Coastal Financial Corporation $CCB Shares Sold by Townsquare Capital LLC

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 trimmed its holdings in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 26.3% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 17,017 shares of the company's stock after selling 6,075 shares during the quarter. Townsquare Capital LLC owned about 0.11% of Coastal Financial worth $1,539,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. grew its holdings in 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 worth $112,279,000 after purchasing an additional 423,864 shares during the last quarter. Wellington Management Group LLP raised its stake in 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 buying an additional 417,767 shares during the last quarter. Azora Capital LP purchased a new stake in shares of Coastal Financial during the fourth quarter worth about $33,794,000. Westwood Holdings Group Inc. grew its stake in shares of Coastal Financial by 400.4% during the first quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company's stock worth $40,604,000 after acquiring an additional 359,371 shares during the last quarter. Finally, Peregrine Capital Management LLC purchased a new stake in shares of Coastal Financial during the first quarter worth about $10,180,000. 59.24% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on CCB. Raymond James Financial decreased their price target on Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a report on Wednesday, April 30th. Keefe, Bruyette & Woods boosted their price target on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a report on Friday, July 11th. Finally, Hovde Group reissued an "outperform" rating and issued a $129.00 price target on shares of Coastal Financial in a report on Monday.

Coastal Financial Trading Down 0.0%

Shares of Coastal Financial stock traded down $0.02 during mid-day trading on Monday, hitting $107.55. The stock had a trading volume of 21,678 shares, compared to its average volume of 123,212. The firm has a 50-day moving average of $96.98 and a two-hundred day moving average of $90.23. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The firm has a market cap of $1.63 billion, a P/E ratio of 33.09 and a beta of 1.01. Coastal Financial Corporation has a 12-month low of $47.90 and a 12-month high of $108.69.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share 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 return on equity of 11.31% and a net margin of 7.02%. Sell-side analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share for the current 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.