Stifel Financial Corp Increases Position in Coastal Financial Co. (NASDAQ:CCB)

Stifel Financial Corp boosted its position in shares of Coastal Financial Co. (NASDAQ:CCB) by 7.5% during the third quarter, Holdings Channel reports. The firm owned 70,925 shares of the company’s stock after buying an additional 4,925 shares during the quarter. Stifel Financial Corp’s holdings in Coastal Financial were worth $3,829,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CCB. Dimensional Fund Advisors LP boosted its stake in shares of Coastal Financial by 6.0% during the second quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock valued at $16,603,000 after acquiring an additional 20,517 shares during the last quarter. Jacobs Asset Management LLC grew its holdings in Coastal Financial by 9.1% in the third quarter. Jacobs Asset Management LLC now owns 187,500 shares of the company’s stock valued at $10,123,000 after purchasing an additional 15,683 shares during the period. American Century Companies Inc. raised its position in shares of Coastal Financial by 23.3% in the 2nd 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 during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Coastal Financial by 188.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock worth $4,967,000 after purchasing an additional 60,106 shares during the period. Finally, Stieven Capital Advisors L.P. increased its position in Coastal Financial by 35.7% during the 3rd quarter. Stieven Capital Advisors L.P. now owns 74,113 shares of the company’s stock worth $4,001,000 after purchasing an additional 19,500 shares in the last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Eric M. Sprink sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $51.56, for a total value of $51,560.00. Following the sale, the chief executive officer now directly owns 312,689 shares in the company, valued at $16,122,244.84. The trade was a 0.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Steven D. Hovde sold 2,050 shares of the firm’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 transaction of $109,695.50. Following the sale, the director now owns 21,950 shares of the company’s stock, valued at $1,174,544.50. The trade was a 8.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 62,396 shares of company stock worth $3,630,412 over the last 90 days. 16.82% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

Coastal Financial Stock Up 3.6 %

CCB stock opened at $85.97 on Tuesday. The firm’s 50-day moving average is $69.07 and its two-hundred day moving average is $55.99. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of 28.95 and a beta of 1.24. Coastal Financial Co. has a 52 week low of $35.67 and a 52 week high of $86.04. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB) last announced its 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. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. The firm had revenue of $185.15 million for the quarter, compared to analysts’ expectations of $154.30 million. On average, analysts forecast that Coastal Financial Co. will post 3.55 earnings per share for the current fiscal 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.