Advisors Capital Management LLC Has $13.50 Million Stock Holdings in Coastal Financial Corporation $CCB

Advisors Capital Management LLC decreased its stake in shares of Coastal Financial Corporation (NASDAQ:CCB) by 11.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 124,840 shares of the company’s stock after selling 16,818 shares during the quarter. Advisors Capital Management LLC owned about 0.83% of Coastal Financial worth $13,504,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. AQR Capital Management LLC grew its stake in shares of Coastal Financial by 3.7% in the first 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Coastal Financial by 15.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock valued at $672,000 after acquiring an additional 977 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Coastal Financial by 44.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock worth $6,645,000 after purchasing an additional 22,725 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Coastal Financial by 7.3% in the 1st quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock valued at $1,125,000 after purchasing an additional 848 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Coastal Financial by 4.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company’s stock valued at $2,393,000 after purchasing an additional 1,048 shares during the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Insider Activity at Coastal Financial

In other Coastal Financial news, Director Steven D. Hovde sold 3,000 shares of the firm’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $117.25, for a total transaction of $351,750.00. Following the transaction, the director owned 11,500 shares in the company, valued at $1,348,375. This trade represents a 20.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 directly owned 193,884 shares of the company’s stock, valued at $22,286,965.80. This represents a 4.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 63,296 shares of company stock worth $7,287,745 over the last ninety days. Insiders own 14.10% of the company’s stock.

Coastal Financial Stock Down 0.7%

CCB opened at $85.10 on Thursday. The stock has a fifty day moving average of $106.48 and a 200-day moving average of $107.57. The company has a market capitalization of $1.29 billion, a P/E ratio of 27.99 and a beta of 0.87. Coastal Financial Corporation has a fifty-two week low of $76.11 and a fifty-two week high of $120.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Thursday, January 29th. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.34). Coastal Financial had a net margin of 7.11% and a return on equity of 10.16%. The business had revenue of $56.49 million during the quarter, compared to analyst estimates of $140.81 million. On average, equities analysts expect that Coastal Financial Corporation will post 4.59 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CCB. Keefe, Bruyette & Woods lowered their price target on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a research report on Monday, February 2nd. Weiss Ratings restated a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 29th. Hovde Group reduced their price objective on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research report on Friday, January 30th. UBS Group set a $155.00 price objective on shares of Coastal Financial in a research report on Friday, December 5th. Finally, Zacks Research cut shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $128.00.

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.