. has a 52 week low of $42.64 and a 52 week high of $102.25. The company has a market cap of $1.27 billion, a price-to-earnings ratio of 25.94 and a beta of 0.94.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $0.63 EPS for the quarter, missing analysts' consensus estimates of $0.93 by ($0.30). The company had revenue of $139.54 million for the quarter, compared to analyst estimates of $158.65 million. Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. As a group, equities analysts anticipate that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CCB shares. Hovde Group reduced their price target on shares of Coastal Financial from $120.00 to $110.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Stephens restated an "overweight" rating and issued a $100.00 target price on shares of Coastal Financial in a research note on Tuesday, March 18th. Keefe, Bruyette & Woods cut their price target on Coastal Financial from $114.00 to $110.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Finally, Raymond James cut their price target on Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating on the stock in a report on Wednesday, April 30th.

Insiders Place Their Bets

In related news, Director Gregory A. Tisdel sold 1,600 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $79.07, for a total value of $126,512.00. Following the completion of the sale, the director now directly owns 14,006 shares of the company's stock, valued at approximately $1,107,454.42. This represents a 10.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 16.82% of the company's stock.

Coastal Financial 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.