Moss Adams Wealth Advisors LLC Acquires New Holdings in Coastal Financial Co. (NASDAQ:CCB)

Moss Adams Wealth Advisors LLC bought a new stake in shares of Coastal Financial Co. (NASDAQ:CCB) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 18,888 shares of the company’s stock, valued at approximately $1,020,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CCB. Diversify Advisory Services LLC bought a new position in shares of Coastal Financial in the 1st quarter worth approximately $714,000. Envestnet Asset Management Inc. raised its holdings in Coastal Financial by 3.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock worth $2,679,000 after purchasing an additional 1,956 shares during the period. Norden Group LLC purchased a new position in Coastal Financial during the first quarter valued at $1,488,000. Vanguard Group Inc. grew its holdings in Coastal Financial by 0.9% during 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 period. Finally, American Century Companies Inc. increased its position in Coastal Financial by 23.3% in the second quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after buying an additional 26,690 shares in the last quarter. 59.24% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, CEO Eric M. Sprink sold 1,000 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $59.19, for a total transaction of $59,190.00. Following the sale, the chief executive officer now owns 282,388 shares of the company’s stock, valued at $16,714,545.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Coastal Financial news, CEO Eric M. Sprink sold 1,000 shares of Coastal Financial stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $59.19, for a total transaction of $59,190.00. Following the completion of the transaction, the chief executive officer now directly owns 282,388 shares of the company’s stock, valued at $16,714,545.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric M. Sprink sold 3,000 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $57.67, for a total transaction of $173,010.00. Following the completion of the sale, the chief executive officer now directly owns 286,285 shares in the company, valued at approximately $16,510,055.95. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,631 shares of company stock worth $2,955,200. 16.82% of the stock is currently owned by insiders.

Coastal Financial Price Performance

Shares of Coastal Financial stock opened at $60.30 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.15. Coastal Financial Co. has a 52 week low of $35.67 and a 52 week high of $61.22. The stock’s 50-day simple moving average is $52.24 and its 200-day simple moving average is $47.11. The company has a market capitalization of $809.17 million, a price-to-earnings ratio of 21.08 and a beta of 1.24.

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

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.