Rhumbline Advisers Raises Stock Position in Coastal Financial Corporation (NASDAQ:CCB)

Rhumbline Advisers boosted its position in shares of Coastal Financial Corporation (NASDAQ:CCB) by 8.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,700 shares of the company’s stock after purchasing an additional 1,262 shares during the period. Rhumbline Advisers owned approximately 0.11% of Coastal Financial worth $1,510,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. raised its stake in Coastal Financial by 47.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company’s stock worth $112,279,000 after purchasing an additional 423,864 shares during the period. Vanguard Group Inc. raised its stake in shares of Coastal Financial by 11.4% in the 4th quarter. Vanguard Group Inc. now owns 685,385 shares of the company’s stock valued at $58,196,000 after acquiring an additional 70,272 shares during the period. Wellington Management Group LLP raised its stake in shares of Coastal Financial by 1,067.9% in the 4th quarter. Wellington Management Group LLP now owns 456,887 shares of the company’s stock valued at $38,794,000 after acquiring an additional 417,767 shares during the period. Azora Capital LP purchased a new stake in shares of Coastal Financial in the 4th quarter valued at approximately $33,794,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Coastal Financial by 9.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 385,433 shares of the company’s stock valued at $32,727,000 after acquiring an additional 33,980 shares during the period. 59.24% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Coastal Financial news, CFO Joel G. Edwards sold 3,128 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $88.44, for a total transaction of $276,640.32. Following the completion of the transaction, the chief financial officer now owns 41,387 shares in the company, valued at $3,660,266.28. The trade was a 7.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gregory A. Tisdel sold 1,600 shares of the business’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 transaction, the director now owns 14,006 shares of the company’s stock, valued at $1,107,454.42. This trade represents a 10.25% decrease in their position. The disclosure for this sale can be found here. 14.10% of the stock is currently owned by company insiders.

Coastal Financial Trading Up 1.0%

Shares of CCB stock opened at $83.11 on Thursday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.04 and a current ratio of 1.06. The stock has a market capitalization of $1.25 billion, a P/E ratio of 24.59 and a beta of 0.96. The company has a 50 day moving average price of $85.28 and a 200 day moving average price of $85.33. Coastal Financial Corporation has a fifty-two week low of $43.01 and a fifty-two week high of $102.25.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data 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). Coastal Financial had a net margin of 6.94% and a return on equity of 12.53%. The business had revenue of $139.54 million during the quarter, compared to analyst estimates of $158.65 million. Equities research analysts predict that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Stephens reissued an “overweight” rating and issued a $100.00 price target on shares of Coastal Financial in a research note on Tuesday, March 18th. Hovde Group dropped their price objective on shares of Coastal Financial from $120.00 to $110.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Raymond James Financial dropped their price objective 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, April 30th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Coastal Financial from $114.00 to $110.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th.

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.