Alberta Investment Management Corp Purchases Shares of 22,124 Coastal Financial Corporation (NASDAQ:CCB)

Key Points

• Alberta Investment Management Corp invested $2 million in Coastal Financial Corporation, acquiring 22,124 shares and representing approximately 0.15% of the company.
• Coastal Financial reported a net loss in its latest earnings results, with an EPS of $0.71, missing analysts' expectations by $0.16.
• The company's stock experienced insider selling, with CFO Joel G. Edwards offloading 3,128 shares, reducing his ownership by 7.03%.

Alberta Investment Management Corp acquired a new position in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 22,124 shares of the company's stock, valued at approximately $2,000,000. Alberta Investment Management Corp owned approximately 0.15% of Coastal Financial as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its holdings in shares of Coastal Financial by 179.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock valued at $61,000 after acquiring an additional 461 shares during the period. Ameriflex Group Inc. purchased a new stake in shares of Coastal Financial in the fourth quarter valued at $172,000. KLP Kapitalforvaltning AS acquired a new position in Coastal Financial in the fourth quarter valued at $178,000. Pictet Asset Management Holding SA acquired a new stake in Coastal Financial during the 4th quarter worth approximately $214,000. Finally, Mariner LLC purchased a new stake in shares of Coastal Financial in the fourth quarter worth about $246,000. Hedge funds and other institutional investors own 59.24% of the company's stock.

Wall Street Analyst Weigh In

CCB has been the topic of several research reports. Keefe, Bruyette & Woods upped their price objective on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research note on Friday, July 11th. Hovde Group decreased their price target on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Finally, Raymond James Financial lowered their target price 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.

Insider Buying and Selling

In other news, CFO Joel G. Edwards sold 3,128 shares of Coastal Financial stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $88.44, for a total transaction of $276,640.32. Following the sale, the chief financial officer owned 41,387 shares of the company's stock, valued at approximately $3,660,266.28. The trade was a 7.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 14.10% of the stock is currently owned by insiders.

Coastal Financial Stock Down 0.0%

Shares of CCB traded down $0.03 on Thursday, reaching $95.21. The company's stock had a trading volume of 55,565 shares, compared to its average volume of 121,510. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.11. Coastal Financial Corporation has a twelve month low of $46.56 and a twelve month high of $106.38. The stock has a market capitalization of $1.43 billion, a PE ratio of 29.28 and a beta of 1.01. The firm has a fifty day moving average of $94.79 and a 200-day moving average of $89.33.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share for the quarter, missing analysts' consensus estimates of $0.87 by ($0.16). The company had revenue of $119.43 million for the quarter, compared to the consensus estimate of $158.05 million. Coastal Financial had a net margin of 7.02% and a return on equity of 11.69%. Equities analysts predict that Coastal Financial Corporation will post 4.59 EPS for the current 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.