Barclays PLC Sells 4,242 Shares of Coastal Financial Co. (NASDAQ:CCB)

Barclays PLC cut its stake in shares of Coastal Financial Co. (NASDAQ:CCB - Free Report) by 13.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 27,562 shares of the company's stock after selling 4,242 shares during the period. Barclays PLC owned about 0.20% of Coastal Financial worth $2,339,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CCB. Kennedy Capital Management LLC raised its holdings in Coastal Financial by 38.6% in the 4th quarter. Kennedy Capital Management LLC now owns 299,456 shares of the company's stock worth $25,427,000 after purchasing an additional 83,331 shares during the period. Raymond James Financial Inc. bought a new position in shares of Coastal Financial in the fourth quarter worth approximately $532,000. Legal & General Group Plc raised its position in shares of Coastal Financial by 9.2% during the 4th quarter. Legal & General Group Plc now owns 11,643 shares of the company's stock valued at $989,000 after purchasing an additional 984 shares during the period. Elizabeth Park Capital Advisors Ltd. bought a new position in Coastal Financial in the 4th quarter worth $3,104,000. Finally, Federated Hermes Inc. lifted its position in shares of Coastal Financial by 7,072.8% in the fourth quarter. Federated Hermes Inc. now owns 11,333 shares of the company's stock valued at $962,000 after acquiring an additional 11,175 shares in the last quarter. 59.24% of the stock is owned by institutional investors.

Coastal Financial Price Performance

CCB stock traded down $0.89 during trading on Tuesday, hitting $79.14. 125,346 shares of the company's stock traded hands, compared to its average volume of 92,548. The business has a fifty day simple moving average of $85.19 and a 200 day simple moving average of $81.73. Coastal Financial Co. has a 52 week low of $41.20 and a 52 week high of $102.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of 24.35 and a beta of 0.94.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.30). The company had revenue of $139.54 million for the quarter, compared to the consensus estimate of $158.65 million. Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. As a group, research analysts expect that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Hovde Group decreased their target price on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Raymond James cut their target price on shares of Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a research note on Wednesday, April 30th. Stephens reiterated an "overweight" rating and issued a $100.00 price target on shares of Coastal Financial in a research note on Tuesday, March 18th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Coastal Financial from $114.00 to $110.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th.

Insider Buying and Selling

In other news, Director Gregory A. Tisdel sold 1,600 shares of the company's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $79.07, for a total transaction of $126,512.00. Following the transaction, the director now owns 14,006 shares of the company's stock, valued at approximately $1,107,454.42. This represents a 10.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 16.82% of the stock is owned by corporate insiders.

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.