Coastal Financial Corporation $CCB Shares Sold by Kennedy Capital Management LLC

Kennedy Capital Management LLC trimmed its holdings in Coastal Financial Corporation (NASDAQ:CCB) by 18.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 141,911 shares of the company’s stock after selling 31,151 shares during the period. Kennedy Capital Management LLC’s holdings in Coastal Financial were worth $15,351,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. American Century Companies Inc. lifted its holdings in shares of Coastal Financial by 133.5% during the 2nd quarter. American Century Companies Inc. now owns 481,933 shares of the company’s stock worth $46,685,000 after acquiring an additional 275,500 shares during the period. Azora Capital LP increased its holdings in shares of Coastal Financial by 26.4% during the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company’s stock worth $72,759,000 after buying an additional 156,956 shares during the last quarter. Ranger Investment Management L.P. purchased a new position in shares of Coastal Financial in the 3rd quarter worth $16,895,000. D.A. Davidson & CO. purchased a new position in shares of Coastal Financial in the 3rd quarter worth $13,580,000. Finally, UBS Group AG boosted its holdings in Coastal Financial by 158.7% in the third quarter. UBS Group AG now owns 166,185 shares of the company’s stock valued at $17,976,000 after acquiring an additional 101,935 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Analysts Set New Price Targets

CCB has been the subject of several research analyst reports. Weiss Ratings lowered Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, March 2nd. TD Cowen reiterated a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. UBS Group set a $155.00 target price on shares of Coastal Financial in a research report on Friday, December 5th. Zacks Research lowered shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $128.00.

Insider Activity at Coastal Financial

In other news, CEO Eric M. Sprink sold 4,000 shares of the stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $116.01, for a total transaction of $464,040.00. Following the completion of the transaction, the chief executive officer directly owned 159,126 shares in the company, valued at approximately $18,460,207.26. This represents a 2.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Joel G. Edwards sold 1,300 shares of Coastal Financial stock in a transaction on Monday, January 26th. The stock was sold at an average price of $111.34, for a total transaction of $144,742.00. Following the completion of the sale, the chief financial officer owned 11,462 shares of the company’s stock, valued at approximately $1,276,179.08. This trade represents a 10.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 53,185 shares of company stock worth $6,127,817 over the last 90 days. 14.10% of the stock is owned by company insiders.

Coastal Financial Stock Down 0.5%

CCB traded down $0.37 during trading hours on Friday, reaching $77.00. 12,243 shares of the stock traded hands, compared to its average volume of 178,472. Coastal Financial Corporation has a fifty-two week low of $70.72 and a fifty-two week high of $120.05. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.04. The company has a market cap of $1.17 billion, a price-to-earnings ratio of 25.29 and a beta of 0.86. The firm’s fifty day simple moving average is $94.43 and its two-hundred day simple moving average is $104.86.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Thursday, January 29th. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $140.81 million. As a group, analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Coastal Financial Company 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.