Coastal Financial Co. (NASDAQ:CCB) is Jacobs Asset Management LLC’s 5th Largest Position

Jacobs Asset Management LLC boosted its stake in Coastal Financial Co. (NASDAQ:CCB) by 9.1% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 187,500 shares of the company’s stock after buying an additional 15,683 shares during the quarter. Coastal Financial makes up about 6.7% of Jacobs Asset Management LLC’s holdings, making the stock its 5th biggest position. Jacobs Asset Management LLC owned about 1.38% of Coastal Financial worth $10,123,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. PDT Partners LLC bought a new position in Coastal Financial during the 3rd quarter worth $650,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Coastal Financial by 190.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock valued at $166,000 after buying an additional 2,019 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Coastal Financial by 474.0% during the third quarter. BNP Paribas Financial Markets now owns 25,049 shares of the company’s stock worth $1,352,000 after acquiring an additional 20,685 shares in the last quarter. FMR LLC raised its position in Coastal Financial by 21.0% in the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after purchasing an additional 228 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Coastal Financial in the 3rd quarter valued at approximately $119,000. 59.24% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Steven D. Hovde sold 2,050 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $53.51, for a total transaction of $109,695.50. Following the transaction, the director now directly owns 21,950 shares in the company, valued at $1,174,544.50. The trade was a 8.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Eric M. Sprink sold 7,302 shares of the business’s stock in a transaction that occurred 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 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 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 72,921 shares of company stock worth $4,159,029 over the last quarter. 16.82% of the stock is owned by company insiders.

Coastal Financial Stock Performance

Shares of NASDAQ CCB opened at $75.68 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The company’s fifty day moving average price is $63.42 and its 200 day moving average price is $53.37. The company has a market capitalization of $1.02 billion, a PE ratio of 25.48 and a beta of 1.24. Coastal Financial Co. has a 1 year low of $35.67 and a 1 year high of $79.59.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Monday, October 28th. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. The business had revenue of $185.15 million for the quarter, compared to analysts’ expectations of $154.30 million. On average, research analysts predict that Coastal Financial Co. will post 3.55 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on CCB shares. Raymond James upped their target price on Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research report on Tuesday, October 29th. Hovde Group boosted their price objective on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods upped their target price on Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th.

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.