Cubist Systematic Strategies LLC Sells 9,617 Shares of Coastal Financial Co. (NASDAQ:CCB)

Cubist Systematic Strategies LLC cut its position in Coastal Financial Co. (NASDAQ:CCB - Free Report) by 82.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,030 shares of the company's stock after selling 9,617 shares during the quarter. Cubist Systematic Strategies LLC's holdings in Coastal Financial were worth $172,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. First Trust Advisors LP increased its holdings in shares of Coastal Financial by 1.9% during the fourth quarter. First Trust Advisors LP now owns 8,297 shares of the company's stock worth $704,000 after purchasing an additional 156 shares during the period. Franklin Resources Inc. grew its position in Coastal Financial by 0.9% during the fourth quarter. Franklin Resources Inc. now owns 45,886 shares of the company's stock worth $3,896,000 after buying an additional 400 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in 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 acquiring an additional 461 shares during the period. Empowered Funds LLC raised its holdings in Coastal Financial by 4.6% in the 4th quarter. Empowered Funds LLC now owns 11,591 shares of the company's stock valued at $984,000 after acquiring an additional 507 shares in the last quarter. Finally, Bridgeway Capital Management LLC raised its holdings in Coastal Financial by 2.9% in the 4th quarter. Bridgeway Capital Management LLC now owns 18,091 shares of the company's stock valued at $1,536,000 after acquiring an additional 507 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors.

Coastal Financial Trading Up 0.8%

Shares of CCB opened at $89.00 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. Coastal Financial Co. has a 52-week low of $42.64 and a 52-week high of $102.25. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of 27.38 and a beta of 0.94. The business's fifty day moving average is $84.55 and its 200-day moving average is $83.22.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.30). The business had revenue of $139.54 million during the quarter, compared to analyst estimates of $158.65 million. Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. Equities analysts anticipate that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CCB. Stephens restated 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 reduced 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 research note on Wednesday, April 30th. Hovde Group decreased their target price 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. Finally, Keefe, Bruyette & Woods cut their price target on shares of Coastal Financial from $114.00 to $110.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th.

Insider Activity

In related news, Director Gregory A. Tisdel sold 1,600 shares of the firm's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $79.07, for a total transaction of $126,512.00. Following the sale, the director now owns 14,006 shares of the company's stock, valued at $1,107,454.42. This trade represents a 10.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 16.82% of the stock is currently owned by corporate insiders.

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.

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