Royce & Associates LP Grows Holdings in Coastal Financial Corporation (NASDAQ:CCB)

Key Points

• Royce & Associates LP has increased its holdings in Coastal Financial Corporation by 18.7%, now owning 106,339 shares valued at approximately $9.6 million.
• Coastal Financial reported earnings of $0.63 per share for the last quarter, which was $0.30 below analysts' expectations, contributing to a revenue of $139.54 million compared to forecasts of $158.65 million.
• Insider transactions revealed CFO Joel G. Edwards sold 3,128 shares at an average price of $88.44, reducing his ownership in the company by 7.03%.

Royce & Associates LP boosted its holdings in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 18.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 106,339 shares of the company's stock after buying an additional 16,785 shares during the period. Royce & Associates LP owned approximately 0.71% of Coastal Financial worth $9,614,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of CCB. Tower Research Capital LLC TRC raised its holdings in 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 purchasing an additional 461 shares during the period. Meeder Asset Management Inc. bought a new stake in shares of Coastal Financial during the fourth quarter worth $64,000. Ameriflex Group Inc. bought a new stake in shares of Coastal Financial during the fourth quarter worth $172,000. KLP Kapitalforvaltning AS acquired a new position in Coastal Financial during the fourth quarter worth $178,000. Finally, Pictet Asset Management Holding SA acquired a new position in Coastal Financial during the fourth quarter worth $214,000. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Coastal Financial Stock Down 5.4%

Shares of Coastal Financial stock traded down $5.46 during trading on Tuesday, reaching $96.00. 112,792 shares of the company traded hands, compared to its average volume of 119,687. 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 Corporation has a 1-year low of $45.92 and a 1-year high of $106.38. The company has a 50 day moving average price of $93.63 and a 200-day moving average price of $88.84. The firm has a market capitalization of $1.44 billion, a PE ratio of 28.40 and a beta of 0.96.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $0.71 earnings per share for the quarter, missing analysts' consensus estimates of $0.87 by ($0.16). Coastal Financial had a net margin of 6.94% and a return on equity of 12.53%. As a group, equities research analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Insider Buying and Selling at Coastal Financial

In other news, CFO Joel G. Edwards sold 3,128 shares of Coastal Financial 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 completion of the transaction, the chief financial officer owned 41,387 shares in the company, valued at $3,660,266.28. This trade represents a 7.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 14.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CCB. Keefe, Bruyette & Woods raised their target price on shares of Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a research note on Friday, July 11th. Raymond James Financial lowered their price target on shares of Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, April 30th. Finally, Hovde Group lowered their price target on shares of Coastal Financial from $120.00 to $110.00 and set an "outperform" rating on the stock in a research 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.