Jacobs Levy Equity Management Inc. Trims Position in Coastal Financial Co. (NASDAQ:CCB)

Jacobs Levy Equity Management Inc. trimmed its stake in Coastal Financial Co. (NASDAQ:CCB) by 1.2% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 20,715 shares of the company’s stock after selling 247 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in Coastal Financial were worth $1,118,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. nVerses Capital LLC lifted its position in shares of Coastal Financial by 300.0% in the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after purchasing an additional 600 shares during the period. FMR LLC lifted its stake in shares of Coastal Financial by 21.0% during 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. Quantbot Technologies LP bought a new stake in Coastal Financial during the third quarter valued at about $119,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Coastal Financial by 190.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock valued at $166,000 after purchasing an additional 2,019 shares during the last quarter. Finally, Quest Partners LLC bought a new position in Coastal Financial in the third quarter worth about $214,000. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CCB shares. Raymond James raised their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research note on Tuesday, October 29th. Hovde Group boosted their price target on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Coastal Financial from $75.00 to $92.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th.

Insider Buying and Selling

In related news, EVP Jonathan E. Sand sold 1,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $74.15, for a total value of $74,150.00. Following the transaction, the executive vice president now directly owns 19,611 shares of the company’s stock, valued at approximately $1,454,155.65. This trade represents a 4.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Steven D. Hovde sold 2,050 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $53.51, for a total value of $109,695.50. Following the sale, the director now owns 21,950 shares of the company’s stock, valued at approximately $1,174,544.50. This trade represents a 8.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 72,921 shares of company stock valued at $4,159,029. 16.82% of the stock is owned by company insiders.

Coastal Financial Trading Down 1.0 %

Coastal Financial stock opened at $76.33 on Monday. Coastal Financial Co. has a 52 week low of $35.67 and a 52 week high of $79.59. The stock has a 50-day moving average price of $65.84 and a 200 day moving average price of $54.48. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of 25.70 and a beta of 1.24.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Monday, October 28th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.96 by $0.01. The business had revenue of $185.15 million for the quarter, compared to the consensus estimate of $154.30 million. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. Sell-side analysts anticipate that Coastal Financial Co. will post 3.55 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.