Coastal Financial Corporation (NASDAQ:CCB) Position Cut by Riverwater Partners LLC

Riverwater Partners LLC lowered its holdings in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 18.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,859 shares of the company's stock after selling 6,830 shares during the quarter. Coastal Financial accounts for about 1.4% of Riverwater Partners LLC's investment portfolio, making the stock its 10th biggest holding. Riverwater Partners LLC owned 0.20% of Coastal Financial worth $2,700,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of CCB. FNY Investment Advisers LLC grew its holdings in shares of Coastal Financial by 15.0% in the first quarter. FNY Investment Advisers LLC now owns 4,600 shares of the company's stock worth $415,000 after acquiring an additional 600 shares during the period. SummerHaven Investment Management LLC grew its holdings in shares of Coastal Financial by 0.9% in the first quarter. SummerHaven Investment Management LLC now owns 17,138 shares of the company's stock worth $1,549,000 after acquiring an additional 161 shares during the period. Rhumbline Advisers grew its holdings in shares of Coastal Financial by 8.2% in the first quarter. Rhumbline Advisers now owns 16,700 shares of the company's stock worth $1,510,000 after acquiring an additional 1,262 shares during the period. GAMMA Investing LLC grew its holdings in shares of Coastal Financial by 50,271.4% in the first quarter. GAMMA Investing LLC now owns 3,526 shares of the company's stock worth $319,000 after acquiring an additional 3,519 shares during the period. Finally, Wellington Management Group LLP grew its holdings in shares of Coastal Financial by 1,067.9% in the fourth quarter. Wellington Management Group LLP now owns 456,887 shares of the company's stock worth $38,794,000 after acquiring an additional 417,767 shares during the period. Hedge funds and other institutional investors own 59.24% of the company's stock.

Coastal Financial Stock Performance

NASDAQ:CCB traded up $6.22 during mid-day trading on Monday, hitting $92.26. 192,416 shares of the company traded hands, compared to its average volume of 97,978. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of 27.30 and a beta of 0.96. 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 stock's fifty day moving average price is $85.75 and its 200-day moving average price is $85.68. Coastal Financial Corporation has a one year low of $43.01 and a one year high of $102.25.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $0.63 earnings per share for the quarter, missing analysts' consensus estimates of $0.93 by ($0.30). The business had revenue of $139.54 million during the quarter, compared to the consensus estimate of $158.65 million. Coastal Financial had a return on equity of 12.53% and a net margin of 6.94%. Research analysts anticipate that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Keefe, Bruyette & Woods cut their price target on Coastal Financial from $114.00 to $110.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Stephens reissued an "overweight" rating and set a $100.00 price target on shares of Coastal Financial in a report on Tuesday, March 18th. Raymond James Financial cut their price target on Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a report on Wednesday, April 30th. Finally, Hovde Group cut their price target on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th.

Insider Transactions at Coastal Financial

In related news, Director Gregory A. Tisdel sold 1,600 shares of the business's stock in a transaction dated 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 directly owns 14,006 shares in the company, valued at approximately $1,107,454.42. The trade was a 10.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Joel G. Edwards sold 3,128 shares of the business's stock in a transaction dated 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 now owns 41,387 shares in the company, valued at $3,660,266.28. This represents a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 14.10% of the company's stock.

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.