Riverwater Partners LLC Has $2.01 Million Position in Coastal Financial Co. (NASDAQ:CCB)

Riverwater Partners LLC boosted its holdings in shares of Coastal Financial Co. (NASDAQ:CCB) by 367.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,670 shares of the company’s stock after buying an additional 30,405 shares during the period. Coastal Financial makes up about 1.0% of Riverwater Partners LLC’s portfolio, making the stock its 23rd largest position. Riverwater Partners LLC’s holdings in Coastal Financial were worth $2,012,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Diversify Advisory Services LLC purchased a new position in shares of Coastal Financial during the first quarter valued at approximately $714,000. Envestnet Asset Management Inc. boosted its holdings in Coastal Financial by 3.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock worth $2,679,000 after acquiring an additional 1,956 shares during the last quarter. Norden Group LLC bought a new stake in shares of Coastal Financial in the 1st quarter worth $1,488,000. Vanguard Group Inc. raised its holdings in shares of Coastal Financial by 0.9% in the first quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock valued at $23,268,000 after purchasing an additional 5,592 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Coastal Financial by 23.3% during the second quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock valued at $6,515,000 after purchasing an additional 26,690 shares in the last quarter. 59.24% of the stock is owned by institutional investors.

Insider Buying and Selling at Coastal Financial

In other news, Director Steven D. Hovde sold 2,003 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $53.26, for a total transaction of $106,679.78. Following the completion of the transaction, the director now owns 27,997 shares in the company, valued at approximately $1,491,120.22. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Steven D. Hovde sold 2,003 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $53.26, for a total value of $106,679.78. Following the completion of the transaction, the director now directly owns 27,997 shares of the company’s stock, valued at approximately $1,491,120.22. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Eric M. Sprink sold 7,302 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.13, for a total transaction of $366,049.26. Following the sale, the chief executive officer now directly owns 316,912 shares in the company, valued at $15,886,798.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 55,631 shares of company stock worth $2,955,200 over the last ninety days. 16.82% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Hovde Group upped their price objective on shares of Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods raised Coastal Financial to a “moderate buy” rating in a research report on Tuesday, July 30th.

Coastal Financial Price Performance

CCB opened at $59.97 on Thursday. The firm has a market cap of $804.74 million, a P/E ratio of 20.97 and a beta of 1.24. 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 Co. has a fifty-two week low of $35.67 and a fifty-two week high of $61.22. The firm has a 50-day moving average of $52.97 and a 200 day moving average of $47.61.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.03. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. The company had revenue of $167.41 million during the quarter, compared to analyst estimates of $168.30 million. On average, research analysts expect that Coastal Financial Co. will post 3.56 EPS for the current 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.