Magnus Financial Group LLC Cuts Position in Coastal Financial Co. (NASDAQ:CCB)

Magnus Financial Group LLC trimmed its position in shares of Coastal Financial Co. (NASDAQ:CCB) by 4.7% during the 4th quarter, Holdings Channel reports. The fund owned 5,473 shares of the company’s stock after selling 271 shares during the period. Magnus Financial Group LLC’s holdings in Coastal Financial were worth $465,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Principal Financial Group Inc. bought a new stake in Coastal Financial during the third quarter worth approximately $377,000. Barclays PLC boosted its holdings in shares of Coastal Financial by 60.0% in the 3rd quarter. Barclays PLC now owns 31,804 shares of the company’s stock worth $1,719,000 after purchasing an additional 11,922 shares during the period. PDT Partners LLC bought a new position in shares of Coastal Financial during the 3rd quarter valued at approximately $650,000. Charles Schwab Investment Management Inc. raised its holdings in Coastal Financial by 188.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock valued at $4,967,000 after buying an additional 60,106 shares during the period. Finally, Rosenthal Henry Capital Advisors Inc. lifted its position in Coastal Financial by 214.0% in the third quarter. Rosenthal Henry Capital Advisors Inc. now owns 30,116 shares of the company’s stock worth $1,626,000 after buying an additional 20,525 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors.

Insider Transactions at Coastal Financial

In other news, CEO Eric M. Sprink sold 1,000 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $63.11, for a total transaction of $63,110.00. Following the transaction, the chief executive officer now owns 250,388 shares of the company’s stock, valued at approximately $15,801,986.68. This represents a 0.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders have sold 18,641 shares of company stock valued at $1,250,759. 16.82% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CCB shares. Hovde Group boosted their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Keefe, Bruyette & Woods upped their price target on shares of Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, December 12th. Finally, Raymond James raised their price objective on shares of Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, October 29th.

Coastal Financial Stock Performance

CCB stock opened at $83.48 on Thursday. Coastal Financial Co. has a twelve month low of $35.67 and a twelve month high of $88.60. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of 28.11 and a beta of 1.22. The business’s fifty day simple moving average is $80.38 and its two-hundred day simple moving average is $63.29. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Monday, October 28th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.96 by $0.01. The company 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%. Analysts predict that Coastal Financial Co. will post 3.53 earnings per share for the current year.

About Coastal Financial

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.