Alliancebernstein L.P. reduced its position in shares of Coastal Financial Corporation (NYSE:CCB) by 5.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 140,409 shares of the company’s stock after selling 8,294 shares during the period. Alliancebernstein L.P. owned 1.18% of Coastal Financial worth $1,476,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in CCB. BNP Paribas Arbitrage SA boosted its stake in shares of Coastal Financial by 73.0% in the first quarter. BNP Paribas Arbitrage SA now owns 2,422 shares of the company’s stock valued at $25,000 after purchasing an additional 1,022 shares during the period. Citigroup Inc. lifted its stake in Coastal Financial by 70.4% in the fourth quarter. Citigroup Inc. now owns 1,557 shares of the company’s stock worth $26,000 after acquiring an additional 643 shares during the last quarter. Panagora Asset Management Inc. lifted its position in shares of Coastal Financial by 15.9% during the 4th quarter. Panagora Asset Management Inc. now owns 6,092 shares of the company’s stock worth $100,000 after buying an additional 838 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Coastal Financial by 16.5% during the 1st quarter. Victory Capital Management Inc. now owns 9,783 shares of the company’s stock worth $103,000 after buying an additional 1,383 shares during the last quarter. Finally, Rhumbline Advisers purchased a new stake in shares of Coastal Financial during the 1st quarter worth approximately $120,000.
NYSE:CCB opened at $14.32 on Wednesday. The company’s 50-day moving average is $13.63 and its two-hundred day moving average is $14.68. Coastal Financial Corporation has a 12-month low of $8.41 and a 12-month high of $18.58.
CCB has been the topic of a number of recent research reports. TheStreet raised shares of Coastal Financial from a “d+” rating to a “c-” rating in a report on Wednesday, May 27th. Zacks Investment Research lowered shares of Coastal Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, May 27th.
Coastal Financial Profile
Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank that provides various banking products and services to consumers and small to medium sized businesses in the Puget Sound region in Washington. It generates a range of deposit products, including checking and savings accounts, time deposits, and money market accounts.
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