Jane Street Group LLC Lowers Position in Coastal Financial Co. (NASDAQ:CCB)

Jane Street Group LLC lessened its holdings in shares of Coastal Financial Co. (NASDAQ:CCB) by 16.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,472 shares of the company’s stock after selling 2,642 shares during the quarter. Jane Street Group LLC’s holdings in Coastal Financial were worth $727,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CCB. Charles Schwab Investment Management Inc. lifted its stake in Coastal Financial by 188.4% during the third 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 last quarter. Philadelphia Financial Management of San Francisco LLC bought a new stake in Coastal Financial in the 3rd quarter worth approximately $2,034,000. Riverwater Partners LLC lifted its position in Coastal Financial by 367.9% in the 3rd quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock worth $2,012,000 after buying an additional 30,405 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Coastal Financial by 23.3% during the second quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after acquiring an additional 26,690 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its stake in Coastal Financial by 79.9% in the third quarter. Los Angeles Capital Management LLC now owns 57,357 shares of the company’s stock worth $3,097,000 after purchasing an additional 25,482 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Coastal Financial news, CEO Eric M. Sprink sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $59.19, for a total transaction of $59,190.00. Following the completion of the sale, the chief executive officer now directly owns 282,388 shares in the company, valued at approximately $16,714,545.72. This trade represents a 0.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 40,346 shares of company stock worth $2,470,286. 16.82% of the stock is currently owned by company insiders.

Coastal Financial Stock Down 0.2 %

Shares of Coastal Financial stock opened at $84.75 on Friday. Coastal Financial Co. has a 12-month low of $35.67 and a 12-month high of $87.10. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The company’s fifty day simple moving average is $75.63 and its two-hundred day simple moving average is $59.34. The company has a market cap of $1.15 billion, a P/E ratio of 28.54 and a beta of 1.24.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Monday, October 28th. The company reported $0.97 earnings per share 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 analysts’ expectations of $154.30 million. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. Research analysts anticipate that Coastal Financial Co. will post 3.55 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Raymond James boosted their target price on 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 lifted their target price on shares of 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 increased their price target on shares of Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th.

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.