Coastal Financial Co. (NASDAQ:CCB) Shares Acquired by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Coastal Financial Co. (NASDAQ:CCB) by 101.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 25,417 shares of the company’s stock after acquiring an additional 12,814 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Coastal Financial were worth $2,158,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Tower Research Capital LLC TRC raised its holdings in shares of Coastal Financial by 179.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 718 shares of the company’s stock valued at $61,000 after purchasing an additional 461 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in Coastal Financial during the 4th quarter worth $64,000. New York State Teachers Retirement System acquired a new stake in Coastal Financial during the 4th quarter worth $87,000. KLP Kapitalforvaltning AS acquired a new stake in Coastal Financial during the 4th quarter worth $178,000. Finally, Pictet Asset Management Holding SA acquired a new stake in Coastal Financial during the 4th quarter worth $214,000. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CCB. Raymond James cut their price target on shares of Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, April 30th. Stephens reiterated an “overweight” rating and set a $100.00 price target on shares of Coastal Financial in a research note on Tuesday, March 18th. Keefe, Bruyette & Woods cut their price target on shares of Coastal Financial from $114.00 to $110.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Finally, Hovde Group cut their price target on shares of Coastal Financial from $120.00 to $110.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th.

Coastal Financial Price Performance

Shares of NASDAQ:CCB opened at $87.12 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 firm has a market capitalization of $1.31 billion, a P/E ratio of 26.81 and a beta of 0.96. Coastal Financial Co. has a 12 month low of $42.64 and a 12 month high of $102.25. The company’s fifty day moving average price is $84.78 and its 200 day moving average price is $84.81.

Coastal Financial (NASDAQ:CCB) last posted 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). The business had revenue of $139.54 million during the quarter, compared to analyst estimates of $158.65 million. Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. As a group, sell-side analysts predict that Coastal Financial Co. will post 4.59 earnings per share for the current fiscal year.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, Director Gregory A. Tisdel sold 1,600 shares of Coastal Financial 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 in the company, valued at approximately $1,107,454.42. The trade was a 10.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Joel G. Edwards sold 3,128 shares of Coastal Financial stock in a transaction on Friday, May 16th. The shares were sold at an average price of $88.44, for a total transaction of $276,640.32. Following the completion of the transaction, the chief financial officer now owns 41,387 shares in the company, valued at approximately $3,660,266.28. This represents a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 14.10% of the stock is currently owned by company insiders.

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.