Townsquare Capital LLC Has $1.54 Million Stock Position in Coastal Financial Corporation (NASDAQ:CCB)

Key Points

• Townsquare Capital LLC reduced its stake in Coastal Financial Corporation by 26.3%, holding approximately $1.54 million worth of shares at the end of the first quarter.
• Other institutional investors like Wells Fargo and Federated Hermes significantly increased their stakes in Coastal Financial during the fourth quarter, highlighting growing interest in the company.
• Coastal Financial reported earnings per share of $0.71, which missed analysts' expectations, alongside a revenue of $119.43 million for the quarter.

Townsquare Capital LLC lowered its holdings in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 26.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,017 shares of the company's stock after selling 6,075 shares during the period. Townsquare Capital LLC owned approximately 0.11% of Coastal Financial worth $1,539,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Wells Fargo & Company MN grew its stake in Coastal Financial by 46.0% in the fourth quarter. Wells Fargo & Company MN now owns 5,418 shares of the company's stock valued at $460,000 after acquiring an additional 1,706 shares during the period. Envestnet Asset Management Inc. grew its stake in Coastal Financial by 2.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 63,355 shares of the company's stock valued at $5,379,000 after acquiring an additional 1,649 shares during the period. Federated Hermes Inc. grew its stake in Coastal Financial by 7,072.8% in the fourth quarter. Federated Hermes Inc. now owns 11,333 shares of the company's stock valued at $962,000 after acquiring an additional 11,175 shares during the period. Legal & General Group Plc grew its stake in Coastal Financial by 9.2% in the fourth quarter. Legal & General Group Plc now owns 11,643 shares of the company's stock valued at $989,000 after acquiring an additional 984 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Coastal Financial in the fourth quarter valued at approximately $532,000. Institutional investors and hedge funds own 59.24% of the company's stock.

Analyst Ratings Changes

CCB has been the subject of a number of research reports. Keefe, Bruyette & Woods raised their price objective on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research note on Friday, July 11th. Raymond James Financial reduced their price objective on Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a research note on Wednesday, April 30th. Finally, Hovde Group cut their target price on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th.

Insider Buying and Selling

In related news, CFO Joel G. Edwards sold 3,128 shares of Coastal Financial 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 sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 14.10% of the company's stock.

Coastal Financial Stock Up 5.3%

Shares of NASDAQ:CCB opened at $108.45 on Thursday. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 33.37 and a beta of 1.01. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a 12-month low of $46.75 and a 12-month high of $108.69. The business's 50 day moving average is $96.12 and its 200 day moving average is $89.92.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.16). The company had revenue of $119.43 million for the quarter, compared to analysts' expectations of $158.05 million. Coastal Financial had a net margin of 7.02% and a return on equity of 11.31%. On average, sell-side analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share 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.

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