Arizona State Retirement System Takes $282,000 Position in Coastal Financial Co. (NASDAQ:CCB)

Arizona State Retirement System purchased a new position in Coastal Financial Co. (NASDAQ:CCB - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,320 shares of the company's stock, valued at approximately $282,000.

A number of other hedge funds also recently bought and sold shares of the business. Principal Financial Group Inc. purchased a new position in shares of Coastal Financial in the 3rd quarter worth approximately $377,000. GSA Capital Partners LLP boosted its stake in Coastal Financial by 7.8% during the third quarter. GSA Capital Partners LLP now owns 11,850 shares of the company's stock worth $640,000 after buying an additional 857 shares during the period. Victory Capital Management Inc. bought a new position in Coastal Financial during the third quarter valued at $296,000. Empowered Funds LLC raised its stake in shares of Coastal Financial by 5.1% in the third quarter. Empowered Funds LLC now owns 11,084 shares of the company's stock valued at $598,000 after acquiring an additional 536 shares during the period. Finally, Stieven Capital Advisors L.P. lifted its holdings in shares of Coastal Financial by 35.7% in the 3rd quarter. Stieven Capital Advisors L.P. now owns 74,113 shares of the company's stock worth $4,001,000 after acquiring an additional 19,500 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on CCB. Keefe, Bruyette & Woods increased their price objective on shares of Coastal Financial from $96.00 to $114.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Raymond James reiterated a "strong-buy" rating and issued a $100.00 price target (up from $88.00) on shares of Coastal Financial in a report on Wednesday, January 29th. Finally, Stephens reaffirmed an "overweight" rating and set a $100.00 target price on shares of Coastal Financial in a research report on Tuesday.

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Coastal Financial Stock Up 1.0 %

Coastal Financial stock traded up $0.86 during midday trading on Wednesday, reaching $84.61. The company's stock had a trading volume of 72,309 shares, compared to its average volume of 81,554. Coastal Financial Co. has a 52-week low of $35.90 and a 52-week high of $102.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $1.15 billion, a P/E ratio of 26.04 and a beta of 1.21. The stock's 50-day simple moving average is $87.44 and its 200-day simple moving average is $73.94.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its earnings results on Tuesday, February 4th. The company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.09). Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. On average, sell-side analysts expect that Coastal Financial Co. will post 4.59 EPS 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.