Advisors Capital Management LLC Reduces Stock Position in Coastal Financial Corporation $CCB

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 lowered its holdings in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 12.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 139,895 shares of the company's stock after selling 19,581 shares during the quarter. Advisors Capital Management LLC owned about 0.93% of Coastal Financial worth $12,648,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. T. Rowe Price Investment Management Inc. increased its stake in Coastal Financial by 1.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,339,269 shares of the company's stock valued at $121,084,000 after purchasing an additional 16,944 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Coastal Financial by 7.9% during the first quarter. Vanguard Group Inc. now owns 739,322 shares of the company's stock valued at $66,842,000 after buying an additional 53,937 shares during the last quarter. Azora Capital LP grew 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 buying an additional 196,148 shares during the last quarter. Wellington Management Group LLP grew 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 buying an additional 417,767 shares during the last quarter. Finally, Westwood Holdings Group Inc. grew 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 buying an additional 359,371 shares during the last quarter. Institutional investors own 59.24% of the company's stock.

Coastal Financial Stock Performance

CCB traded down $0.09 during midday trading on Monday, reaching $109.01. The company had a trading volume of 130,505 shares, compared to its average volume of 122,490. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The stock has a market cap of $1.65 billion, a PE ratio of 33.54 and a beta of 1.05. Coastal Financial Corporation has a 12-month low of $49.51 and a 12-month high of $118.00. The business has a 50-day moving average price of $104.65 and a two-hundred day moving average price of $93.19.

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CCB. Keefe, Bruyette & Woods lifted their price objective 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. Hovde Group set a $126.00 target price on Coastal Financial in a research note on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $110.25.

Insiders Place Their Bets

In other Coastal Financial news, CFO Joel G. Edwards sold 3,000 shares of the business's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $111.71, for a total value of $335,130.00. Following the transaction, the chief financial officer directly owned 38,187 shares in the company, valued at $4,265,869.77. The trade was a 7.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 7,000 shares of company stock valued at $778,230 in the last 90 days. 14.10% of the stock is owned by insiders.

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.