FNY Investment Advisers LLC Sells 2,600 Shares of Coastal Financial Corporation $CCB

FNY Investment Advisers LLC decreased its stake in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 56.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,000 shares of the company's stock after selling 2,600 shares during the period. FNY Investment Advisers LLC's holdings in Coastal Financial were worth $193,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. KLP Kapitalforvaltning AS lifted its holdings in shares of Coastal Financial by 28.6% during the second quarter. KLP Kapitalforvaltning AS now owns 2,700 shares of the company's stock worth $262,000 after purchasing an additional 600 shares during the period. Truist Financial Corp lifted its holdings in shares of Coastal Financial by 10.2% during the second quarter. Truist Financial Corp now owns 18,381 shares of the company's stock worth $1,781,000 after purchasing an additional 1,698 shares during the period. SummerHaven Investment Management LLC lifted its holdings in shares of Coastal Financial by 1.0% during the second quarter. SummerHaven Investment Management LLC now owns 17,303 shares of the company's stock worth $1,676,000 after purchasing an additional 165 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Coastal Financial by 44.8% during the first quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company's stock worth $6,645,000 after purchasing an additional 22,725 shares during the period. Finally, Militia Capital Partners LP lifted its holdings in shares of Coastal Financial by 22.2% during the first quarter. Militia Capital Partners LP now owns 11,000 shares of the company's stock worth $995,000 after purchasing an additional 2,000 shares during the period. Institutional investors own 59.24% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CCB shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Coastal Financial in a report on Tuesday, October 14th. Hovde Group set a $126.00 price target on shares of Coastal Financial in a report on Monday, August 18th. TD Cowen assumed coverage on shares of Coastal Financial in a report on Thursday, September 25th. They set a "buy" rating and a $140.00 price target on the stock. Zacks Research raised shares of Coastal Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, September 29th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a research note on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $116.20.

Insider Activity

In other news, Director Stephan Klee sold 4,350 shares of Coastal Financial stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $109.14, for a total transaction of $474,759.00. Following the completion of the transaction, the director directly owned 1,661 shares in the company, valued at $181,281.54. This trade represents a 72.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric M. Sprink sold 10,683 shares of Coastal Financial stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $114.65, for a total transaction of $1,224,805.95. Following the transaction, the chief executive officer owned 211,011 shares of the company's stock, valued at $24,192,411.15. This represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 64,958 shares of company stock worth $7,210,220 over the last three months. 14.10% of the stock is currently owned by insiders.

Coastal Financial Trading Down 0.5%

CCB opened at $102.88 on Thursday. Coastal Financial Corporation has a 1-year low of $58.41 and a 1-year high of $119.22. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The company has a market cap of $1.55 billion, a P/E ratio of 31.66 and a beta of 0.99. The company has a fifty day moving average price of $110.10 and a two-hundred day moving average price of $97.41.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.71 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.87 by ($0.16). The business had revenue of $119.43 million for the quarter, compared to analyst estimates of $158.05 million. Coastal Financial had a net margin of 7.02% and a return on equity of 11.31%. Analysts predict that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

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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