Kennedy Capital Management LLC Buys 26,914 Shares of Coastal Financial Corporation $CCB

Kennedy Capital Management LLC lifted its stake in Coastal Financial Corporation (NASDAQ:CCB) by 19.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 168,825 shares of the company’s stock after buying an additional 26,914 shares during the period. Kennedy Capital Management LLC owned about 1.12% of Coastal Financial worth $19,346,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CCB. AQR Capital Management LLC boosted its holdings in Coastal Financial by 3.7% during the first quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock valued at $1,185,000 after purchasing an additional 473 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Coastal Financial by 15.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock worth $672,000 after buying an additional 977 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Coastal Financial by 44.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock worth $6,645,000 after buying an additional 22,725 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Coastal Financial by 7.3% in the 1st quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock worth $1,125,000 after buying an additional 848 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Coastal Financial by 4.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company’s stock worth $2,393,000 after buying an additional 1,048 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CCB shares. Wall Street Zen raised Coastal Financial from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings cut Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. Zacks Research cut Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. TD Cowen dropped their target price on Coastal Financial from $145.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, April 30th. Finally, Stephens reaffirmed an “overweight” rating and set a $110.00 price objective on shares of Coastal Financial in a report on Friday, May 1st. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $122.60.

Coastal Financial Stock Performance

Shares of Coastal Financial stock opened at $73.53 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.03. The firm has a market cap of $1.12 billion, a P/E ratio of 23.05 and a beta of 0.72. The firm has a 50 day simple moving average of $75.29 and a 200 day simple moving average of $89.89. Coastal Financial Corporation has a fifty-two week low of $66.50 and a fifty-two week high of $120.05.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.24). Coastal Financial had a net margin of 7.35% and a return on equity of 10.20%. The business had revenue of $56.30 million during the quarter, compared to the consensus estimate of $138.63 million. Sell-side analysts predict that Coastal Financial Corporation will post 4.56 earnings per share for the current fiscal year.

About Coastal Financial

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.