Advisors Capital Management LLC Sells 19,581 Shares of Coastal Financial Corporation $CCB

Advisors Capital Management LLC cut its holdings in Coastal Financial Corporation (NASDAQ:CCB) by 12.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 139,895 shares of the company’s stock after selling 19,581 shares during the quarter. Advisors Capital Management LLC owned 0.93% of Coastal Financial worth $12,648,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in CCB. Ameriprise Financial Inc. lifted its stake in Coastal Financial by 4.9% in the fourth quarter. Ameriprise Financial Inc. now owns 30,828 shares of the company’s stock valued at $2,618,000 after buying an additional 1,453 shares during the period. Bank of America Corp DE lifted its stake in Coastal Financial by 9.7% in the fourth quarter. Bank of America Corp DE now owns 16,742 shares of the company’s stock valued at $1,422,000 after buying an additional 1,478 shares during the period. Deutsche Bank AG lifted its stake in Coastal Financial by 52.2% in the fourth quarter. Deutsche Bank AG now owns 10,806 shares of the company’s stock valued at $918,000 after buying an additional 3,705 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Coastal Financial by 5.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,459 shares of the company’s stock valued at $548,000 after buying an additional 343 shares during the period. Finally, Nuveen Asset Management LLC lifted its stake in Coastal Financial by 88.2% in the fourth quarter. Nuveen Asset Management LLC now owns 96,253 shares of the company’s stock valued at $8,173,000 after buying an additional 45,100 shares during the period. 59.24% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently commented on CCB shares. Hovde Group set a $126.00 target price on Coastal Financial in a research report on Monday, August 18th. Keefe, Bruyette & Woods upped their price target on Coastal Financial from $110.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. Based on data from MarketBeat, Coastal Financial presently has an average rating of “Buy” and a consensus target price of $110.25.

Coastal Financial Trading Down 0.2%

NASDAQ:CCB opened at $111.33 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. The firm has a 50-day moving average of $104.52 and a 200-day moving average of $93.08. The company has a market cap of $1.68 billion, a PE ratio of 34.26 and a beta of 1.05. Coastal Financial Corporation has a one year low of $48.52 and a one year high of $118.00.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.16). The company had revenue of $119.43 million for the quarter, compared to analyst estimates of $158.05 million. Coastal Financial had a net margin of 7.02% and a return on equity of 11.31%. As a group, equities research analysts expect that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

About Coastal Financial

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.