Informed Momentum Co LLC Sells 14,485 Shares of Coastal Financial Corporation (NASDAQ:CCB)

Key Points

• Informed Momentum Co LLC reduced its position in Coastal Financial Corporation by 28.4%, now owning 36,471 shares valued at approximately $3.3 million.
• Coastal Financial reported quarterly earnings of $0.71 EPS, missing estimates by $0.16, with revenues of $119.43 million compared to expectations of $158.05 million.
• Institutional ownership of Coastal Financial stands at 59.24%, with several firms adjusting their stakes and target prices, indicating varied confidence in the company's performance.

Informed Momentum Co LLC trimmed its position in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 28.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 36,471 shares of the company's stock after selling 14,485 shares during the quarter. Informed Momentum Co LLC owned approximately 0.24% of Coastal Financial worth $3,297,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Rhumbline Advisers raised 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 last quarter. Principal Financial Group Inc. raised its holdings in shares of Coastal Financial by 87.5% in the first quarter. Principal Financial Group Inc. now owns 14,303 shares of the company's stock worth $1,293,000 after acquiring an additional 6,673 shares during the last quarter. GAMMA Investing LLC raised 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 last quarter. Legal & General Group Plc raised its holdings in shares of Coastal Financial by 9.2% in the fourth quarter. Legal & General Group Plc now owns 11,643 shares of the company's stock worth $989,000 after acquiring an additional 984 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Coastal Financial by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 39,989 shares of the company's stock worth $3,615,000 after acquiring an additional 1,778 shares during the last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Coastal Financial Price Performance

NASDAQ CCB traded down $0.29 on Friday, reaching $107.57. 113,473 shares of the stock traded hands, compared to its average volume of 145,396. The firm's fifty day simple moving average is $96.98 and its 200 day simple moving average is $90.23. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The company has a market cap of $1.63 billion, a price-to-earnings ratio of 33.10 and a beta of 1.01. Coastal Financial Corporation has a 12 month low of $47.49 and a 12 month high of $108.69.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported $0.71 earnings per share for the quarter, missing the consensus estimate 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 return on equity of 11.31% and a net margin of 7.02%. As a group, research analysts predict that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Raymond James Financial dropped their target price on Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a research note on Wednesday, April 30th. Hovde Group lowered their price target 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. Finally, Keefe, Bruyette & Woods boosted their price target on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, July 11th.

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.