Wells Fargo & Company MN Raises Position in Coastal Financial Co. (NASDAQ:CCB)

Wells Fargo & Company MN increased its holdings in shares of Coastal Financial Co. (NASDAQ:CCB) by 46.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,418 shares of the company’s stock after buying an additional 1,706 shares during the quarter. Wells Fargo & Company MN’s holdings in Coastal Financial were worth $460,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Barclays PLC lifted its stake in shares of Coastal Financial by 60.0% during the third quarter. Barclays PLC now owns 31,804 shares of the company’s stock worth $1,719,000 after buying an additional 11,922 shares during the period. Principal Financial Group Inc. purchased a new position in Coastal Financial in the 3rd quarter worth $377,000. JPMorgan Chase & Co. lifted its position in Coastal Financial by 40.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 117,081 shares of the company’s stock worth $6,321,000 after acquiring an additional 33,964 shares during the period. FNY Investment Advisers LLC purchased a new stake in Coastal Financial during the 4th quarter valued at about $339,000. Finally, Cox Capital Mgt LLC increased its holdings in shares of Coastal Financial by 44.2% in the fourth quarter. Cox Capital Mgt LLC now owns 48,614 shares of the company’s stock valued at $4,128,000 after purchasing an additional 14,905 shares during the period. 59.24% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on CCB. Stephens reaffirmed an “overweight” rating and set a $100.00 target price on shares of Coastal Financial in a report on Tuesday, March 18th. Keefe, Bruyette & Woods decreased their price objective on shares of Coastal Financial from $114.00 to $110.00 and set an “outperform” rating for the company in a research note on Wednesday. Hovde Group cut their price objective on shares of Coastal Financial from $120.00 to $110.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, Raymond James reduced their target price on shares of Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating for the company in a report on Wednesday.

Coastal Financial Stock Up 1.3 %

Shares of CCB stock opened at $81.34 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. Coastal Financial Co. has a twelve month low of $41.20 and a twelve month high of $102.25. The stock has a 50 day moving average of $85.78 and a 200 day moving average of $81.47. The stock has a market cap of $1.22 billion, a P/E ratio of 25.03 and a beta of 1.00.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.30). The firm had revenue of $139.54 million during the quarter, compared to analyst estimates of $158.65 million. Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. As a group, sell-side analysts expect that Coastal Financial Co. will post 4.59 EPS for the current year.

Insider Transactions at Coastal Financial

In other news, Director Gregory A. Tisdel sold 1,600 shares of the company’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $79.07, for a total transaction of $126,512.00. Following the completion of the transaction, the director now directly owns 14,006 shares of the company’s stock, valued at $1,107,454.42. This represents a 10.25 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 16.82% of the company’s stock.

Coastal Financial Company 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.