Squarepoint Ops LLC Takes Position in Coastal Financial Co. (NASDAQ:CCB)

Squarepoint Ops LLC bought a new stake in shares of Coastal Financial Co. (NASDAQ:CCB - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 19,597 shares of the company's stock, valued at approximately $1,664,000. Squarepoint Ops LLC owned 0.14% of Coastal Financial as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CCB. Tower Research Capital LLC TRC lifted its holdings in shares of Coastal Financial by 179.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock valued at $61,000 after buying an additional 461 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Coastal Financial during the fourth quarter worth $64,000. New York State Teachers Retirement System acquired a new position in Coastal Financial during the fourth quarter worth $87,000. KLP Kapitalforvaltning AS acquired a new position in Coastal Financial during the fourth quarter worth $178,000. Finally, Pictet Asset Management Holding SA acquired a new position in Coastal Financial during the fourth quarter worth $214,000. 59.24% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Coastal Financial

In related news, Director Gregory A. Tisdel sold 1,600 shares of the business's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $79.07, for a total value of $126,512.00. Following the sale, the director now owns 14,006 shares of the company's stock, valued at $1,107,454.42. The trade was a 10.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Joel G. Edwards sold 3,128 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $88.44, for a total value of $276,640.32. Following the completion of the sale, the chief financial officer now directly owns 41,387 shares in the company, valued at approximately $3,660,266.28. This represents a 7.03% decrease in their position. The disclosure for this sale can be found here. 14.10% of the stock is owned by corporate insiders.

Coastal Financial Stock Performance

NASDAQ CCB traded down $1.17 during trading on Monday, hitting $86.73. The company's stock had a trading volume of 35,381 shares, compared to its average volume of 95,193. 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 firm has a 50 day moving average price of $85.06 and a 200 day moving average price of $84.49. The firm has a market cap of $1.30 billion, a P/E ratio of 26.68 and a beta of 0.94. Coastal Financial Co. has a 52 week low of $42.64 and a 52 week high of $102.25.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.30). Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. The company had revenue of $139.54 million during the quarter, compared to the consensus estimate of $158.65 million. Equities research analysts forecast that Coastal Financial Co. will post 4.59 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CCB has been the topic of several analyst reports. Hovde Group lowered their target price 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 reissued an "overweight" rating and set a $100.00 target price on shares of Coastal Financial in a research report on Tuesday, March 18th. Keefe, Bruyette & Woods decreased their price target on shares of Coastal Financial from $114.00 to $110.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Finally, Raymond James decreased their price target on shares of Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a report on Wednesday, April 30th.

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.