Alberta Investment Management Corp Invests $2 Million in 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 purchased a new position in Coastal Financial Corporation (NASDAQ:CCB - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 22,124 shares of the company's stock, valued at approximately $2,000,000. Alberta Investment Management Corp owned about 0.15% of Coastal Financial at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CCB. Tower Research Capital LLC TRC lifted its position in Coastal Financial by 179.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock worth $61,000 after buying an additional 461 shares in the last quarter. Ameriflex Group Inc. purchased a new position in Coastal Financial during the fourth quarter worth approximately $172,000. KLP Kapitalforvaltning AS purchased a new position in Coastal Financial during the fourth quarter worth approximately $178,000. Pictet Asset Management Holding SA purchased a new position in Coastal Financial during the fourth quarter worth approximately $214,000. Finally, Mariner LLC purchased a new position in Coastal Financial during the fourth quarter worth approximately $246,000. 59.24% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Coastal Financial

In other news, CFO Joel G. Edwards sold 3,128 shares of Coastal Financial stock in a transaction on Friday, May 16th. The stock was 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 directly 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 14.10% of the company's stock.

Coastal Financial Price Performance

NASDAQ:CCB opened at $92.40 on Monday. Coastal Financial Corporation has a 52 week low of $45.92 and a 52 week high of $106.38. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $1.39 billion, a P/E ratio of 28.43 and a beta of 1.01. The stock's fifty day moving average is $94.32 and its two-hundred day moving average is $89.18.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CCB shares. Hovde Group reduced their price objective on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Keefe, Bruyette & Woods lifted their price objective on Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a research report on Friday, July 11th. Finally, Raymond James Financial reduced their target price on Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, April 30th.

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.

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