Citadel Advisors LLC Cuts Position in Coastal Financial Co. (NASDAQ:CCB)

Citadel Advisors LLC cut its holdings in Coastal Financial Co. (NASDAQ:CCB - Free Report) by 32.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,525 shares of the company's stock after selling 11,575 shares during the quarter. Citadel Advisors LLC owned approximately 0.18% of Coastal Financial worth $2,082,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. First Trust Advisors LP lifted its stake in shares of Coastal Financial by 1.9% in the 4th quarter. First Trust Advisors LP now owns 8,297 shares of the company's stock valued at $704,000 after acquiring an additional 156 shares during the last quarter. Franklin Resources Inc. raised its position in Coastal Financial by 0.9% in the fourth quarter. Franklin Resources Inc. now owns 45,886 shares of the company's stock valued at $3,896,000 after purchasing an additional 400 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Coastal Financial by 179.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock valued at $61,000 after purchasing an additional 461 shares in the last quarter. Empowered Funds LLC boosted its position in Coastal Financial by 4.6% during the 4th quarter. Empowered Funds LLC now owns 11,591 shares of the company's stock worth $984,000 after buying an additional 507 shares during the period. Finally, SG Americas Securities LLC raised its stake in shares of Coastal Financial by 8.7% during the fourth quarter. SG Americas Securities LLC now owns 6,517 shares of the company's stock valued at $553,000 after acquiring an additional 522 shares during the last quarter. Institutional investors own 59.24% of the company's stock.

Coastal Financial Trading Up 0.3%

NASDAQ CCB traded up $0.29 during mid-day trading on Thursday, reaching $87.48. 41,001 shares of the stock were exchanged, compared to its average volume of 95,104. The stock has a market cap of $1.31 billion, a P/E ratio of 26.92 and a beta of 0.94. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. Coastal Financial Co. has a one year low of $42.64 and a one year high of $102.25. The stock has a 50 day simple moving average of $85.07 and a 200-day simple moving average of $84.24.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly earnings data 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 return on equity of 14.98% and a net margin of 6.43%. The business had revenue of $139.54 million during the quarter, compared to the consensus estimate of $158.65 million. On average, analysts anticipate that Coastal Financial Co. will post 4.59 EPS for the current year.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, Director Gregory A. Tisdel sold 1,600 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director now owns 14,006 shares of the company's stock, valued at approximately $1,107,454.42. This trade represents a 10.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Joel G. Edwards sold 3,128 shares of the company's stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 41,387 shares in the company, valued at $3,660,266.28. The trade was a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 14.10% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on CCB. Keefe, Bruyette & Woods reduced their price objective on shares of Coastal Financial from $114.00 to $110.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Raymond James cut 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. Stephens reissued an "overweight" rating and issued a $100.00 price target on shares of Coastal Financial in a research note on Tuesday, March 18th. Finally, Hovde Group lowered their price objective on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a research 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.