GW&K Investment Management LLC Has $20.06 Million Stock Holdings in Coastal Financial Corporation $CCB

GW&K Investment Management LLC lowered its stake in shares of Coastal Financial Corporation (NASDAQ:CCB) by 32.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 185,403 shares of the company’s stock after selling 90,697 shares during the quarter. GW&K Investment Management LLC’s holdings in Coastal Financial were worth $20,055,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in CCB. JPMorgan Chase & Co. increased its position in Coastal Financial by 2.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company’s stock valued at $644,000 after buying an additional 149 shares in the last quarter. EJF Capital LLC increased its holdings in shares of Coastal Financial by 2.5% during the second quarter. EJF Capital LLC now owns 13,547 shares of the company’s stock valued at $1,312,000 after acquiring an additional 329 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Coastal Financial by 3.7% during the first quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock worth $1,185,000 after purchasing an additional 473 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Coastal Financial by 229.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after purchasing an additional 576 shares in the last quarter. Finally, State of Alaska Department of Revenue bought a new position in shares of Coastal Financial in the 3rd quarter worth $64,000. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Coastal Financial

In related news, CEO Eric M. Sprink sold 8,778 shares of Coastal Financial stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $114.95, for a total value of $1,009,031.10. Following the sale, the chief executive officer owned 193,884 shares of the company’s stock, valued at approximately $22,286,965.80. The trade was a 4.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Steven D. Hovde sold 3,000 shares of the stock in a transaction on Monday, December 8th. The shares were sold at an average price of $114.00, for a total value of $342,000.00. Following the transaction, the director directly owned 16,000 shares of the company’s stock, valued at approximately $1,824,000. This trade represents a 15.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 60,685 shares of company stock worth $6,994,817 over the last three months. 14.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on CCB. Zacks Research lowered shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. Keefe, Bruyette & Woods reduced their price objective on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a report on Monday, February 2nd. UBS Group set a $155.00 target price on shares of Coastal Financial in a research report on Friday, December 5th. TD Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a research report on Friday, December 5th. Finally, Hovde Group cut their price target on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research note on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $128.00.

Coastal Financial Trading Up 3.4%

Shares of CCB stock opened at $79.15 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 26.04 and a beta of 0.86. Coastal Financial Corporation has a 52-week low of $70.72 and a 52-week high of $120.05. The company has a 50-day simple moving average of $98.20 and a two-hundred day simple moving average of $105.83.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.34). The business had revenue of $56.49 million during the quarter, compared to analysts’ expectations of $140.81 million. Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%. Research analysts anticipate that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Coastal Financial 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.