Vanguard Group Inc. Boosts Stake in Coastal Financial Corporation $CCB

Vanguard Group Inc. raised its position in Coastal Financial Corporation (NASDAQ:CCB) by 2.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 784,230 shares of the company’s stock after purchasing an additional 18,193 shares during the quarter. Vanguard Group Inc. owned 0.05% of Coastal Financial worth $89,865,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Turtle Creek Wealth Advisors LLC purchased a new stake in Coastal Financial in the 4th quarter worth about $403,000. Phocas Financial Corp. purchased a new stake in Coastal Financial in the 4th quarter worth about $3,948,000. Farther Finance Advisors LLC raised its position in Coastal Financial by 222.4% in the 4th quarter. Farther Finance Advisors LLC now owns 2,889 shares of the company’s stock worth $331,000 after purchasing an additional 1,993 shares during the period. State of Alaska Department of Revenue raised its position in Coastal Financial by 384.5% in the 4th quarter. State of Alaska Department of Revenue now owns 2,868 shares of the company’s stock worth $327,000 after purchasing an additional 2,276 shares during the period. Finally, Cox Capital Mgt LLC raised its position in Coastal Financial by 1.4% in the 4th quarter. Cox Capital Mgt LLC now owns 47,775 shares of the company’s stock worth $5,274,000 after purchasing an additional 656 shares during the period. 59.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CCB shares. Weiss Ratings lowered shares of Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, March 2nd. Wall Street Zen lowered shares of Coastal Financial from a “hold” rating to a “sell” rating in a research report on Saturday, May 2nd. Keefe, Bruyette & Woods reduced their target price on shares of Coastal Financial from $115.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday, May 1st. Zacks Research lowered shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Finally, Stephens reaffirmed an “overweight” rating and set a $110.00 target price on shares of Coastal Financial in a research report on Friday, May 1st. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $122.60.

Coastal Financial Price Performance

Shares of CCB opened at $68.22 on Thursday. The company has a market cap of $1.04 billion, a price-to-earnings ratio of 21.39 and a beta of 0.76. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a twelve month low of $66.50 and a twelve month high of $120.05. The company has a 50 day moving average of $78.00 and a two-hundred day moving average of $95.16.

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

Coastal Financial Profile

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.