Envestnet Asset Management Inc. Sells 14,861 Shares of Coastal Financial Corporation (NASDAQ:CCB)

Key Points

• Envestnet Asset Management Inc. reduced its stake in Coastal Financial Corporation by 23.5%, owning 48,494 shares valued at $4.38 million following the sale.
• Several institutional investors, including Principal Financial Group Inc. and Rhumbline Advisers, have increased their investments in Coastal Financial, reflecting a growing interest in the company.
• Coastal Financial reported an earnings per share of $0.63 for the last quarter, which did not meet analyst expectations of $0.93.

Envestnet Asset Management Inc. cut its position in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 23.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 48,494 shares of the company's stock after selling 14,861 shares during the quarter. Envestnet Asset Management Inc. owned 0.32% of Coastal Financial worth $4,384,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in CCB. First Trust Advisors LP raised 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. SummerHaven Investment Management LLC raised its holdings in shares of Coastal Financial by 0.9% during the first quarter. SummerHaven Investment Management LLC now owns 17,138 shares of the company's stock worth $1,549,000 after purchasing an additional 161 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Coastal Financial by 5.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,459 shares of the company's stock worth $548,000 after purchasing an additional 343 shares during the period. Franklin Resources Inc. raised its holdings in shares of 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 purchasing an additional 400 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Coastal Financial by 179.4% during 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. 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 firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $88.44, for a total transaction of $276,640.32. Following the completion of the transaction, the chief financial officer owned 41,387 shares in the company, valued at approximately $3,660,266.28. This trade represents a 7.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 14.10% of the stock is owned by corporate insiders.

Coastal Financial Price Performance

CCB traded down $4.97 on Tuesday, reaching $96.50. The company had a trading volume of 61,337 shares, compared to its average volume of 119,138. The company has a fifty day moving average of $93.63 and a 200-day moving average of $88.84. The company has a market capitalization of $1.45 billion, a P/E ratio of 28.21 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 Corporation has a one year low of $45.92 and a one year high of $106.38.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $0.71 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.87 by ($0.16). Coastal Financial had a net margin of 6.94% and a return on equity of 12.53%. As a group, equities research analysts anticipate that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CCB has been the topic of a number of research reports. Hovde Group dropped 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. Raymond James Financial dropped 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 report on Wednesday, April 30th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a report on Friday, July 11th.

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.