Kennedy Capital Management LLC Decreases Holdings in Coastal Financial Corporation $CCB

Kennedy Capital Management LLC decreased its stake in Coastal Financial Corporation (NASDAQ:CCB) by 11.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 173,062 shares of the company’s stock after selling 21,711 shares during the period. Kennedy Capital Management LLC owned 1.15% of Coastal Financial worth $16,765,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of CCB. T. Rowe Price Investment Management Inc. increased its stake in shares of Coastal Financial by 1.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,339,269 shares of the company’s stock worth $121,084,000 after purchasing an additional 16,944 shares during the last quarter. Vanguard Group Inc. grew its holdings in Coastal Financial by 7.9% during the first quarter. Vanguard Group Inc. now owns 739,322 shares of the company’s stock valued at $66,842,000 after purchasing an additional 53,937 shares during the period. Azora Capital LP increased its position in Coastal Financial by 49.3% in the first quarter. Azora Capital LP now owns 594,142 shares of the company’s stock worth $53,716,000 after buying an additional 196,148 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Coastal Financial by 133.5% in the second quarter. American Century Companies Inc. now owns 481,933 shares of the company’s stock valued at $46,685,000 after buying an additional 275,500 shares during the period. Finally, Westwood Holdings Group Inc. lifted its position in shares of Coastal Financial by 400.4% during the 1st quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company’s stock valued at $40,604,000 after buying an additional 359,371 shares during the last quarter. 59.24% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on CCB shares. TD Cowen started coverage on Coastal Financial in a research note on Thursday, September 25th. They issued a “buy” rating and a $140.00 price objective on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday. Zacks Research raised shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, September 29th. Finally, Hovde Group set a $126.00 price objective on shares of Coastal Financial in a report on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $116.20.

Coastal Financial Price Performance

Coastal Financial stock opened at $110.04 on Thursday. The stock has a market cap of $1.66 billion, a price-to-earnings ratio of 34.82 and a beta of 0.89. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The business has a 50-day simple moving average of $107.17 and a 200 day simple moving average of $102.39. Coastal Financial Corporation has a 52 week low of $73.80 and a 52 week high of $119.22.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Wednesday, October 29th. The company reported $0.88 earnings per share for the quarter, missing the consensus estimate of $0.89 by ($0.01). The business had revenue of $52.89 million during the quarter, compared to analysts’ expectations of $133.44 million. Coastal Financial had a net margin of 7.14% and a return on equity of 10.45%. On average, research analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Insider Transactions at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink sold 10,683 shares of Coastal Financial stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $114.65, for a total transaction of $1,224,805.95. Following the completion of the sale, the chief executive officer owned 211,011 shares of the company’s stock, valued at $24,192,411.15. The trade was a 4.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stephan Klee sold 4,350 shares of the company’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $109.14, for a total value of $474,759.00. Following the completion of the transaction, the director owned 1,661 shares of the company’s stock, valued at $181,281.54. The trade was a 72.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 64,958 shares of company stock valued at $7,210,220 in the last quarter. Insiders own 14.10% of the company’s stock.

Coastal Financial Profile

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.