Westwood Holdings Group Inc. Acquires Shares of 89,742 Coastal Financial Co. (NASDAQ:CCB)

Westwood Holdings Group Inc. bought a new stake in Coastal Financial Co. (NASDAQ:CCB - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 89,742 shares of the company's stock, valued at approximately $7,620,000. Westwood Holdings Group Inc. owned about 0.66% of Coastal Financial at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Tower Research Capital LLC TRC grew its stake in Coastal Financial by 179.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock valued at $61,000 after purchasing an additional 461 shares during the period. Meeder Asset Management Inc. purchased a new position in shares of Coastal Financial in the 4th quarter worth about $64,000. New York State Teachers Retirement System bought a new position in Coastal Financial during the fourth quarter valued at about $87,000. KLP Kapitalforvaltning AS bought a new position in Coastal Financial during the fourth quarter valued at about $178,000. Finally, Pictet Asset Management Holding SA purchased a new position in Coastal Financial in the fourth quarter valued at about $214,000. 59.24% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Insider Activity

In other Coastal Financial news, CFO Joel G. Edwards sold 3,128 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $88.44, for a total value of $276,640.32. Following the completion of the transaction, the chief financial officer now directly owns 41,387 shares in the company, valued at $3,660,266.28. This represents a 7.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gregory A. Tisdel sold 1,600 shares of the firm's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $79.07, for a total transaction of $126,512.00. Following the transaction, the director now directly owns 14,006 shares of the company's stock, valued at $1,107,454.42. The trade was a 10.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 14.10% of the company's stock.

Coastal Financial Price Performance

CCB traded down $1.39 during trading on Monday, reaching $86.01. The stock had a trading volume of 63,681 shares, compared to its average volume of 95,068. The business has a 50-day moving average of $84.97 and a 200-day moving average of $83.97. Coastal Financial Co. has a one year low of $42.64 and a one year 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 cap of $1.29 billion, a PE ratio of 26.46 and a beta of 0.94.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $139.54 million for the quarter, compared to analysts' expectations of $158.65 million. Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. As a group, equities research analysts anticipate that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

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.