Nuveen Asset Management LLC Acquires 45,100 Shares of Coastal Financial Co. (NASDAQ:CCB)

Nuveen Asset Management LLC lifted its stake in shares of Coastal Financial Co. (NASDAQ:CCB - Free Report) by 88.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 96,253 shares of the company's stock after buying an additional 45,100 shares during the quarter. Nuveen Asset Management LLC owned about 0.71% of Coastal Financial worth $8,173,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. increased its holdings in shares of Coastal Financial by 47.2% during 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 acquiring an additional 423,864 shares in the last quarter. Vanguard Group Inc. grew its position in Coastal Financial by 11.4% in the 4th 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 during the period. Wellington Management Group LLP increased its stake in Coastal Financial by 1,067.9% during the 4th 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 Coastal Financial during the fourth quarter worth $33,794,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Coastal Financial by 9.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 385,433 shares of the company's stock valued at $32,727,000 after buying an additional 33,980 shares in the last quarter. Institutional investors own 59.24% of the company's stock.

Insiders Place Their Bets

In other Coastal Financial news, CFO Joel G. Edwards sold 3,128 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $88.44, for a total transaction of $276,640.32. Following the completion of the transaction, the chief financial officer now directly owns 41,387 shares of the company's stock, valued at approximately $3,660,266.28. This represents a 7.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gregory A. Tisdel sold 1,600 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $79.07, for a total value of $126,512.00. Following the transaction, the director now directly owns 14,006 shares in the company, valued at $1,107,454.42. This represents a 10.25% decrease in their position. The disclosure for this sale can be found here. Insiders own 14.10% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CCB. Stephens restated an "overweight" rating and issued a $100.00 target price on shares of Coastal Financial in a report on Tuesday, March 18th. Hovde Group lowered their price objective on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Raymond James dropped their target price on Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating on the stock in a report on Wednesday, April 30th. Finally, Keefe, Bruyette & Woods decreased their price target on Coastal Financial from $114.00 to $110.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th.

Coastal Financial Stock Up 0.4%

Coastal Financial stock traded up $0.34 during midday trading on Friday, hitting $87.82. 64,427 shares of the stock were exchanged, compared to its average volume of 95,228. Coastal Financial Co. has a 52-week low of $42.64 and a 52-week high of $102.25. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The business's 50-day moving average price is $85.06 and its 200-day moving average price is $84.34. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of 27.02 and a beta of 0.94.

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

About Coastal Financial

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.