Two Sigma Investments LP Acquires 14,494 Shares of Coastal Financial Co. (NASDAQ:CCB)

Two Sigma Investments LP increased its holdings in Coastal Financial Co. (NASDAQ:CCB) by 49.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 43,681 shares of the company’s stock after purchasing an additional 14,494 shares during the period. Two Sigma Investments LP’s holdings in Coastal Financial were worth $3,709,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Tower Research Capital LLC TRC boosted its holdings in Coastal Financial by 179.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 718 shares of the company’s stock worth $61,000 after buying an additional 461 shares during the period. Meeder Asset Management Inc. bought a new position in Coastal Financial in the 4th quarter worth approximately $64,000. New York State Teachers Retirement System bought a new position in Coastal Financial in the 4th quarter worth approximately $87,000. KLP Kapitalforvaltning AS bought a new position in Coastal Financial in the 4th quarter worth approximately $178,000. Finally, Pictet Asset Management Holding SA bought a new position in Coastal Financial in the 4th quarter worth approximately $214,000. 59.24% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CCB shares. Hovde Group cut their price objective on shares of Coastal Financial from $120.00 to $110.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Raymond James cut their price target on shares of Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating for the company in a report on Wednesday, April 30th. Stephens reissued an “overweight” rating and issued a $100.00 price target on shares of Coastal Financial in a report on Tuesday, March 18th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Coastal Financial from $114.00 to $110.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th.

Insider Activity

In other news, Director Gregory A. Tisdel sold 1,600 shares of the firm’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $79.07, for a total transaction of $126,512.00. Following the sale, the director now owns 14,006 shares in the company, valued at approximately $1,107,454.42. This trade represents a 10.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Joel G. Edwards sold 3,128 shares of the firm’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $88.44, for a total transaction of $276,640.32. Following the sale, the chief financial officer now owns 41,387 shares in the company, valued at approximately $3,660,266.28. This trade represents a 7.03% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 14.10% of the company’s stock.

Coastal Financial Stock Down 1.7%

Shares of NASDAQ:CCB opened at $87.19 on Thursday. The firm has a fifty day moving average price of $85.13 and a two-hundred day moving average price of $84.13. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. Coastal Financial Co. has a one year low of $42.64 and a one year high of $102.25. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 26.83 and a beta of 0.94.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.63 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.30). The firm had revenue of $139.54 million during the quarter, compared to the consensus estimate of $158.65 million. Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. Analysts anticipate that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

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.