Diversify Wealth Management LLC Cuts Stock Position in Coastal Financial Corporation (NASDAQ:CCB)

Diversify Wealth Management LLC decreased its holdings in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 23.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,808 shares of the company's stock after selling 3,275 shares during the quarter. Diversify Wealth Management LLC owned approximately 0.07% of Coastal Financial worth $942,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its position in shares of 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 during the period. Meeder Asset Management Inc. bought a new position in shares of Coastal Financial in the fourth quarter worth $64,000. Ameriflex Group Inc. bought a new position in shares of Coastal Financial in the fourth quarter worth $172,000. KLP Kapitalforvaltning AS bought a new position in shares of Coastal Financial in the fourth quarter worth $178,000. Finally, Pictet Asset Management Holding SA bought a new position in shares of Coastal Financial in the fourth quarter worth $214,000. Institutional investors and hedge funds own 59.24% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CCB shares. Keefe, Bruyette & Woods lifted their target price on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, July 11th. Hovde Group decreased their target price on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Stephens reissued an "overweight" rating and set a $100.00 price target on shares of Coastal Financial in a research note on Tuesday, March 18th. Finally, Raymond James Financial cut their price target on 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.

Insider Buying and Selling at Coastal Financial

In other news, CFO Joel G. Edwards sold 3,128 shares of Coastal Financial stock in a transaction on Friday, May 16th. The stock was 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 directly owned 41,387 shares in the company, valued at approximately $3,660,266.28. The trade was a 7.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 14.10% of the stock is owned by insiders.

Coastal Financial Stock Up 0.2%

Coastal Financial stock traded up $0.18 during trading on Wednesday, hitting $97.46. 126,345 shares of the company were exchanged, compared to its average volume of 103,567. The business's 50 day moving average is $90.93 and its 200 day moving average is $87.76. Coastal Financial Corporation has a 52 week low of $45.92 and a 52 week high of $106.38. The company has a market capitalization of $1.46 billion, a P/E ratio of 28.83 and a beta of 0.96. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.11.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced 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). Coastal Financial had a return on equity of 12.53% and a net margin of 6.94%. The company had revenue of $139.54 million for the quarter, compared to the consensus estimate of $158.65 million. Analysts predict that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Coastal Financial Company 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.