Fiduciary Trust Co Invests $335,000 in Coastal Financial Co. (NASDAQ:CCB)

Fiduciary Trust Co purchased a new position in Coastal Financial Co. (NASDAQ:CCB) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,940 shares of the company’s stock, valued at approximately $335,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CCB. T. Rowe Price Investment Management Inc. lifted its stake in shares of Coastal Financial by 47.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company’s stock valued at $112,279,000 after purchasing an additional 423,864 shares during the period. Wellington Management Group LLP raised its holdings in Coastal Financial by 1,067.9% in the fourth quarter. Wellington Management Group LLP now owns 456,887 shares of the company’s stock worth $38,794,000 after purchasing an additional 417,767 shares in the last quarter. Azora Capital LP purchased a new position in Coastal Financial during the fourth quarter valued at $33,794,000. Driehaus Capital Management LLC bought a new stake in shares of Coastal Financial during the 4th quarter valued at $8,170,000. Finally, Kennedy Capital Management LLC grew its position in shares of Coastal Financial by 38.6% in the 4th quarter. Kennedy Capital Management LLC now owns 299,456 shares of the company’s stock worth $25,427,000 after buying an additional 83,331 shares during the period. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Coastal Financial Stock Up 3.7%

Shares of Coastal Financial stock opened at $87.12 on Tuesday. The company has a 50-day simple moving average of $84.21 and a two-hundred day simple moving average of $82.57. The stock has a market capitalization of $1.31 billion, a PE ratio of 26.81 and a beta of 0.94. Coastal Financial Co. has a 52-week low of $42.64 and a 52-week high of $102.25. 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 announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.30). The firm had revenue of $139.54 million for the quarter, compared to the consensus estimate of $158.65 million. Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. On average, analysts anticipate that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CCB shares. Raymond James lowered their price target on shares of Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating for the company in a research report on Wednesday, April 30th. Stephens reissued an “overweight” rating and issued a $100.00 price target on shares of Coastal Financial in a research report on Tuesday, March 18th. Keefe, Bruyette & Woods cut 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, April 30th. Finally, Hovde Group lowered their price objective on Coastal Financial from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, Director Gregory A. Tisdel sold 1,600 shares of the business’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $79.07, for a total value of $126,512.00. Following the completion of the transaction, the director now 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 16.82% of the company’s stock.

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.