Advisors Capital Management LLC Has $13.54 Million Stock Holdings in Coastal Financial Co. (NASDAQ:CCB)

Advisors Capital Management LLC lowered its stake in shares of Coastal Financial Co. (NASDAQ:CCB) by 0.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 159,476 shares of the company’s stock after selling 1,141 shares during the period. Advisors Capital Management LLC owned approximately 1.18% of Coastal Financial worth $13,541,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Kennedy Capital Management LLC boosted its holdings in Coastal Financial by 38.6% in the fourth quarter. Kennedy Capital Management LLC now owns 299,456 shares of the company’s stock worth $25,427,000 after acquiring an additional 83,331 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Coastal Financial in the 4th quarter worth $532,000. Legal & General Group Plc grew its position in Coastal Financial by 9.2% in the 4th quarter. Legal & General Group Plc now owns 11,643 shares of the company’s stock valued at $989,000 after purchasing an additional 984 shares during the period. Elizabeth Park Capital Advisors Ltd. acquired a new position in Coastal Financial during the fourth quarter worth $3,104,000. Finally, Federated Hermes Inc. lifted its stake in shares of Coastal Financial by 7,072.8% in the fourth quarter. Federated Hermes Inc. now owns 11,333 shares of the company’s stock valued at $962,000 after buying an additional 11,175 shares in the last quarter. Institutional investors own 59.24% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Raymond James reissued a “strong-buy” rating on shares of Coastal Financial in a research report on Wednesday, April 2nd. Stephens reissued an “overweight” rating and issued a $100.00 price objective on shares of Coastal Financial in a research note on Tuesday, March 18th. Finally, Keefe, Bruyette & Woods lifted their target price on Coastal Financial from $96.00 to $114.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th.

Coastal Financial Trading Down 0.8 %

NASDAQ:CCB opened at $79.06 on Monday. Coastal Financial Co. has a 52 week low of $37.30 and a 52 week high of $102.25. The firm has a 50-day moving average price of $87.44 and a two-hundred day moving average price of $78.54. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of 24.33 and a beta of 1.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.09). Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. On average, equities analysts expect that Coastal Financial Co. will post 4.59 earnings per share 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.