Westwood Holdings Group Inc. Decreases Stake in Coastal Financial Corporation $CCB

Westwood Holdings Group Inc. lowered its stake in Coastal Financial Corporation (NASDAQ:CCB) by 5.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 424,967 shares of the company’s stock after selling 24,146 shares during the quarter. Westwood Holdings Group Inc.’s holdings in Coastal Financial were worth $41,167,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Tower Research Capital LLC TRC raised its holdings in Coastal Financial by 521.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock valued at $122,000 after buying an additional 1,059 shares during the last quarter. Rafferty Asset Management LLC grew its holdings in Coastal Financial by 3.7% in the 2nd quarter. Rafferty Asset Management LLC now owns 17,102 shares of the company’s stock worth $1,657,000 after acquiring an additional 616 shares during the last quarter. Orion Porfolio Solutions LLC increased its position in shares of Coastal Financial by 11.0% in the second quarter. Orion Porfolio Solutions LLC now owns 66,394 shares of the company’s stock valued at $6,432,000 after acquiring an additional 6,563 shares during the period. Militia Capital Partners LP raised its stake in shares of Coastal Financial by 199.1% during the second quarter. Militia Capital Partners LP now owns 32,900 shares of the company’s stock valued at $3,187,000 after acquiring an additional 21,900 shares during the last quarter. Finally, EJF Capital LLC boosted its holdings in shares of Coastal Financial by 2.5% during the second quarter. EJF Capital LLC now owns 13,547 shares of the company’s stock worth $1,312,000 after purchasing an additional 329 shares during the period. Institutional investors own 59.24% of the company’s stock.

Coastal Financial Stock Down 2.5%

CCB stock opened at $114.09 on Monday. Coastal Financial Corporation has a fifty-two week low of $76.11 and a fifty-two week high of $119.57. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of 36.10 and a beta of 0.89. The business’s 50 day moving average price is $107.49 and its two-hundred day moving average price is $103.83. 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 earnings results on Wednesday, October 29th. The company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). The firm 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%. As a group, analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Insider Buying and Selling at Coastal Financial

In related news, Director Steven D. Hovde sold 3,000 shares of Coastal Financial stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $117.25, for a total transaction of $351,750.00. Following the completion of the transaction, the director directly owned 11,500 shares of the company’s stock, valued at $1,348,375. This trade represents a 20.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Joel G. Edwards sold 9,425 shares of the business’s stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $114.67, for a total transaction of $1,080,764.75. Following the sale, the chief financial officer directly owned 12,762 shares in the company, valued at $1,463,418.54. The trade was a 42.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 48,219 shares of company stock valued at $5,429,999. 14.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CCB shares. Cowen reissued a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. Hovde Group set a $126.00 price objective on Coastal Financial in a report on Monday, August 18th. Weiss Ratings reissued a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 1st. TD Cowen upped their target price on Coastal Financial from $140.00 to $155.00 and gave the company a “buy” rating in a report on Friday, December 5th. Finally, Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Coastal Financial presently has an average rating of “Buy” and a consensus target price of $125.17.

Coastal Financial Company 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.