Hsbc Holdings PLC Cuts Stock Holdings in Coastal Financial Co. (NASDAQ:CCB)

Hsbc Holdings PLC cut its stake in Coastal Financial Co. (NASDAQ:CCB) by 31.2% in the fourth quarter, HoldingsChannel reports. The firm owned 4,250 shares of the company’s stock after selling 1,928 shares during the quarter. Hsbc Holdings PLC’s holdings in Coastal Financial were worth $355,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Barclays PLC grew its stake in shares of Coastal Financial by 60.0% during the third quarter. Barclays PLC now owns 31,804 shares of the company’s stock worth $1,719,000 after purchasing an additional 11,922 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Coastal Financial by 9.2% during the 4th quarter. Legal & General Group Plc now owns 11,643 shares of the company’s stock worth $989,000 after acquiring an additional 984 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Coastal Financial by 40.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 117,081 shares of the company’s stock valued at $6,321,000 after acquiring an additional 33,964 shares during the last quarter. Swiss National Bank raised its position in shares of Coastal Financial by 16.6% during the 4th quarter. Swiss National Bank now owns 25,965 shares of the company’s stock worth $2,205,000 after acquiring an additional 3,700 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in Coastal Financial by 1.0% during the fourth quarter. American Century Companies Inc. now owns 157,238 shares of the company’s stock worth $13,351,000 after purchasing an additional 1,511 shares during the last quarter. 59.24% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CCB has been the topic of a number of research analyst reports. Raymond James cut their price objective on shares of Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating on the stock in a report on Wednesday, April 30th. Hovde Group reduced their price target 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, April 30th. Stephens reaffirmed an “overweight” rating and set a $100.00 price objective on shares of Coastal Financial in a report on Tuesday, March 18th. Finally, Keefe, Bruyette & Woods reduced their target price on Coastal Financial from $114.00 to $110.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th.

Insider Transactions at Coastal Financial

In other Coastal Financial news, Director Gregory A. Tisdel sold 1,600 shares of the business’s stock in a transaction 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 transaction, the director now directly owns 14,006 shares of the company’s stock, valued at approximately $1,107,454.42. The trade was a 10.25 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 16.82% of the company’s stock.

Coastal Financial Stock Up 6.2 %

Shares of NASDAQ:CCB opened at $83.95 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $1.26 billion, a P/E ratio of 25.83 and a beta of 0.94. Coastal Financial Co. has a 1-year low of $42.56 and a 1-year high of $102.25. The firm has a fifty day moving average price of $84.46 and a 200 day moving average price of $81.89.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.30). The company had revenue of $139.54 million for the quarter, compared to analysts’ expectations of $158.65 million. Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. Sell-side analysts predict that Coastal Financial Co. will post 4.59 EPS for the current year.

Coastal Financial 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.