Westwood Holdings Group Inc. Reduces Stake in Coastal Financial Corporation $CCB

Westwood Holdings Group Inc. reduced its stake in shares of Coastal Financial Corporation (NASDAQ:CCB) by 5.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 424,967 shares of the company’s stock after selling 24,146 shares during the period. Westwood Holdings Group Inc. owned about 2.83% of Coastal Financial worth $41,167,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. SummerHaven Investment Management LLC lifted its stake in Coastal Financial by 1.0% in the second quarter. SummerHaven Investment Management LLC now owns 17,303 shares of the company’s stock valued at $1,676,000 after purchasing an additional 165 shares during the last quarter. Emerald Advisers LLC raised its stake in shares of Coastal Financial by 2.5% in the second quarter. Emerald Advisers LLC now owns 7,421 shares of the company’s stock valued at $719,000 after buying an additional 179 shares during the period. MetLife Investment Management LLC lifted its position in shares of Coastal Financial by 6.2% during the 1st quarter. MetLife Investment Management LLC now owns 7,272 shares of the company’s stock valued at $657,000 after buying an additional 427 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Coastal Financial by 3.7% during the 1st quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock valued at $1,185,000 after buying an additional 473 shares during the last quarter. Finally, Corebridge Financial Inc. grew its stake in shares of Coastal Financial by 8.6% during the 1st quarter. Corebridge Financial Inc. now owns 6,132 shares of the company’s stock worth $554,000 after acquiring an additional 487 shares during the period. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Insider Activity at Coastal Financial

In other news, Director Stephan Klee sold 4,350 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $109.14, for a total transaction of $474,759.00. Following the completion of the transaction, the director owned 1,661 shares of the company’s stock, valued at approximately $181,281.54. The trade was a 72.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Eric M. Sprink sold 10,683 shares of the company’s stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $114.65, for a total transaction of $1,224,805.95. Following the completion of the transaction, the chief executive officer owned 211,011 shares in the company, valued at approximately $24,192,411.15. This trade represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 64,958 shares of company stock valued at $7,210,220. Company insiders own 14.10% of the company’s stock.

Analyst Ratings Changes

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

Coastal Financial Price Performance

Shares of NASDAQ:CCB opened at $104.85 on Friday. The company has a 50 day moving average of $108.51 and a 200 day moving average of $100.20. The stock has a market cap of $1.59 billion, a P/E ratio of 33.18 and a beta of 1.06. Coastal Financial Corporation has a 12 month low of $71.89 and a 12 month high of $119.22. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10.

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). The firm had revenue of $52.89 million during the quarter, compared to analysts’ expectations of $133.44 million. Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%. As a group, sell-side analysts forecast that Coastal Financial Corporation will post 4.59 EPS for the current fiscal 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.