Royce & Associates LP Has $12.75 Million Holdings in Coastal Financial Corporation $CCB

Royce & Associates LP decreased its holdings in Coastal Financial Corporation (NASDAQ:CCB) by 20.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 117,909 shares of the company’s stock after selling 30,716 shares during the quarter. Royce & Associates LP owned approximately 0.78% of Coastal Financial worth $12,754,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. EJF Capital LLC lifted its holdings in Coastal Financial by 3.3% during the 3rd quarter. EJF Capital LLC now owns 13,996 shares of the company’s stock worth $1,514,000 after buying an additional 449 shares during the period. Rafferty Asset Management LLC increased its stake in shares of Coastal Financial by 27.1% in the third quarter. Rafferty Asset Management LLC now owns 21,743 shares of the company’s stock valued at $2,352,000 after buying an additional 4,641 shares during the period. American Century Companies Inc. increased its stake in shares of Coastal Financial by 5.9% in the third quarter. American Century Companies Inc. now owns 510,549 shares of the company’s stock valued at $55,226,000 after buying an additional 28,616 shares during the period. Quantbot Technologies LP raised its position in shares of Coastal Financial by 68.3% during the third quarter. Quantbot Technologies LP now owns 16,050 shares of the company’s stock worth $1,736,000 after acquiring an additional 6,515 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Coastal Financial by 0.5% in the third quarter. Vanguard Group Inc. now owns 766,037 shares of the company’s stock worth $82,862,000 after acquiring an additional 3,801 shares during the period. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CCB shares. UBS Group set a $155.00 target price on shares of Coastal Financial in a research report on Friday, December 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 29th. Zacks Research cut shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. Keefe, Bruyette & Woods lowered their target price on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a research note on Monday, February 2nd. Finally, TD Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a research report on Friday, December 5th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Coastal Financial has an average rating of “Moderate Buy” and an average price target of $128.00.

Coastal Financial Stock Performance

NASDAQ:CCB opened at $74.80 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a twelve month low of $70.72 and a twelve month high of $120.05. The company has a fifty day moving average of $100.54 and a 200-day moving average of $106.44. The firm has a market capitalization of $1.13 billion, a P/E ratio of 24.61 and a beta of 0.87.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Thursday, January 29th. The company reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.34). Coastal Financial had a return on equity of 10.16% and a net margin of 7.11%.The company had revenue of $56.49 million during the quarter, compared to analyst estimates of $140.81 million. As a group, sell-side analysts anticipate that Coastal Financial Corporation will post 4.59 EPS for the current year.

Insider Activity

In related news, CEO Eric M. Sprink sold 4,000 shares of the business’s stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $116.01, for a total value of $464,040.00. Following the completion of the sale, the chief executive officer directly owned 159,126 shares of the company’s stock, valued at $18,460,207.26. The trade was a 2.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Joel G. Edwards sold 1,300 shares of the stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $111.34, for a total value of $144,742.00. Following the completion of the transaction, the chief financial officer owned 11,462 shares in the company, valued at approximately $1,276,179.08. The trade was a 10.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 63,296 shares of company stock valued at $7,287,745. 14.10% of the stock is currently owned by company insiders.

Coastal Financial 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.