Wells Fargo & Company MN Raises Position in Coastal Financial Co. (NASDAQ:CCB)

Wells Fargo & Company MN raised its position in Coastal Financial Co. (NASDAQ:CCB) by 46.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 5,418 shares of the company’s stock after acquiring an additional 1,706 shares during the quarter. Wells Fargo & Company MN’s holdings in Coastal Financial were worth $460,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Meeder Asset Management Inc. purchased a new position in Coastal Financial in the 4th quarter worth approximately $64,000. New York State Teachers Retirement System purchased a new stake in Coastal Financial in the 4th quarter valued at $87,000. USA Financial Formulas acquired a new stake in shares of Coastal Financial in the 4th quarter worth $122,000. KLP Kapitalforvaltning AS purchased a new position in shares of Coastal Financial during the 4th quarter worth $178,000. Finally, Pictet Asset Management Holding SA purchased a new stake in shares of Coastal Financial in the fourth quarter valued at about $214,000. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CCB has been the topic of several recent analyst reports. Keefe, Bruyette & Woods decreased their price target on Coastal Financial from $114.00 to $110.00 and set an “outperform” rating on the stock in a research note on Wednesday. Raymond James lowered their target price on shares of Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating for the company in a research note on Wednesday. Stephens reissued an “overweight” rating and issued a $100.00 price target on shares of Coastal Financial in a research note on Tuesday, March 18th. Finally, Hovde Group lowered their price objective on shares of Coastal Financial from $120.00 to $110.00 and set an “outperform” rating for the company in a research report on Wednesday.

Insider Transactions at Coastal Financial

In other news, Director Gregory A. Tisdel sold 1,600 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $79.07, for a total value of $126,512.00. Following the sale, the director now directly owns 14,006 shares in the company, valued at $1,107,454.42. This represents a 10.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 16.82% of the company’s stock.

Coastal Financial Stock Up 1.3 %

CCB opened at $81.34 on Friday. Coastal Financial Co. has a 52 week low of $41.20 and a 52 week high of $102.25. The business has a 50 day moving average price of $85.78 and a two-hundred day moving average price of $81.47. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The company has a market cap of $1.22 billion, a PE ratio of 25.03 and a beta of 1.00.

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