Informed Momentum Co LLC Lowers Position in 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 reduced its position in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 28.4% in the first quarter, according to the company in its most recent 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 0.24% of Coastal Financial worth $3,297,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of CCB. Tower Research Capital LLC TRC boosted its holdings in shares of Coastal Financial by 179.4% in 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 during the last quarter. Ameriflex Group Inc. purchased a new position in shares of Coastal Financial in the fourth quarter worth approximately $172,000. Mariner LLC purchased a new position in shares of Coastal Financial in the fourth quarter worth approximately $246,000. ProShare Advisors LLC purchased a new position in shares of Coastal Financial in the fourth quarter worth approximately $272,000. Finally, GAMMA Investing LLC boosted 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 buying an additional 3,519 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors.

Coastal Financial Price Performance

NASDAQ:CCB traded down $0.29 during trading hours on Friday, hitting $107.57. 113,473 shares of the stock traded hands, compared to its average volume of 123,926. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a 1 year low of $47.49 and a 1 year high of $108.69. The company has a market cap of $1.63 billion, a price-to-earnings ratio of 33.10 and a beta of 1.01. The stock has a 50 day moving average price of $96.57 and a 200 day moving average price of $90.08.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.71 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.16). Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. The company had revenue of $119.43 million during the quarter, compared to analysts' expectations of $158.05 million. Sell-side analysts forecast that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CCB has been the topic of a number of research reports. Raymond James Financial dropped their price objective on shares of Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating on the stock in a report on Wednesday, April 30th. Keefe, Bruyette & Woods raised their price objective on shares of Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a report on Friday, July 11th. Finally, Hovde Group lowered their price target on shares of Coastal Financial from $120.00 to $110.00 and set an "outperform" rating on the stock in a 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.