Westwood Holdings Group Inc. Makes New $7.62 Million Investment in Coastal Financial Co. (NASDAQ:CCB)

Westwood Holdings Group Inc. purchased a new stake in Coastal Financial Co. (NASDAQ:CCB - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 89,742 shares of the company's stock, valued at approximately $7,620,000. Westwood Holdings Group Inc. owned approximately 0.66% of Coastal Financial at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. T. Rowe Price Investment Management Inc. lifted its stake in Coastal Financial by 47.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company's stock worth $112,279,000 after purchasing an additional 423,864 shares in the last quarter. Wellington Management Group LLP lifted its stake in Coastal Financial by 1,067.9% in the 4th quarter. Wellington Management Group LLP now owns 456,887 shares of the company's stock worth $38,794,000 after purchasing an additional 417,767 shares in the last quarter. Azora Capital LP purchased a new position in Coastal Financial in the 4th quarter worth approximately $33,794,000. Driehaus Capital Management LLC purchased a new position in Coastal Financial in the 4th quarter worth approximately $8,170,000. Finally, Kennedy Capital Management LLC lifted its stake 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 in the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Coastal Financial

In related news, Director Gregory A. Tisdel sold 1,600 shares of Coastal Financial stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $79.07, for a total value of $126,512.00. Following the completion of the sale, the director now owns 14,006 shares in the company, valued at approximately $1,107,454.42. This trade represents a 10.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Joel G. Edwards sold 3,128 shares of Coastal Financial stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $88.44, for a total transaction of $276,640.32. Following the completion of the sale, the chief financial officer now owns 41,387 shares of the company's stock, valued at $3,660,266.28. This trade represents a 7.03% decrease in their position. The disclosure for this sale can be found here. Insiders own 16.82% of the company's stock.

Coastal Financial Trading Down 1.6%

Shares of NASDAQ CCB traded down $1.39 during midday trading on Friday, reaching $86.01. 63,681 shares of the stock were exchanged, compared to its average volume of 94,908. The company has a 50 day simple moving average of $84.97 and a 200 day simple moving average of $83.79. The stock has a market capitalization of $1.29 billion, a P/E ratio of 26.46 and a beta of 0.94. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. Coastal Financial Co. has a twelve month low of $42.64 and a twelve month high of $102.25.

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

Analyst Ratings Changes

A number of research firms have weighed in on CCB. Raymond James decreased their target price on shares of Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, April 30th. Hovde Group decreased their target price on shares of Coastal Financial from $120.00 to $110.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Keefe, Bruyette & Woods decreased their target price on shares of Coastal Financial from $114.00 to $110.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, Stephens restated an "overweight" rating and set a $100.00 price target on shares of Coastal Financial in a report on Tuesday, March 18th.

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.