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

Key Points

• Advisors Capital Management LLC reduced its stake in Coastal Financial Corporation by 12.3% in the first quarter, selling 19,581 shares, and now owns approximately $12.65 million worth of the company.
• Analysts have set a consensus target price of $110.25 for Coastal Financial, with several firms raising their price targets recently, indicating a generally optimistic market outlook.
• Coastal Financial's latest quarterly earnings report showed an EPS of $0.71, missing estimates by $0.16, with revenues significantly below analyst expectations at $119.43 million.

Advisors Capital Management LLC cut its position in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 12.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 139,895 shares of the company's stock after selling 19,581 shares during the period. Advisors Capital Management LLC owned approximately 0.93% of Coastal Financial worth $12,648,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in CCB. Wellington Management Group LLP raised its holdings in shares of Coastal Financial by 1,067.9% during the fourth quarter. Wellington Management Group LLP now owns 456,887 shares of the company's stock valued at $38,794,000 after purchasing an additional 417,767 shares during the last quarter. Westwood Holdings Group Inc. raised its holdings in shares of Coastal Financial by 400.4% during the first quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company's stock valued at $40,604,000 after purchasing an additional 359,371 shares during the last quarter. Azora Capital LP raised its holdings in shares of Coastal Financial by 49.3% during the first quarter. Azora Capital LP now owns 594,142 shares of the company's stock valued at $53,716,000 after purchasing an additional 196,148 shares during the last quarter. Driehaus Capital Management LLC raised its holdings in shares of Coastal Financial by 125.4% during the first quarter. Driehaus Capital Management LLC now owns 216,882 shares of the company's stock valued at $19,608,000 after purchasing an additional 120,667 shares during the last quarter. Finally, Peregrine Capital Management LLC purchased a new position in shares of Coastal Financial during the first quarter valued at approximately $10,180,000. 59.24% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Coastal Financial

In other news, CFO Joel G. Edwards sold 2,000 shares of the firm's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $110.59, for a total value of $221,180.00. Following the sale, the chief financial officer directly owned 36,187 shares in the company, valued at approximately $4,001,920.33. This trade represents a 5.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders have sold 7,000 shares of company stock valued at $778,230. 14.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have commented on CCB shares. Hovde Group set a $126.00 target price on shares of Coastal Financial in a report on Monday, August 18th. Keefe, Bruyette & Woods upped their target price on shares of Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to data from MarketBeat.com, Coastal Financial currently has an average rating of "Buy" and a consensus target price of $110.25.

Coastal Financial Stock Up 1.5%

Coastal Financial stock traded up $1.67 during midday trading on Wednesday, hitting $109.73. 44,493 shares of the company's stock were exchanged, compared to its average volume of 121,838. 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 Corporation has a 12 month low of $50.06 and a 12 month high of $118.00. The firm has a 50-day moving average of $104.89 and a two-hundred day moving average of $93.36. The company has a market cap of $1.66 billion, a PE ratio of 33.76 and a beta of 1.05.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.16). Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%.The business had revenue of $119.43 million for the quarter, compared to the consensus estimate of $158.05 million. As a group, analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

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.