Coastal Financial Corporation (NASDAQ:CCB) Shares Acquired by Westwood Holdings Group Inc.

Westwood Holdings Group Inc. raised its stake in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 400.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 449,113 shares of the company's stock after acquiring an additional 359,371 shares during the period. Westwood Holdings Group Inc. owned approximately 2.99% of Coastal Financial worth $40,604,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. T. Rowe Price Investment Management Inc. grew its holdings in shares of Coastal Financial by 47.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company's stock valued at $112,279,000 after purchasing an additional 423,864 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Coastal Financial by 1,067.9% in 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 in the last quarter. Azora Capital LP acquired a new position in shares of Coastal Financial in the fourth quarter valued at approximately $33,794,000. Peregrine Capital Management LLC acquired a new position in shares of Coastal Financial in the first quarter valued at approximately $10,180,000. Finally, Driehaus Capital Management LLC acquired a new position in shares of Coastal Financial in the fourth quarter valued at approximately $8,170,000. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Coastal Financial

In related news, 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 value of $276,640.32. Following the completion of the transaction, the chief financial officer owned 41,387 shares in the company, valued at $3,660,266.28. The trade was a 7.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 14.10% of the stock is owned by corporate insiders.

Coastal Financial Stock Up 0.3%

Shares of Coastal Financial stock opened at $95.18 on Wednesday. Coastal Financial Corporation has a 52-week low of $46.56 and a 52-week high of $106.38. The company has a 50 day moving average of $94.62 and a 200 day moving average of $89.29. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $1.43 billion, a P/E ratio of 29.29 and a beta of 1.01.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.87 by ($0.16). Coastal Financial had a return on equity of 11.69% and a net margin of 7.02%. The firm had revenue of $119.43 million during the quarter, compared to analysts' expectations of $158.05 million. As a group, research analysts forecast that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CCB has been the subject of a number of research reports. 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. Raymond James Financial dropped their price objective on shares of Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a report on Wednesday, April 30th. Finally, Hovde Group dropped their price objective on shares of Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th.

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.

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