Price T Rowe Associates Inc. MD Invests $725,000 in Coastal Financial Co. (NASDAQ:CCB)

Price T Rowe Associates Inc. MD purchased a new position in shares of Coastal Financial Co. (NASDAQ:CCB) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,537 shares of the company’s stock, valued at approximately $725,000. Price T Rowe Associates Inc. MD owned about 0.06% of Coastal Financial as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CCB. First Trust Advisors LP raised its holdings in Coastal Financial by 1.9% in the 4th quarter. First Trust Advisors LP now owns 8,297 shares of the company’s stock valued at $704,000 after acquiring an additional 156 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Coastal Financial by 0.9% in the fourth quarter. Franklin Resources Inc. now owns 45,886 shares of the company’s stock valued at $3,896,000 after purchasing an additional 400 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Coastal Financial by 179.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company’s stock worth $61,000 after buying an additional 461 shares in the last quarter. Empowered Funds LLC lifted its position in Coastal Financial by 4.6% during the fourth quarter. Empowered Funds LLC now owns 11,591 shares of the company’s stock worth $984,000 after buying an additional 507 shares in the last quarter. Finally, SG Americas Securities LLC boosted its stake in Coastal Financial by 8.7% during the fourth quarter. SG Americas Securities LLC now owns 6,517 shares of the company’s stock worth $553,000 after buying an additional 522 shares during the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Hovde Group cut their price objective on Coastal Financial from $120.00 to $110.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Stephens reiterated an “overweight” rating and set a $100.00 price target on shares of Coastal Financial in a research report on Tuesday, March 18th. Raymond James cut their target price on Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, April 30th. Finally, Keefe, Bruyette & Woods lowered their price target on Coastal Financial from $114.00 to $110.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th.

Coastal Financial Stock Up 0.4%

CCB stock opened at $84.31 on Monday. Coastal Financial Co. has a fifty-two week low of $42.64 and a fifty-two week high of $102.25. The company’s 50 day moving average price is $84.29 and its 200 day moving average price is $82.37. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of 25.94 and a beta of 0.94.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Tuesday, April 29th. The company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.30). The firm had revenue of $139.54 million for the quarter, compared to analyst estimates of $158.65 million. Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. On average, equities research analysts anticipate that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

Insiders Place Their Bets

In other Coastal Financial news, Director Gregory A. Tisdel sold 1,600 shares of the firm’s stock in a transaction dated 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 approximately $1,107,454.42. This trade represents a 10.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 16.82% of the stock is owned by company insiders.

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.