Coastal Financial Corporation $CCB Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. reduced its holdings in shares of Coastal Financial Corporation (NASDAQ:CCB) by 5.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,886 shares of the company’s stock after selling 2,200 shares during the quarter. Franklin Resources Inc. owned 0.27% of Coastal Financial worth $3,961,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Westwood Holdings Group Inc. lifted its holdings in shares of Coastal Financial by 400.4% during the 1st quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company’s stock valued at $40,604,000 after acquiring an additional 359,371 shares in the last quarter. Azora Capital LP raised its position in Coastal Financial by 49.3% in the first quarter. Azora Capital LP now owns 594,142 shares of the company’s stock valued at $53,716,000 after purchasing an additional 196,148 shares during the period. Driehaus Capital Management LLC lifted its stake in shares of Coastal Financial by 125.4% during the first quarter. Driehaus Capital Management LLC now owns 216,882 shares of the company’s stock worth $19,608,000 after purchasing an additional 120,667 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Coastal Financial in the first quarter worth about $7,871,000. Finally, Vanguard Group Inc. boosted its position in shares of Coastal Financial by 7.9% in the first quarter. Vanguard Group Inc. now owns 739,322 shares of the company’s stock worth $66,842,000 after buying an additional 53,937 shares during the period. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Coastal Financial Stock Performance

Shares of CCB opened at $113.81 on Tuesday. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of 36.02 and a beta of 0.89. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The business’s 50 day moving average is $107.45 and its two-hundred day moving average is $102.20. Coastal Financial Corporation has a 52-week low of $73.80 and a 52-week high of $119.22.

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

Insider Transactions at Coastal Financial

In related news, CFO Joel G. Edwards sold 9,425 shares of Coastal Financial stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $114.67, for a total value of $1,080,764.75. Following the completion of the transaction, the chief financial officer directly owned 12,762 shares in the company, valued at approximately $1,463,418.54. This trade represents a 42.48% decrease in their ownership of the stock. 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 10,683 shares of the company’s stock in a transaction that occurred on Thursday, September 18th. The shares were 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 in the company, valued at $24,192,411.15. The trade was a 4.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 64,958 shares of company stock valued at $7,210,220. Insiders own 14.10% of the company’s stock.

Analyst Ratings Changes

CCB has been the topic of several analyst reports. TD Cowen assumed 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. Zacks Research raised shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, September 29th. Hovde Group set a $126.00 target price on shares of Coastal Financial in a research report on Monday, August 18th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, November 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Coastal Financial currently has a consensus rating of “Buy” and an average target price of $116.20.

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.