Cubist Systematic Strategies LLC Grows 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 raised its holdings in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 208.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,255 shares of the company's stock after purchasing an additional 4,225 shares during the quarter. Cubist Systematic Strategies LLC's holdings in Coastal Financial were worth $566,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Ameriflex Group Inc. purchased a new position in Coastal Financial in the 4th quarter worth about $172,000. AlphaQuest LLC purchased a new position in shares of Coastal Financial during the first quarter worth approximately $188,000. ProShare Advisors LLC purchased a new position in shares of Coastal Financial during the fourth quarter worth approximately $272,000. GAMMA Investing LLC raised its stake in shares of Coastal Financial by 50,271.4% during the first quarter. GAMMA Investing LLC now owns 3,526 shares of the company's stock valued at $319,000 after acquiring an additional 3,519 shares in the last quarter. Finally, Tidal Investments LLC purchased a new stake in shares of Coastal Financial in the fourth quarter valued at approximately $342,000. 59.24% of the stock is owned by hedge funds and other institutional investors.

Coastal Financial Stock Down 0.9%

Coastal Financial stock traded down $0.95 during mid-day trading on Tuesday, reaching $108.06. 87,474 shares of the company were exchanged, compared to its average volume of 107,946. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The firm has a market cap of $1.63 billion, a P/E ratio of 33.25 and a beta of 1.05. The business has a fifty day moving average of $104.89 and a 200 day moving average of $93.36. Coastal Financial Corporation has a 12-month low of $50.06 and a 12-month high of $118.00.

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

Insider Transactions at Coastal Financial

In other Coastal Financial news, CFO Joel G. Edwards sold 3,000 shares of the business's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $111.71, for a total value of $335,130.00. Following the completion of the transaction, the chief financial officer directly owned 38,187 shares in the company, valued at approximately $4,265,869.77. The trade was a 7.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold a total of 7,000 shares of company stock valued at $778,230 in the last 90 days. 14.10% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have commented on CCB. Hovde Group set a $126.00 price objective on Coastal Financial in a report on Monday, August 18th. Keefe, Bruyette & Woods increased their price target on Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a research report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $110.25.

About Coastal Financial

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.