Coastal Financial Corporation $CCB Shares Sold by Madrona Financial Services LLC

Key Points

• Madrona Financial Services LLC trimmed its holdings by 73.7% in Q4, selling 13,600 shares and leaving 4,865 shares valued at about $557,000.
• Company insiders sold a total of 21,058 shares last quarter — including CEO Eric M. Sprink's sale of 8,402 shares (~$960,096) and CFO Joel G. Edwards' sale of 1,300 shares — reducing insider ownership to 14.10%.
• Coastal missed quarterly expectations with EPS of $0.82 vs. $1.16 expected and revenue of $56.49M vs. $140.81M, while analysts remain mixed but show an average rating of “Moderate Buy” and an average price target of $133.60.

Madrona Financial Services LLC trimmed its holdings in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 73.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,865 shares of the company's stock after selling 13,600 shares during the quarter. Madrona Financial Services LLC's holdings in Coastal Financial were worth $557,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. JPMorgan Chase & Co. increased its position in shares of Coastal Financial by 2.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company's stock worth $644,000 after purchasing an additional 149 shares during the last quarter. Swiss National Bank increased its position in shares of Coastal Financial by 0.8% during the 3rd quarter. Swiss National Bank now owns 26,165 shares of the company's stock worth $2,830,000 after purchasing an additional 200 shares during the last quarter. EJF Capital LLC increased its position in shares of Coastal Financial by 2.5% during the 2nd quarter. EJF Capital LLC now owns 13,547 shares of the company's stock worth $1,312,000 after purchasing an additional 329 shares during the last quarter. Legal & General Group Plc increased its position in shares of Coastal Financial by 3.0% during the 3rd quarter. Legal & General Group Plc now owns 14,574 shares of the company's stock worth $1,576,000 after purchasing an additional 425 shares during the last quarter. Finally, Brooklyn Investment Group increased its position in shares of Coastal Financial by 28.0% during the 3rd quarter. Brooklyn Investment Group now owns 2,063 shares of the company's stock worth $223,000 after purchasing an additional 451 shares during the last quarter. 59.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CCB has been the subject of a number of recent analyst reports. Weiss Ratings downgraded Coastal Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, March 2nd. Hovde Group cut their price objective on Coastal Financial from $140.00 to $133.00 and set an "outperform" rating for the company in a research report on Friday, January 30th. Keefe, Bruyette & Woods cut their price objective on Coastal Financial from $135.00 to $125.00 and set an "outperform" rating for the company in a research report on Monday, February 2nd. Zacks Research upgraded Coastal Financial from a "strong sell" rating to a "hold" rating in a report on Monday, April 6th. Finally, Wall Street Zen cut Coastal Financial from a "hold" rating to a "sell" rating in a report on Saturday, April 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $133.60.

Insider Activity

In related news, CEO Eric M. Sprink sold 8,402 shares of the business's stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $114.27, for a total transaction of $960,096.54. Following the completion of the sale, the chief executive officer owned 163,126 shares in the company, valued at $18,640,408.02. The trade was a 4.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Joel G. Edwards sold 1,300 shares of the business's stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $111.34, for a total value of $144,742.00. Following the sale, the chief financial officer owned 11,462 shares of the company's stock, valued at approximately $1,276,179.08. The trade was a 10.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 21,058 shares of company stock valued at $2,410,134 in the last quarter. Company insiders own 14.10% of the company's stock.

Coastal Financial Stock Performance

Shares of CCB opened at $82.10 on Friday. The stock has a 50-day simple moving average of $80.17 and a 200-day simple moving average of $99.72. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.06. The stock has a market capitalization of $1.25 billion, a PE ratio of 27.01 and a beta of 0.87. Coastal Financial Corporation has a 1 year low of $70.72 and a 1 year high of $120.05.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings data on Thursday, January 29th. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.34). The company had revenue of $56.49 million during the quarter, compared to analysts' expectations of $140.81 million. Coastal Financial had a net margin of 7.11% and a return on equity of 10.01%. On average, analysts predict that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Coastal Financial Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina's central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.

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