Cubist Systematic Strategies LLC Has $172,000 Stock Holdings in Coastal Financial Co. (NASDAQ:CCB)

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

Several other institutional investors and hedge funds have also modified their holdings of the stock. Tower Research Capital LLC TRC boosted its holdings in Coastal Financial by 179.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock worth $61,000 after purchasing an additional 461 shares in the last quarter. 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. KLP Kapitalforvaltning AS bought a new stake in Coastal Financial during the fourth quarter valued at about $178,000. Finally, Pictet Asset Management Holding SA bought a new stake in Coastal Financial during the fourth quarter valued at about $214,000. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Coastal Financial

In other news, CFO Joel G. Edwards sold 3,128 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $88.44, for a total transaction of $276,640.32. Following the sale, the chief financial officer now directly owns 41,387 shares of the company's stock, valued at $3,660,266.28. This represents a 7.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $126,512.00. Following the sale, the director now directly owns 14,006 shares in the company, valued at $1,107,454.42. This trade represents a 10.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 14.10% of the company's stock.

Wall Street Analyst Weigh In

CCB has been the subject of a number of research analyst reports. Raymond James cut their price objective on shares of Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a research report on Wednesday, April 30th. Hovde Group cut their price objective on shares of Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. 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. Finally, Stephens reissued an "overweight" rating and issued a $100.00 price target on shares of Coastal Financial in a research report on Tuesday, March 18th.

Coastal Financial Price Performance

NASDAQ:CCB traded down $1.39 during mid-day trading on Friday, hitting $86.01. The company's stock had a trading volume of 63,681 shares, compared to its average volume of 95,068. Coastal Financial Co. has a fifty-two week low of $42.64 and a fifty-two week high of $102.25. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 26.46 and a beta of 0.94. The stock has a fifty day moving average of $84.97 and a 200-day moving average of $83.88.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share (EPS) 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 return on equity of 14.98% and a net margin of 6.43%. As a group, equities analysts forecast that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

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.