First Bank & Trust Sells 2,202 Shares of Coastal Financial Co. (NASDAQ:CCB)

First Bank & Trust trimmed its stake in shares of Coastal Financial Co. (NASDAQ:CCB) by 10.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 19,312 shares of the company’s stock after selling 2,202 shares during the quarter. First Bank & Trust owned 0.14% of Coastal Financial worth $1,043,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Parallel Advisors LLC raised its stake in shares of Coastal Financial by 2.9% during the 2nd quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock valued at $369,000 after purchasing an additional 227 shares during the period. Riverwater Partners LLC increased its stake in Coastal Financial by 6.4% in the 2nd quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock worth $381,000 after acquiring an additional 494 shares during the last quarter. nVerses Capital LLC increased its stake in Coastal Financial by 300.0% in the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after acquiring an additional 600 shares during the last quarter. EntryPoint Capital LLC increased its stake in Coastal Financial by 642.4% in the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after acquiring an additional 1,439 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of Coastal Financial by 10.6% in the 2nd quarter. Rhumbline Advisers now owns 15,981 shares of the company’s stock worth $737,000 after purchasing an additional 1,535 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CCB has been the subject of a number of research reports. Keefe, Bruyette & Woods upgraded Coastal Financial to a “moderate buy” rating in a report on Tuesday, July 30th. Hovde Group upped their price objective on Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a report on Tuesday, July 30th.

Insiders Place Their Bets

In other Coastal Financial news, CEO Eric M. Sprink sold 7,302 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.13, for a total value of $366,049.26. Following the completion of the sale, the chief executive officer now owns 316,912 shares in the company, valued at approximately $15,886,798.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Eric M. Sprink sold 7,302 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.13, for a total value of $366,049.26. Following the completion of the transaction, the chief executive officer now owns 316,912 shares of the company’s stock, valued at approximately $15,886,798.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eric M. Sprink sold 3,223 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $50.44, for a total value of $162,568.12. Following the transaction, the chief executive officer now directly owns 313,689 shares of the company’s stock, valued at approximately $15,822,473.16. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,495 shares of company stock worth $3,187,116. 16.82% of the stock is currently owned by company insiders.

Coastal Financial Trading Down 2.6 %

CCB stock traded down $1.53 during trading on Friday, hitting $58.45. 62,473 shares of the company traded hands, compared to its average volume of 57,442. The firm has a market capitalization of $784.34 million, a PE ratio of 20.44 and a beta of 1.24. Coastal Financial Co. has a 1 year low of $35.67 and a 1 year high of $61.22. The company has a 50-day moving average of $53.38 and a 200-day moving average of $47.83. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.03 and a current ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Monday, July 29th. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.03. The company had revenue of $167.41 million during the quarter, compared to analysts’ expectations of $168.30 million. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. Analysts predict that Coastal Financial Co. will post 3.56 earnings per share 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.