American Century Companies Inc. Purchases 26,690 Shares of Coastal Financial Co. (NASDAQ:CCB)

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

A number of other hedge funds have also modified their holdings of CCB. EntryPoint Capital LLC boosted its position in shares of Coastal Financial by 642.4% during the first quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after acquiring an additional 1,439 shares during the last quarter. Quadrature Capital Ltd bought a new position in shares of Coastal Financial during the first quarter worth $207,000. Allspring Global Investments Holdings LLC boosted its position in shares of Coastal Financial by 22,360.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock worth $207,000 after acquiring an additional 4,472 shares during the last quarter. Arcus Capital Partners LLC bought a new position in shares of Coastal Financial during the second quarter worth $378,000. Finally, Riverwater Partners LLC boosted its position in shares of Coastal Financial by 6.4% during the second quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock worth $381,000 after acquiring an additional 494 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CCB has been the subject of a number of research reports. Hovde Group upped their target price on shares of Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods upgraded shares of Coastal Financial to a “moderate buy” rating in a research report on Tuesday, July 30th.

Insider Activity at Coastal Financial

In other news, Director Steven D. Hovde sold 1,497 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $53.00, for a total value of $79,341.00. Following the sale, the director now owns 26,500 shares of the company’s stock, valued at $1,404,500. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Steven D. Hovde sold 1,497 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $53.00, for a total value of $79,341.00. Following the sale, the director now owns 26,500 shares of the company’s stock, valued at $1,404,500. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Steven D. Hovde sold 2,050 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $53.51, for a total transaction of $109,695.50. Following the completion of the sale, the director now directly owns 21,950 shares in the company, valued at approximately $1,174,544.50. The disclosure for this sale can be found here. Insiders have sold a total of 24,631 shares of company stock valued at $1,271,720 over the last 90 days. 16.82% of the stock is owned by corporate insiders.

Coastal Financial Price Performance

Coastal Financial stock opened at $51.76 on Wednesday. The company has a market cap of $694.57 million, a price-to-earnings ratio of 18.10 and a beta of 1.24. The firm’s fifty day moving average is $50.74 and its 200 day moving average is $45.05. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.15. Coastal Financial Co. has a 52-week low of $35.67 and a 52-week high of $54.00.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. The company had revenue of $167.41 million for the quarter, compared to the consensus estimate of $168.30 million. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. Sell-side analysts forecast that Coastal Financial Co. will post 3.52 EPS 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.