Truist Financial Corp Lowers Stake in Coastal Financial Co. (NASDAQ:CCB)

Truist Financial Corp cut its position in shares of Coastal Financial Co. (NASDAQ:CCBGet Rating) by 34.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 20,838 shares of the company’s stock after selling 11,035 shares during the quarter. Truist Financial Corp’s holdings in Coastal Financial were worth $828,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CCB. The Manufacturers Life Insurance Company grew its holdings in Coastal Financial by 0.5% in the first quarter. The Manufacturers Life Insurance Company now owns 678,224 shares of the company’s stock valued at $31,029,000 after purchasing an additional 3,336 shares during the period. Vanguard Group Inc. grew its holdings in Coastal Financial by 3.2% in the first quarter. Vanguard Group Inc. now owns 459,351 shares of the company’s stock valued at $21,015,000 after purchasing an additional 14,256 shares during the period. HighTower Trust Services LTA purchased a new stake in Coastal Financial in the second quarter valued at approximately $17,172,000. State Street Corp grew its holdings in Coastal Financial by 6.6% in the second quarter. State Street Corp now owns 174,417 shares of the company’s stock valued at $6,649,000 after purchasing an additional 10,868 shares during the period. Finally, RMB Capital Management LLC purchased a new stake in Coastal Financial in the second quarter valued at approximately $5,718,000. 56.39% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on CCB. Raymond James began coverage on shares of Coastal Financial in a research note on Friday, October 28th. They set a “strong-buy” rating for the company. Hovde Group boosted their price objective on shares of Coastal Financial to $66.00 in a research note on Tuesday, November 1st. Finally, Stephens boosted their price objective on shares of Coastal Financial to $54.00 in a research note on Friday, November 4th.

Coastal Financial Trading Down 0.8 %

NASDAQ CCB opened at $42.84 on Friday. The company’s fifty day simple moving average is $47.99 and its 200-day simple moving average is $43.60. Coastal Financial Co. has a 52 week low of $35.61 and a 52 week high of $54.53. The company has a current ratio of 1.05, a quick ratio of 1.03 and a debt-to-equity ratio of 0.12. The stock has a market cap of $555.29 million, a P/E ratio of 16.41 and a beta of 1.14.

Coastal Financial (NASDAQ:CCBGet Rating) last posted its earnings results on Thursday, October 27th. The company reported $0.82 EPS for the quarter. Coastal Financial had a net margin of 13.99% and a return on equity of 16.27%. The business had revenue of $83.58 million for the quarter. Equities research analysts predict that Coastal Financial Co. will post 2.87 EPS for the current fiscal year.

Insider Transactions at Coastal Financial

In other news, Director Andrew P. Skotdal sold 942 shares of the business’s stock in a transaction on Monday, December 12th. The shares were sold at an average price of $52.11, for a total transaction of $49,087.62. Following the transaction, the director now directly owns 36,946 shares of the company’s stock, valued at $1,925,256.06. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Andrew P. Skotdal sold 942 shares of the company’s stock in a transaction on Monday, December 12th. The shares were sold at an average price of $52.11, for a total value of $49,087.62. Following the sale, the director now directly owns 36,946 shares of the company’s stock, valued at $1,925,256.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Eric M. Sprink sold 3,000 shares of the company’s stock in a transaction on Monday, January 9th. The shares were sold at an average price of $44.62, for a total transaction of $133,860.00. Following the completion of the sale, the chief executive officer now directly owns 274,217 shares in the company, valued at $12,235,562.54. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,280 shares of company stock valued at $2,913,115. Corporate insiders own 19.53% of the company’s stock.

Coastal Financial Company Profile

(Get Rating)

Coastal Financial Corp. operates as a bank holding company. The firm through Coastal Community Bank, provides banking products and services to small and medium-sized businesses, professionals, and individuals. It also offers deposit products. It operates through the following segments: community bank and CCBX.

See Also

Want to see what other hedge funds are holding CCB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coastal Financial Co. (NASDAQ:CCBGet Rating).

Institutional Ownership by Quarter for Coastal Financial (NASDAQ:CCB)

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