Cubist Systematic Strategies LLC Raises Stake in Coastal Financial Corporation $CCB

Key Points

• Cubist Systematic Strategies LLC increased its stake in Coastal Financial Corporation by 208.1%, owning 6,255 shares valued at $566,000 after purchasing an additional 4,225 shares in Q1.
• The company reported earnings of $0.71 per share, missing analysts' expectations, with a revenue of $119.43 million compared to projected $158.05 million.
• Analysts have set a consensus Buy rating for Coastal Financial, with an average price target of $110.25.

Cubist Systematic Strategies LLC boosted its position in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 208.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,255 shares of the company's stock after acquiring an additional 4,225 shares during the period. Cubist Systematic Strategies LLC's holdings in Coastal Financial were worth $566,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ameriflex Group Inc. bought a new stake in Coastal Financial during the 4th quarter worth approximately $172,000. AlphaQuest LLC bought a new stake in shares of Coastal Financial during the first quarter valued at approximately $188,000. ProShare Advisors LLC bought a new stake in shares of Coastal Financial during the fourth quarter valued at approximately $272,000. GAMMA Investing LLC lifted 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 in the last quarter. Finally, Tidal Investments LLC bought a new position in shares of Coastal Financial during the fourth quarter worth $342,000. Institutional investors own 59.24% of the company's stock.

Coastal Financial Price Performance

Shares of CCB stock traded down $2.23 on Friday, reaching $109.10. The company's stock had a trading volume of 58,842 shares, compared to its average volume of 107,916. The stock's fifty day simple moving average is $104.65 and its 200-day simple moving average is $93.20. Coastal Financial Corporation has a 1 year low of $49.51 and a 1 year high of $118.00. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $1.65 billion, a price-to-earnings ratio of 33.57 and a beta of 1.05.

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on CCB shares. Keefe, Bruyette & Woods raised their target price on shares of Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research note on Friday, July 11th. Hovde Group set a $126.00 target price on shares of Coastal Financial in a research note on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company's stock. According to data from MarketBeat, Coastal Financial currently has an average rating of "Buy" and a consensus target price of $110.25.

Insider Buying and Selling

In other Coastal Financial news, CFO Joel G. Edwards sold 3,000 shares of Coastal Financial stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $111.71, for a total transaction of $335,130.00. Following the completion of the transaction, the chief financial officer directly owned 38,187 shares of the company's stock, valued at $4,265,869.77. The trade was a 7.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 7,000 shares of company stock worth $778,230 over the last ninety days. 14.10% of the stock is owned by insiders.

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.