Invesco Ltd. Sells 8,722 Shares of Coastal Financial Co. (NASDAQ:CCB)

Invesco Ltd. trimmed its holdings in Coastal Financial Co. (NASDAQ:CCB) by 10.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 78,311 shares of the company’s stock after selling 8,722 shares during the quarter. Invesco Ltd. owned about 0.58% of Coastal Financial worth $6,649,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. acquired a new position in shares of Coastal Financial during the fourth quarter valued at $64,000. New York State Teachers Retirement System acquired a new position in Coastal Financial during the 4th quarter valued at about $87,000. USA Financial Formulas bought a new position in shares of Coastal Financial in the 4th quarter valued at about $122,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Coastal Financial during the 4th quarter worth approximately $178,000. Finally, Pictet Asset Management Holding SA bought a new stake in shares of Coastal Financial during the fourth quarter worth approximately $214,000. Institutional investors own 59.24% of the company’s stock.

Coastal Financial Stock Performance

CCB stock opened at $88.30 on Friday. Coastal Financial Co. has a 1-year low of $37.51 and a 1-year high of $102.25. The business’s 50-day moving average price is $86.58 and its two-hundred day moving average price is $80.12. The firm has a market cap of $1.33 billion, a PE ratio of 27.17 and a beta of 1.00. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Tuesday, February 4th. The company reported $0.94 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.09). Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. As a group, research analysts forecast that Coastal Financial Co. will post 4.59 earnings per share for the current year.

Insider Buying and Selling at Coastal Financial

In other 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 sale, the director now owns 14,006 shares of the company’s stock, valued at $1,107,454.42. The trade was a 10.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 16.82% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on CCB. Raymond James reaffirmed a “strong-buy” rating on shares of Coastal Financial in a report on Wednesday, April 2nd. Stephens reiterated an “overweight” rating and issued a $100.00 price objective on shares of Coastal Financial in a report on Tuesday, March 18th. Finally, Keefe, Bruyette & Woods increased their target price on Coastal Financial from $96.00 to $114.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th.

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.