American Century Companies Inc. Boosts Holdings in Coastal Financial Co. (NASDAQ:CCB)

American Century Companies Inc. lifted its stake in Coastal Financial Co. (NASDAQ:CCB) by 23.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 141,203 shares of the company’s stock after purchasing an additional 26,690 shares during the period. American Century Companies Inc. owned 1.05% of Coastal Financial worth $6,515,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Riverwater Partners LLC lifted its position in Coastal Financial by 6.4% during the 2nd quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock valued at $381,000 after acquiring an additional 494 shares during the period. Cox Capital Mgt LLC lifted its position in Coastal Financial by 1.6% during the 1st quarter. Cox Capital Mgt LLC now owns 36,010 shares of the company’s stock valued at $1,400,000 after acquiring an additional 556 shares during the period. First Bank & Trust lifted its position in Coastal Financial by 3.6% during the 1st quarter. First Bank & Trust now owns 21,767 shares of the company’s stock valued at $846,000 after acquiring an additional 761 shares during the period. EntryPoint Capital LLC lifted its position in Coastal Financial by 642.4% during the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock valued at $65,000 after acquiring an additional 1,439 shares during the period. Finally, Rhumbline Advisers increased its stake in Coastal Financial by 10.6% during the 2nd quarter. Rhumbline Advisers now owns 15,981 shares of the company’s stock valued at $737,000 after purchasing an additional 1,535 shares in the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CCB. Hovde Group raised their price objective on shares of Coastal Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. Keefe, Bruyette & Woods upgraded shares of Coastal Financial to a “moderate buy” rating in a research note on Tuesday, July 30th.

Insider Activity

In other news, Director Steven D. Hovde sold 1,497 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $53.00, for a total transaction of $79,341.00. Following the completion of the transaction, the director now directly owns 26,500 shares of the company’s stock, valued at $1,404,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Coastal Financial news, Director Steven D. Hovde sold 1,556 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $53.50, for a total transaction of $83,246.00. Following the completion of the sale, the director now directly owns 24,000 shares of the company’s stock, valued at $1,284,000. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Steven D. Hovde sold 1,497 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $53.00, for a total transaction of $79,341.00. Following the sale, the director now directly owns 26,500 shares of the company’s stock, valued at $1,404,500. The disclosure for this sale can be found here. Insiders sold 24,631 shares of company stock valued at $1,271,720 over the last three months. Insiders own 16.82% of the company’s stock.

Coastal Financial Stock Up 0.4 %

NASDAQ:CCB opened at $51.76 on Wednesday. The firm has a market cap of $694.57 million, a P/E ratio of 18.10 and a beta of 1.24. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.03 and a current ratio of 1.03. Coastal Financial Co. has a fifty-two week low of $35.67 and a fifty-two week high of $54.00. The firm has a 50-day simple moving average of $50.74 and a two-hundred day simple moving average of $45.05.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Monday, July 29th. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.03. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. The firm had revenue of $167.41 million during the quarter, compared to analysts’ expectations of $168.30 million. Analysts predict that Coastal Financial Co. will post 3.52 earnings per share for the current fiscal 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.