Magnus Financial Group LLC Sells 805 Shares of Coastal Financial Co. (NASDAQ:CCB)

Magnus Financial Group LLC lowered its position in shares of Coastal Financial Co. (NASDAQ:CCB) by 14.7% during the first quarter, HoldingsChannel reports. The fund owned 4,668 shares of the company’s stock after selling 805 shares during the quarter. Magnus Financial Group LLC’s holdings in Coastal Financial were worth $422,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Tower Research Capital LLC TRC grew its position in Coastal Financial by 179.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 718 shares of the company’s stock worth $61,000 after acquiring an additional 461 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in Coastal Financial during the 4th quarter worth $64,000. New York State Teachers Retirement System bought a new stake in Coastal Financial during the 4th quarter worth $87,000. Ameriflex Group Inc. bought a new stake in Coastal Financial during the 4th quarter worth $172,000. Finally, KLP Kapitalforvaltning AS bought a new stake in Coastal Financial during the 4th quarter worth $178,000. Institutional investors own 59.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CCB shares. Hovde Group reduced their price objective on Coastal Financial from $120.00 to $110.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Stephens reiterated an “overweight” rating and issued a $100.00 price target on shares of Coastal Financial in a research report on Tuesday, March 18th. Raymond James reduced their price target on Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, April 30th. Finally, Keefe, Bruyette & Woods reduced their price target on Coastal Financial from $114.00 to $110.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th.

Coastal Financial Trading Up 2.0%

NASDAQ CCB opened at $87.12 on Friday. The business’s 50-day moving average price is $84.78 and its two-hundred day moving average price is $84.81. Coastal Financial Co. has a 12 month low of $42.64 and a 12 month high of $102.25. The firm has a market capitalization of $1.31 billion, a PE ratio of 26.81 and a beta of 0.96. 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 released its quarterly earnings results on Tuesday, April 29th. The company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.30). Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. The company had revenue of $139.54 million during the quarter, compared to the consensus estimate of $158.65 million. On average, analysts expect that Coastal Financial Co. will post 4.59 EPS for the current year.

Insider Activity

In other news, CFO Joel G. Edwards sold 3,128 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $88.44, for a total value of $276,640.32. Following the transaction, the chief financial officer now directly owns 41,387 shares of the company’s stock, valued at $3,660,266.28. The trade was a 7.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Gregory A. Tisdel sold 1,600 shares of the business’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $79.07, for a total value of $126,512.00. Following the completion of the transaction, the director now directly owns 14,006 shares in the company, valued at $1,107,454.42. This represents a 10.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. 14.10% of the stock is owned by company insiders.

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.