GAMMA Investing LLC Has $319,000 Position in Coastal Financial Corporation (NASDAQ:CCB)

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

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC boosted its holdings in shares of Coastal Financial by 179.4% during the 4th 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 period. Meeder Asset Management Inc. bought a new stake in Coastal Financial during the fourth quarter valued at about $64,000. New York State Teachers Retirement System bought a new stake in Coastal Financial during the fourth quarter valued at about $87,000. Ameriflex Group Inc. bought a new position in shares of Coastal Financial in the fourth quarter worth about $172,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Coastal Financial in the fourth quarter worth about $178,000. Institutional investors and hedge funds own 59.24% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Stephens reaffirmed an "overweight" rating and issued a $100.00 price target on shares of Coastal Financial in a research report on Tuesday, March 18th. 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 research report on Wednesday, April 30th. Hovde Group reduced their price target on shares of Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Coastal Financial from $114.00 to $110.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th.

Coastal Financial Price Performance

Shares of NASDAQ:CCB traded up $1.55 during midday trading on Tuesday, reaching $93.81. 127,992 shares of the company's stock were exchanged, compared to its average volume of 98,098. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.04 and a current ratio of 1.06. The company's 50 day simple moving average is $85.75 and its two-hundred day simple moving average is $85.68. Coastal Financial Corporation has a 12 month low of $43.01 and a 12 month high of $102.25. The firm has a market capitalization of $1.41 billion, a PE ratio of 27.75 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 EPS for the quarter, missing analysts' consensus estimates of $0.93 by ($0.30). Coastal Financial had a return on equity of 12.53% and a net margin of 6.94%. The business had revenue of $139.54 million for the quarter, compared to the consensus estimate of $158.65 million. Equities research analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Insider Buying and Selling at Coastal Financial

In other news, Director Gregory A. Tisdel sold 1,600 shares of the business's stock in a transaction that occurred on Monday, April 14th. The stock was 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 of the company's stock, valued at $1,107,454.42. The trade was a 10.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Joel G. Edwards sold 3,128 shares of Coastal Financial stock in a transaction on Friday, May 16th. The shares were sold at an average price of $88.44, for a total value of $276,640.32. Following the completion of the transaction, the chief financial officer now owns 41,387 shares of the company's stock, valued at approximately $3,660,266.28. The trade was a 7.03% decrease in their position. The disclosure for this sale can be found here. Company insiders own 14.10% of the company's stock.

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.