GAMMA Investing LLC Purchases 3,519 Shares of Coastal Financial Corporation (NASDAQ:CCB)

GAMMA Investing LLC raised its stake in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 50,271.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,526 shares of the company's stock after buying an additional 3,519 shares during the period. GAMMA Investing LLC's holdings in Coastal Financial were worth $319,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in CCB. New York State Teachers Retirement System bought a new position in Coastal Financial in the fourth quarter valued at $87,000. Principal Financial Group Inc. increased its position in shares of Coastal Financial by 9.4% during the 4th quarter. Principal Financial Group Inc. now owns 7,630 shares of the company's stock valued at $648,000 after purchasing an additional 653 shares during the last quarter. Truist Financial Corp increased its position in shares of Coastal Financial by 5.5% during the 4th quarter. Truist Financial Corp now owns 20,276 shares of the company's stock valued at $1,722,000 after purchasing an additional 1,055 shares during the last quarter. Proficio Capital Partners LLC bought a new position in Coastal Financial during the fourth quarter valued at approximately $1,139,000. Finally, Norden Group LLC bought a new position in Coastal Financial during the fourth quarter valued at approximately $319,000. Institutional investors own 59.24% of the company's stock.

Coastal Financial Stock Up 3.5%

Coastal Financial stock traded up $2.93 during mid-day trading on Friday, hitting $86.04. The company had a trading volume of 146,305 shares, compared to its average volume of 97,767. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.11. The stock's 50 day moving average price is $85.49 and its two-hundred day moving average price is $85.45. Coastal Financial Corporation has a 12 month low of $43.01 and a 12 month high of $102.25. The company has a market capitalization of $1.29 billion, a PE ratio of 25.46 and a beta of 0.96.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.93 by ($0.30). The firm 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%. As a group, sell-side analysts anticipate that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Insider Activity at Coastal Financial

In other Coastal Financial news, Director Gregory A. Tisdel sold 1,600 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $79.07, for a total value of $126,512.00. Following the transaction, the director now directly owns 14,006 shares in the company, valued at approximately $1,107,454.42. This trade represents a 10.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Joel G. Edwards sold 3,128 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $88.44, for a total transaction of $276,640.32. Following the completion of the transaction, the chief financial officer now 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. 14.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CCB. Stephens reaffirmed an "overweight" rating and set a $100.00 price objective on shares of Coastal Financial in a research note on Tuesday, March 18th. Keefe, Bruyette & Woods cut their target price 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. Hovde Group dropped their price target on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Finally, Raymond James Financial dropped their target price 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.

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.