Advisors Capital Management LLC Has $13.72 Million Holdings in Coastal Financial Corporation $CCB

Advisors Capital Management LLC grew its position in shares of Coastal Financial Corporation (NASDAQ:CCB) by 1.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 141,658 shares of the company’s stock after buying an additional 1,763 shares during the quarter. Advisors Capital Management LLC owned approximately 0.94% of Coastal Financial worth $13,722,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CCB. AlphaQuest LLC bought a new stake in Coastal Financial in the first quarter worth approximately $188,000. KLP Kapitalforvaltning AS lifted its stake in shares of Coastal Financial by 28.6% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 2,700 shares of the company’s stock valued at $262,000 after purchasing an additional 600 shares during the last quarter. Arizona State Retirement System raised its holdings in Coastal Financial by 15.8% during the first quarter. Arizona State Retirement System now owns 3,844 shares of the company’s stock valued at $348,000 after buying an additional 524 shares in the last quarter. Corebridge Financial Inc. lifted its holdings in Coastal Financial by 8.6% in the 1st quarter. Corebridge Financial Inc. now owns 6,132 shares of the company’s stock worth $554,000 after purchasing an additional 487 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its holdings in Coastal Financial by 208.1% during the first quarter. Cubist Systematic Strategies LLC now owns 6,255 shares of the company’s stock valued at $566,000 after acquiring an additional 4,225 shares during the period. Institutional investors own 59.24% of the company’s stock.

Insider Activity

In other Coastal Financial news, CEO Eric M. Sprink sold 10,683 shares of Coastal Financial stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $114.65, for a total value of $1,224,805.95. Following the sale, the chief executive officer owned 211,011 shares of the company’s stock, valued at $24,192,411.15. This trade represents a 4.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Joel G. Edwards sold 9,425 shares of the stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $114.67, for a total transaction of $1,080,764.75. Following the transaction, the chief financial officer owned 12,762 shares of the company’s stock, valued at approximately $1,463,418.54. This represents a 42.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 64,958 shares of company stock worth $7,210,220 over the last quarter. 14.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have weighed in on CCB. Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. Hovde Group set a $126.00 price target on shares of Coastal Financial in a research report on Monday, August 18th. TD Cowen started coverage on Coastal Financial in a report on Thursday, September 25th. They set a “buy” rating and a $140.00 target price on the stock. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Coastal Financial in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $116.20.

Coastal Financial Stock Up 0.3%

Shares of NASDAQ:CCB opened at $104.85 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 33.18 and a beta of 1.06. The company has a 50 day moving average of $108.51 and a 200-day moving average of $100.20. Coastal Financial Corporation has a one year low of $71.89 and a one year high of $119.22.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Wednesday, October 29th. The company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.01). Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%.The company had revenue of $52.89 million for the quarter, compared to analyst estimates of $133.44 million. On average, sell-side analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

About Coastal Financial

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.