Advisors Capital Management LLC Sells 16,818 Shares of Coastal Financial Corporation $CCB

Advisors Capital Management LLC lessened its position in shares of Coastal Financial Corporation (NASDAQ:CCB) by 11.9% in the third quarter, HoldingsChannel.com reports. The fund owned 124,840 shares of the company’s stock after selling 16,818 shares during the period. Advisors Capital Management LLC’s holdings in Coastal Financial were worth $13,504,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised its position in Coastal Financial by 0.5% during the third quarter. Vanguard Group Inc. now owns 766,037 shares of the company’s stock valued at $82,862,000 after purchasing an additional 3,801 shares in the last quarter. Ranger Investment Management L.P. bought a new position in shares of Coastal Financial in the 3rd quarter valued at $16,895,000. Principal Financial Group Inc. raised its holdings in shares of Coastal Financial by 11.1% during the 3rd quarter. Principal Financial Group Inc. now owns 46,783 shares of the company’s stock worth $5,061,000 after buying an additional 4,662 shares in the last quarter. Lisanti Capital Growth LLC bought a new stake in shares of Coastal Financial during the 3rd quarter worth $3,533,000. Finally, Verdence Capital Advisors LLC bought a new stake in shares of Coastal Financial during the 3rd quarter worth $226,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Analyst Upgrades and Downgrades

CCB has been the topic of a number of recent analyst reports. TD Cowen reiterated a “buy” rating on shares of Coastal Financial in a research report on Friday, December 5th. Zacks Research lowered shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. Keefe, Bruyette & Woods dropped their price objective 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. Hovde Group cut their target price on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a research report on Friday, January 30th. Finally, UBS Group set a $155.00 price target on shares of Coastal Financial in a report on Friday, December 5th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Coastal Financial currently has a consensus rating of “Moderate Buy” and an average target price of $128.00.

Coastal Financial Trading Down 0.7%

CCB opened at $85.10 on Thursday. The company’s 50 day moving average price is $106.48 and its two-hundred day moving average price is $107.57. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 27.99 and a beta of 0.87. Coastal Financial Corporation has a fifty-two week low of $76.11 and a fifty-two week high of $120.05. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.34). The business had revenue of $56.49 million during the quarter, compared to the consensus estimate of $140.81 million. Coastal Financial had a return on equity of 10.16% and a net margin of 7.11%. As a group, research analysts predict that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Insider Activity

In related news, CEO Eric M. Sprink sold 4,000 shares of Coastal Financial stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $116.01, for a total value of $464,040.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Joel G. Edwards sold 1,300 shares of the company’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $111.34, for a total value of $144,742.00. Following the completion of the sale, the chief financial officer owned 11,462 shares in the company, valued at $1,276,179.08. The trade was a 10.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 63,296 shares of company stock valued at $7,287,745. Insiders own 14.10% of the company’s stock.

About Coastal Financial

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.