Coastal Financial Corporation $CCB Shares Sold by Great Lakes Advisors LLC

Great Lakes Advisors LLC reduced its position in Coastal Financial Corporation (NASDAQ:CCB) by 50.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 23,365 shares of the company’s stock after selling 23,411 shares during the quarter. Great Lakes Advisors LLC’s holdings in Coastal Financial were worth $2,527,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Azora Capital LP boosted its stake in shares of Coastal Financial by 26.4% in the second quarter. Azora Capital LP now owns 751,098 shares of the company’s stock valued at $72,759,000 after purchasing an additional 156,956 shares during the period. American Century Companies Inc. lifted its holdings in Coastal Financial by 133.5% during the 2nd quarter. American Century Companies Inc. now owns 481,933 shares of the company’s stock worth $46,685,000 after buying an additional 275,500 shares in the last quarter. Geode Capital Management LLC boosted its position in Coastal Financial by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 304,365 shares of the company’s stock valued at $29,488,000 after buying an additional 6,730 shares during the period. Peregrine Capital Management LLC boosted its position in Coastal Financial by 4.9% in the 3rd quarter. Peregrine Capital Management LLC now owns 147,553 shares of the company’s stock valued at $15,961,000 after buying an additional 6,860 shares during the period. Finally, Advisors Capital Management LLC grew its stake in shares of Coastal Financial by 1.3% in the second quarter. Advisors Capital Management LLC now owns 141,658 shares of the company’s stock worth $13,722,000 after acquiring an additional 1,763 shares in the last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Coastal Financial Stock Performance

Shares of CCB opened at $95.78 on Friday. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 31.51 and a beta of 0.89. Coastal Financial Corporation has a 52-week low of $76.11 and a 52-week high of $120.05. 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 stock has a 50 day moving average price of $112.82 and a 200 day moving average price of $108.69.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.34). Coastal Financial had a return on equity of 10.16% and a net margin of 7.11%.The company had revenue of $56.49 million for the quarter, compared to analysts’ expectations of $140.81 million. Research analysts predict that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Eric M. Sprink sold 4,000 shares of Coastal Financial stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $116.01, for a total transaction of $464,040.00. Following the sale, the chief executive officer owned 159,126 shares in the company, valued at approximately $18,460,207.26. The trade was a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Joel G. Edwards sold 1,300 shares of the business’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $111.34, for a total value of $144,742.00. Following the completion of the sale, the chief financial officer directly owned 11,462 shares of the company’s stock, valued at $1,276,179.08. The trade was a 10.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 63,296 shares of company stock valued at $7,287,745. 14.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CCB has been the topic of several analyst reports. TD Cowen reiterated a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. UBS Group set a $155.00 price target on Coastal Financial in a research report on Friday, December 5th. Hovde Group decreased their price objective on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Coastal Financial currently has a consensus rating of “Buy” and an average price target of $126.33.

Coastal Financial Company Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.