Diversify Wealth Management LLC Sells 3,275 Shares of Coastal Financial Corporation (NASDAQ:CCB)

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

Several other hedge funds have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its position in Coastal Financial by 1.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 92,959 shares of the company's stock valued at $7,893,000 after purchasing an additional 952 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Coastal Financial in the fourth quarter valued at $1,139,000. Arizona State Retirement System bought a new position in shares of Coastal Financial in the fourth quarter valued at about $282,000. Raymond James Financial Inc. bought a new position in shares of Coastal Financial in the fourth quarter valued at about $532,000. Finally, Swiss National Bank lifted its position in Coastal Financial by 16.6% during the 4th quarter. Swiss National Bank now owns 25,965 shares of the company's stock worth $2,205,000 after buying an additional 3,700 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company's stock.

Coastal Financial Trading Down 0.4%

Coastal Financial stock traded down $0.40 during trading hours on Friday, reaching $101.56. 107,424 shares of the company's stock traded hands, compared to its average volume of 103,268. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of 30.05 and a beta of 0.96. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.04 and a current ratio of 1.06. Coastal Financial Corporation has a fifty-two week low of $45.92 and a fifty-two week high of $106.38. The firm's 50 day moving average is $90.12 and its 200-day moving average is $87.54.

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 company had revenue of $139.54 million during the quarter, compared to the consensus estimate of $158.65 million. Coastal Financial had a return on equity of 12.53% and a net margin of 6.94%. On average, analysts predict that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Insider Activity at Coastal Financial

In other Coastal Financial news, CFO Joel G. Edwards sold 3,128 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $88.44, for a total value of $276,640.32. Following the completion of the sale, the chief financial officer owned 41,387 shares of the company's stock, valued at approximately $3,660,266.28. This represents a 7.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory A. Tisdel sold 1,600 shares of the company's 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 completion of the sale, the director directly owned 14,006 shares of the company's stock, valued at $1,107,454.42. The trade was a 10.25% decrease in their position. The disclosure for this sale can be found here. 14.10% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Raymond James Financial lowered 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 lowered their price target on shares of Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Stephens restated an "overweight" rating and issued a $100.00 price objective on shares of Coastal Financial in a research report on Tuesday, March 18th. Finally, Keefe, Bruyette & Woods increased their price objective on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday.

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.