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

Key Points

• Westwood Holdings Group Inc. significantly increased its stake in Coastal Financial Corporation by 400.4% in the first quarter, owning approximately 2.99% of the company after acquiring nearly 359,371 shares.
• Coastal Financial Corporation reported an earnings per share (EPS) of $0.71, missing analysts' expectations of $0.87 for the last quarter, with total revenue of $119.43 million.
• Multiple institutional investors made substantial adjustments to their holdings, with T. Rowe Price Investment Management increasing their stake by 47.2% and Wellington Management increasing theirs by 1,067.9% in the previous quarter.

Westwood Holdings Group Inc. raised its stake in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 400.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 449,113 shares of the company's stock after purchasing an additional 359,371 shares during the period. Westwood Holdings Group Inc. owned 2.99% of Coastal Financial worth $40,604,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of CCB. First Trust Advisors LP increased its position in shares of Coastal Financial by 1.9% in the fourth quarter. First Trust Advisors LP now owns 8,297 shares of the company's stock worth $704,000 after acquiring an additional 156 shares in the last quarter. SummerHaven Investment Management LLC increased its position in shares of Coastal Financial by 0.9% in the first quarter. SummerHaven Investment Management LLC now owns 17,138 shares of the company's stock worth $1,549,000 after acquiring an additional 161 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Coastal Financial by 5.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,459 shares of the company's stock worth $548,000 after acquiring an additional 343 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Coastal Financial by 0.9% in the fourth quarter. Franklin Resources Inc. now owns 45,886 shares of the company's stock worth $3,896,000 after acquiring an additional 400 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of Coastal Financial by 179.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock worth $61,000 after acquiring an additional 461 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company's stock.

Coastal Financial Stock Up 3.8%

CCB traded up $3.66 during trading hours on Friday, reaching $99.17. 157,099 shares of the stock traded hands, compared to its average volume of 132,202. The firm's fifty day simple moving average is $95.17 and its two-hundred day simple moving average is $89.51. The company has a market cap of $1.49 billion, a price-to-earnings ratio of 30.51 and a beta of 1.01. Coastal Financial Corporation has a fifty-two week low of $46.56 and a fifty-two week high of $106.38. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.06 and a quick ratio of 1.04.

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

Insider Buying and Selling

In other news, CFO Joel G. Edwards sold 3,128 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $88.44, for a total value of $276,640.32. Following the transaction, the chief financial officer directly owned 41,387 shares in the company, valued at approximately $3,660,266.28. This trade represents a 7.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 14.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

CCB has been the subject of several recent research reports. Keefe, Bruyette & Woods increased their price objective on shares of Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a research report on Friday, July 11th. 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 research report on Wednesday, April 30th. Finally, Raymond James Financial lowered their price target 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.

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.