Envestnet Asset Management Inc. Buys 1,956 Shares of Coastal Financial Co. (NASDAQ:CCB)

Envestnet Asset Management Inc. grew its stake in Coastal Financial Co. (NASDAQ:CCB) by 3.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 58,061 shares of the company’s stock after acquiring an additional 1,956 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Coastal Financial were worth $2,679,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. EntryPoint Capital LLC grew its holdings in shares of Coastal Financial by 642.4% during the first quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock valued at $65,000 after buying an additional 1,439 shares during the last quarter. Quadrature Capital Ltd bought a new position in Coastal Financial in the 1st quarter valued at approximately $207,000. Allspring Global Investments Holdings LLC boosted its stake in Coastal Financial by 22,360.0% during 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. Parallel Advisors LLC increased its holdings in shares of Coastal Financial by 2.9% in the 2nd quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock worth $369,000 after purchasing an additional 227 shares in the last quarter. Finally, Arcus Capital Partners LLC purchased a new position in shares of Coastal Financial in the second quarter worth $378,000. 59.24% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Coastal Financial

In related news, Director Steven D. Hovde sold 2,003 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $53.26, for a total value of $106,679.78. Following the transaction, the director now directly owns 27,997 shares of the company’s stock, valued at approximately $1,491,120.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Steven D. Hovde sold 2,003 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $53.26, for a total transaction of $106,679.78. Following the completion of the transaction, the director now directly owns 27,997 shares in the company, valued at approximately $1,491,120.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Eric M. Sprink sold 4,000 shares of Coastal Financial stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $54.25, for a total transaction of $217,000.00. Following the transaction, the chief executive officer now directly owns 309,689 shares in the company, valued at $16,800,628.25. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,631 shares of company stock valued at $1,697,960. Insiders own 16.82% of the company’s stock.

Coastal Financial Stock Performance

CCB stock opened at $52.75 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.03 and a quick ratio of 1.03. Coastal Financial Co. has a 1 year low of $35.67 and a 1 year high of $54.73. The company has a market cap of $707.85 million, a P/E ratio of 18.44 and a beta of 1.24. The stock’s fifty day moving average price is $50.84 and its 200-day moving average price is $45.69.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) 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 business had revenue of $167.41 million during the quarter, compared to the consensus estimate of $168.30 million. On average, equities analysts forecast that Coastal Financial Co. will post 3.52 earnings per share for the current year.

Analyst Ratings Changes

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

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.