Orion Porfolio Solutions LLC Trims Stake in Coastal Financial Corporation $CCB

Orion Porfolio Solutions LLC lowered its position in Coastal Financial Corporation (NASDAQ:CCB) by 24.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 47,681 shares of the company’s stock after selling 15,487 shares during the period. Orion Porfolio Solutions LLC owned approximately 0.32% of Coastal Financial worth $5,158,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of CCB. JPMorgan Chase & Co. grew its holdings in shares of Coastal Financial by 2.3% in the second quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company’s stock worth $644,000 after purchasing an additional 149 shares during the last quarter. EJF Capital LLC increased its stake in Coastal Financial by 2.5% in the 2nd quarter. EJF Capital LLC now owns 13,547 shares of the company’s stock worth $1,312,000 after buying an additional 329 shares during the period. AQR Capital Management LLC lifted its holdings in Coastal Financial by 3.7% during the 1st quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock valued at $1,185,000 after buying an additional 473 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Coastal Financial by 229.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock valued at $80,000 after buying an additional 576 shares in the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in Coastal Financial in the 3rd quarter valued at about $64,000. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Insider Buying and Selling

In other Coastal Financial news, Director Steven D. Hovde sold 3,000 shares of the stock in a transaction on Monday, December 8th. The stock was sold at an average price of $114.00, for a total transaction of $342,000.00. Following the sale, the director owned 16,000 shares of the company’s stock, valued at approximately $1,824,000. This trade represents a 15.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Eric M. Sprink sold 8,778 shares of Coastal Financial stock in a transaction on Monday, January 5th. The shares were sold at an average price of $114.95, for a total value of $1,009,031.10. Following the completion of the transaction, the chief executive officer owned 193,884 shares in the company, valued at $22,286,965.80. This represents a 4.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 60,685 shares of company stock valued at $6,994,817 in the last three months. 14.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CCB shares. Wall Street Zen upgraded shares of Coastal Financial from a “sell” rating to a “hold” rating in a research note on Saturday. Hovde Group decreased their price target on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research note on Friday, January 30th. Zacks Research lowered Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. UBS Group set a $155.00 price objective on Coastal Financial in a research note on Friday, December 5th. Finally, Weiss Ratings downgraded Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Coastal Financial currently has an average rating of “Moderate Buy” and an average target price of $128.00.

Coastal Financial Trading Down 0.8%

NASDAQ CCB opened at $78.54 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 25.84 and a beta of 0.86. The company’s 50-day simple moving average is $97.44 and its two-hundred day simple moving average is $105.65. Coastal Financial Corporation has a one year low of $70.72 and a one year high of $120.05.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.34). Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%.The business had revenue of $56.49 million during the quarter, compared to analysts’ expectations of $140.81 million. Equities analysts forecast that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Coastal Financial Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.