GW&K Investment Management LLC Has $20.06 Million Stock Position in Coastal Financial Corporation $CCB

GW&K Investment Management LLC decreased its holdings in Coastal Financial Corporation (NASDAQ:CCB) by 32.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 185,403 shares of the company’s stock after selling 90,697 shares during the period. GW&K Investment Management LLC owned approximately 1.23% of Coastal Financial worth $20,055,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Legato Capital Management LLC bought a new position in Coastal Financial in the third quarter valued at about $876,000. Victory Capital Management Inc. bought a new stake in shares of Coastal Financial during the 3rd quarter valued at approximately $3,178,000. EJF Capital LLC increased its position 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 purchasing an additional 449 shares in the last quarter. Rafferty Asset Management LLC lifted its stake in Coastal Financial by 27.1% in the 3rd quarter. Rafferty Asset Management LLC now owns 21,743 shares of the company’s stock valued at $2,352,000 after purchasing an additional 4,641 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in 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 in the last quarter. 59.24% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CCB has been the subject of a number of research reports. Weiss Ratings cut Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. UBS Group set a $155.00 target price on Coastal Financial in a research report on Friday, December 5th. Keefe, Bruyette & Woods reduced their price target on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a report on Monday, February 2nd. Hovde Group lowered their price objective on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research note on Friday, January 30th. Finally, TD Cowen reiterated a “buy” rating on shares of Coastal Financial in a research report on Friday, December 5th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $128.00.

Insider Transactions at Coastal Financial

In related news, Director Steven D. Hovde sold 3,000 shares of the company’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $114.00, for a total transaction of $342,000.00. Following the sale, the director owned 16,000 shares in the company, valued at $1,824,000. This represents a 15.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric M. Sprink sold 8,778 shares of Coastal Financial stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $114.95, for a total value of $1,009,031.10. Following the completion of the sale, the chief executive officer owned 193,884 shares of the company’s stock, valued at approximately $22,286,965.80. The trade was a 4.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 60,685 shares of company stock worth $6,994,817 over the last three months. 14.10% of the stock is owned by company insiders.

Coastal Financial Trading Up 3.4%

NASDAQ:CCB opened at $79.15 on Friday. Coastal Financial Corporation has a 52 week low of $70.72 and a 52 week high of $120.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The firm’s fifty day moving average is $98.20 and its 200-day moving average is $105.83. The firm has a market cap of $1.20 billion, a P/E ratio of 26.04 and a beta of 0.86.

Coastal Financial (NASDAQ:CCB) last announced its 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 firm had revenue of $56.49 million for the quarter, compared to the consensus estimate of $140.81 million. Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%. Equities analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

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.