XTX Topco Ltd Invests $570,000 in Coastal Financial Corporation (NASDAQ:CCB)

XTX Topco Ltd purchased a new position in shares of Coastal Financial Corporation (NASDAQ:CCB) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 6,301 shares of the company’s stock, valued at approximately $570,000.

Other institutional investors have also modified their holdings of the company. Rhumbline Advisers boosted its stake in shares of Coastal Financial by 8.2% during the 1st quarter. Rhumbline Advisers now owns 16,700 shares of the company’s stock worth $1,510,000 after acquiring an additional 1,262 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Coastal Financial by 87.5% during the 1st quarter. Principal Financial Group Inc. now owns 14,303 shares of the company’s stock worth $1,293,000 after acquiring an additional 6,673 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Coastal Financial by 50,271.4% during the 1st quarter. GAMMA Investing LLC now owns 3,526 shares of the company’s stock worth $319,000 after acquiring an additional 3,519 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Coastal Financial by 9.2% during the 4th quarter. Legal & General Group Plc now owns 11,643 shares of the company’s stock worth $989,000 after acquiring an additional 984 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Coastal Financial by 4.7% during the 1st quarter. Bank of New York Mellon Corp now owns 39,989 shares of the company’s stock worth $3,615,000 after acquiring an additional 1,778 shares in the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Coastal Financial Price Performance

CCB stock opened at $95.23 on Thursday. Coastal Financial Corporation has a 1 year low of $46.56 and a 1 year high of $106.38. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.04 and a current ratio of 1.06. The stock’s 50 day moving average price is $94.79 and its 200 day moving average price is $89.33. The firm has a market cap of $1.43 billion, a P/E ratio of 29.30 and a beta of 1.01.

Coastal Financial (NASDAQ:CCB) last posted its earnings results 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). Coastal Financial had a net margin of 7.02% and a return on equity of 11.69%. The company had revenue of $119.43 million during the quarter, compared to analysts’ expectations of $158.05 million. On average, sell-side analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CCB has been the topic of several research analyst reports. Keefe, Bruyette & Woods boosted their price target on Coastal Financial from $110.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, July 11th. Raymond James Financial reduced their target price on Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, April 30th. Finally, Hovde Group reduced their target price on Coastal Financial from $120.00 to $110.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th.

Insider Transactions at Coastal Financial

In other Coastal Financial news, CFO Joel G. Edwards sold 3,128 shares of the business’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $88.44, for a total value of $276,640.32. Following the completion of the transaction, the chief financial officer directly owned 41,387 shares in the company, valued at approximately $3,660,266.28. The trade was a 7.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 14.10% of the company’s stock.

Coastal Financial 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.