T. Rowe Price Investment Management Inc. Grows Stake in Coastal Financial Co. (NASDAQ:CCB)

T. Rowe Price Investment Management Inc. grew its holdings in shares of Coastal Financial Co. (NASDAQ:CCB - Free Report) by 47.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,322,325 shares of the company's stock after acquiring an additional 423,864 shares during the quarter. T. Rowe Price Investment Management Inc. owned 9.77% of Coastal Financial worth $112,279,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Barclays PLC grew its holdings in shares of Coastal Financial by 60.0% in the third quarter. Barclays PLC now owns 31,804 shares of the company's stock worth $1,719,000 after purchasing an additional 11,922 shares during the last quarter. Legal & General Group Plc grew its holdings in Coastal Financial by 9.2% in the 4th quarter. Legal & General Group Plc now owns 11,643 shares of the company's stock worth $989,000 after acquiring an additional 984 shares during the last quarter. Principal Financial Group Inc. purchased a new position in shares of Coastal Financial in the third quarter valued at about $377,000. JPMorgan Chase & Co. increased its holdings in Coastal Financial by 40.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 117,081 shares of the company's stock valued at $6,321,000 after purchasing an additional 33,964 shares during the period. Finally, Swiss National Bank raised its holdings in shares of Coastal Financial by 16.6% during the fourth quarter. Swiss National Bank now owns 25,965 shares of the company's stock valued at $2,205,000 after acquiring an additional 3,700 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Gregory A. Tisdel sold 1,600 shares of Coastal Financial stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $79.07, for a total value of $126,512.00. Following the sale, the director now directly owns 14,006 shares of the company's stock, valued at approximately $1,107,454.42. The trade was a 10.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 16.82% of the company's stock.

Analysts Set New Price Targets

CCB has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods boosted their price objective on shares of Coastal Financial from $96.00 to $114.00 and gave the company an "outperform" rating in a research report on Tuesday, March 4th. Raymond James decreased their price target on shares of Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a research note on Wednesday. Hovde Group cut their price objective on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating on the stock in a research report on Wednesday. Finally, Stephens restated an "overweight" rating and issued a $100.00 target price on shares of Coastal Financial in a research note on Tuesday, March 18th.

Coastal Financial Stock Performance

Shares of NASDAQ CCB traded down $4.29 during trading on Wednesday, reaching $82.91. 41,106 shares of the company traded hands, compared to its average volume of 91,150. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. Coastal Financial Co. has a 52-week low of $37.51 and a 52-week high of $102.25. The stock has a market capitalization of $1.24 billion, a PE ratio of 25.51 and a beta of 1.00. The firm has a 50 day simple moving average of $86.33 and a 200-day simple moving average of $80.99.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share for the quarter, missing analysts' consensus estimates of $0.93 by ($0.30). The firm 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%. Equities research analysts anticipate that Coastal Financial Co. will post 4.59 earnings per share for the current year.

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.