Franklin Resources Inc. Sells 2,301 Shares of Coastal Financial Co. (NASDAQ:CCB)

Franklin Resources Inc. cut its position in Coastal Financial Co. (NASDAQ:CCB) by 4.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 45,486 shares of the company’s stock after selling 2,301 shares during the quarter. Franklin Resources Inc.’s holdings in Coastal Financial were worth $2,616,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP lifted its holdings in shares of Coastal Financial by 6.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock valued at $16,603,000 after purchasing an additional 20,517 shares during the last quarter. State Street Corp raised its stake in Coastal Financial by 2.4% in the third quarter. State Street Corp now owns 314,274 shares of the company’s stock valued at $16,968,000 after buying an additional 7,386 shares during the last quarter. Jacobs Asset Management LLC boosted its holdings in Coastal Financial by 9.1% in the third quarter. Jacobs Asset Management LLC now owns 187,500 shares of the company’s stock worth $10,123,000 after acquiring an additional 15,683 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Coastal Financial by 23.3% during the second quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after acquiring an additional 26,690 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Coastal Financial by 188.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock valued at $4,967,000 after acquiring an additional 60,106 shares in the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CCB has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of Coastal Financial from $92.00 to $96.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. Raymond James boosted their price objective on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 29th. Finally, Hovde Group lifted their price target on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th.

Insider Activity

In other Coastal Financial news, EVP Jonathan E. Sand sold 1,000 shares of Coastal Financial stock in a transaction on Monday, November 11th. The shares were sold at an average price of $74.15, for a total value of $74,150.00. Following the completion of the transaction, the executive vice president now owns 19,611 shares of the company’s stock, valued at approximately $1,454,155.65. The trade was a 4.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Eric M. Sprink sold 5,000 shares of the stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $52.01, for a total transaction of $260,050.00. Following the sale, the chief executive officer now directly owns 305,285 shares in the company, valued at approximately $15,877,872.85. The trade was a 1.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,346 shares of company stock valued at $2,947,336 in the last quarter. 16.82% of the stock is currently owned by company insiders.

Coastal Financial Stock Performance

Shares of NASDAQ CCB opened at $83.19 on Thursday. The company has a 50 day simple moving average of $72.64 and a two-hundred day simple moving average of $57.72. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of 28.01 and a beta of 1.24. 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 Co. has a 12 month low of $35.67 and a 12 month high of $86.27.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. The company had revenue of $185.15 million during the quarter, compared to the consensus estimate of $154.30 million. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. As a group, analysts predict that Coastal Financial Co. will post 3.55 earnings per share for the current 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.