BNP Paribas Financial Markets Lowers Holdings in Coastal Financial Co. (NASDAQ:CCB)

BNP Paribas Financial Markets lessened its position in Coastal Financial Co. (NASDAQ:CCB - Free Report) by 17.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 20,761 shares of the company's stock after selling 4,288 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.15% of Coastal Financial worth $1,763,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. increased its position in Coastal Financial by 47.2% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company's stock valued at $112,279,000 after buying an additional 423,864 shares in the last quarter. Vanguard Group Inc. lifted its position in Coastal Financial by 11.4% during the fourth quarter. Vanguard Group Inc. now owns 685,385 shares of the company's stock valued at $58,196,000 after purchasing an additional 70,272 shares in the last quarter. Wellington Management Group LLP grew its holdings in 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 period. The Manufacturers Life Insurance Company increased its position in Coastal Financial by 9.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 385,433 shares of the company's stock worth $32,727,000 after buying an additional 33,980 shares in the last quarter. Finally, Kennedy Capital Management LLC increased its position in Coastal Financial by 38.6% in the fourth quarter. Kennedy Capital Management LLC now owns 299,456 shares of the company's stock worth $25,427,000 after buying an additional 83,331 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors.

Coastal Financial Price Performance

CCB traded down $0.70 on Wednesday, hitting $88.41. 91,127 shares of the company's stock traded hands, compared to its average volume of 94,405. The company's 50 day simple moving average is $84.75 and its 200-day simple moving average is $83.43. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. Coastal Financial Co. has a one year low of $42.64 and a one year high of $102.25. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of 27.20 and a beta of 0.94.

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

Insider Activity at Coastal Financial

In other news, Director Gregory A. Tisdel sold 1,600 shares of the business's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $79.07, for a total value of $126,512.00. Following the sale, the director now directly owns 14,006 shares in the company, valued at $1,107,454.42. The trade was a 10.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Joel G. Edwards sold 3,128 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $88.44, for a total transaction of $276,640.32. Following the sale, the chief financial officer now 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 disclosure for this sale can be found here. 16.82% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

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.