Riverwater Partners LLC Purchases 30,405 Shares of Coastal Financial Co. (NASDAQ:CCB)

Riverwater Partners LLC lifted its position in shares of Coastal Financial Co. (NASDAQ:CCB) by 367.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,670 shares of the company’s stock after acquiring 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 holding. Riverwater Partners LLC owned approximately 0.29% of Coastal Financial worth $2,012,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. nVerses Capital LLC grew its position in Coastal Financial by 300.0% in the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after acquiring an additional 600 shares during the last quarter. EntryPoint Capital LLC increased its position in Coastal Financial by 642.4% during the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after purchasing an additional 1,439 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Coastal Financial by 22,360.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after purchasing an additional 4,472 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in Coastal Financial in the first quarter valued at approximately $207,000. Finally, Creative Planning bought a new stake in shares of Coastal Financial during the third quarter worth $298,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Analyst Ratings Changes

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

Insider Buying and Selling at Coastal Financial

In other news, CEO Eric M. Sprink sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $59.19, for a total value of $59,190.00. Following the transaction, the chief executive officer now owns 282,388 shares in the company, valued at approximately $16,714,545.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Coastal Financial news, Director Steven D. Hovde sold 1,497 shares of Coastal Financial stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $53.00, for a total value of $79,341.00. Following the completion of the sale, the director now directly owns 26,500 shares in the company, valued at approximately $1,404,500. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Eric M. Sprink sold 1,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $59.19, for a total value of $59,190.00. Following the transaction, the chief executive officer now owns 282,388 shares in the company, valued at $16,714,545.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 55,631 shares of company stock valued at $2,955,200. 16.82% of the stock is currently owned by company insiders.

Coastal Financial Price Performance

CCB stock opened at $59.97 on Thursday. The company has a market capitalization of $804.74 million, a P/E ratio of 20.97 and a beta of 1.24. The company has a fifty day moving average price of $52.97 and a 200-day moving average price of $47.61. 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 52-week low of $35.67 and a 52-week high of $61.22.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Monday, July 29th. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.81 by $0.03. The firm had revenue of $167.41 million for the quarter, compared to the consensus estimate of $168.30 million. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. As a group, equities analysts expect that Coastal Financial Co. will post 3.56 EPS for the current 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.