Kennedy Capital Management LLC Cuts Stock Position in Coastal Financial Corporation $CCB

Kennedy Capital Management LLC lowered its position in shares of Coastal Financial Corporation (NASDAQ:CCB) by 18.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 141,911 shares of the company’s stock after selling 31,151 shares during the quarter. Kennedy Capital Management LLC owned 0.94% of Coastal Financial worth $15,351,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in CCB. AQR Capital Management LLC boosted its holdings in shares of Coastal Financial by 3.7% in the first quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock valued at $1,185,000 after acquiring an additional 473 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Coastal Financial by 15.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock worth $672,000 after purchasing an additional 977 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Coastal Financial by 44.8% in the first quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock valued at $6,645,000 after purchasing an additional 22,725 shares during the period. Empowered Funds LLC boosted its holdings in Coastal Financial by 7.3% in the 1st quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock valued at $1,125,000 after purchasing an additional 848 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Coastal Financial by 4.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company’s stock valued at $2,393,000 after purchasing an additional 1,048 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Insider Transactions at Coastal Financial

In other Coastal Financial news, CFO Joel G. Edwards sold 1,300 shares of the firm’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $111.34, for a total transaction of $144,742.00. Following the sale, the chief financial officer directly owned 11,462 shares of the company’s stock, valued at $1,276,179.08. This trade represents a 10.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Eric M. Sprink sold 8,778 shares of Coastal Financial stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $114.95, for a total transaction of $1,009,031.10. Following the sale, the chief executive officer owned 193,884 shares of the company’s stock, valued at approximately $22,286,965.80. This trade represents a 4.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 53,185 shares of company stock worth $6,127,817. 14.10% of the stock is owned by insiders.

Coastal Financial Price Performance

CCB stock traded down $0.37 on Friday, reaching $77.00. The company had a trading volume of 12,243 shares, compared to its average volume of 178,472. The company’s fifty day moving average is $94.43 and its 200 day moving average is $104.86. The company has a market cap of $1.17 billion, a P/E ratio of 25.29 and a beta of 0.86. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.06. Coastal Financial Corporation has a 1 year low of $70.72 and a 1 year high of $120.05.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.34). The company had revenue of $56.49 million during the quarter, compared to analyst estimates of $140.81 million. Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%. On average, research analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CCB. Wall Street Zen raised Coastal Financial from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Weiss Ratings downgraded Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. UBS Group set a $155.00 price objective on shares of Coastal Financial in a research note on Friday, December 5th. Keefe, Bruyette & Woods dropped their target price on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a report on Monday, February 2nd. Finally, TD Cowen reissued a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $128.00.

Coastal Financial Company Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.