Price T Rowe Associates Inc. MD bought a new stake in Coastal Financial Co. (NASDAQ:CCB - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 8,537 shares of the company's stock, valued at approximately $725,000. Price T Rowe Associates Inc. MD owned about 0.06% of Coastal Financial at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC lifted its position 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. MetLife Investment Management LLC raised its stake in Coastal Financial by 12.6% during the 4th quarter. MetLife Investment Management LLC now owns 6,845 shares of the company's stock valued at $581,000 after purchasing an additional 764 shares during the period. First Trust Advisors LP raised its stake in Coastal Financial by 1.9% during the 4th quarter. First Trust Advisors LP now owns 8,297 shares of the company's stock valued at $704,000 after purchasing an additional 156 shares during the period. EAM Investors LLC acquired a new stake in Coastal Financial during the 4th quarter valued at $4,327,000. Finally, Mariner LLC acquired a new stake in Coastal Financial during the 4th quarter valued at $246,000. 59.24% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other news, Director Gregory A. Tisdel sold 1,600 shares of the company's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $79.07, for a total transaction of $126,512.00. Following the transaction, the director now owns 14,006 shares in the company, valued at approximately $1,107,454.42. This represents a 10.25% 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. 16.82% of the stock is currently owned by company insiders.
Coastal Financial Stock Down 0.6%
Shares of Coastal Financial stock traded down $0.52 during trading hours on Tuesday, reaching $86.60. 89,347 shares of the company's stock were exchanged, compared to its average volume of 93,731. The company has a 50 day moving average of $84.20 and a two-hundred day moving average of $82.60. Coastal Financial Co. has a fifty-two week low of $42.64 and a fifty-two week high of $102.25. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The stock has a market cap of $1.30 billion, a P/E ratio of 26.65 and a beta of 0.94.
Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.30). The company had revenue of $139.54 million during the quarter, compared to the consensus estimate of $158.65 million. Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. On average, sell-side analysts forecast that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on CCB shares. Keefe, Bruyette & Woods dropped their price target on shares of Coastal Financial from $114.00 to $110.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Stephens restated an "overweight" rating and set a $100.00 price target on shares of Coastal Financial in a report on Tuesday, March 18th. Hovde Group reduced their target price on shares of Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Finally, Raymond James decreased their target price on 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.
Check Out Our Latest Analysis on CCB
Coastal Financial Profile
(
Free Report)
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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