Federated Hermes Inc. Sells 14,984 Shares of Coastal Financial Co. (NASDAQ:CCB)

Federated Hermes Inc. lessened its holdings in Coastal Financial Co. (NASDAQ:CCB) by 69.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 6,562 shares of the company’s stock after selling 14,984 shares during the quarter. Federated Hermes Inc.’s holdings in Coastal Financial were worth $291,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of CCB. SG Americas Securities LLC purchased a new stake in shares of Coastal Financial during the third quarter worth about $107,000. Corton Capital Inc. bought a new position in Coastal Financial in the 3rd quarter worth $214,000. Raymond James & Associates purchased a new stake in shares of Coastal Financial in the 3rd quarter worth about $216,000. Channing Capital Management LLC purchased a new stake in shares of Coastal Financial in the 3rd quarter worth about $318,000. Finally, Simplex Trading LLC bought a new stake in shares of Coastal Financial during the 3rd quarter valued at about $335,000. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Coastal Financial Stock Up 4.5 %

Shares of Coastal Financial stock opened at $41.89 on Friday. Coastal Financial Co. has a 1 year low of $32.20 and a 1 year high of $48.50. The company has a 50-day moving average of $38.43 and a 200 day moving average of $40.13. The firm has a market cap of $560.91 million, a price-to-earnings ratio of 14.65 and a beta of 1.16. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.01 and a quick ratio of 1.01.

Wall Street Analyst Weigh In

Separately, Hovde Group cut their price objective on Coastal Financial from $57.50 to $55.00 and set an “outperform” rating on the stock in a research report on Friday.

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.