Kennedy Capital Management LLC Boosts Position in Coastal Financial Co. (NASDAQ:CCB)

Kennedy Capital Management LLC lifted its holdings in Coastal Financial Co. (NASDAQ:CCB - Free Report) by 38.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 299,456 shares of the company's stock after acquiring an additional 83,331 shares during the period. Coastal Financial accounts for about 0.6% of Kennedy Capital Management LLC's portfolio, making the stock its 17th biggest holding. Kennedy Capital Management LLC owned approximately 2.21% of Coastal Financial worth $25,427,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Raymond James Financial Inc. bought a new stake in Coastal Financial in the fourth quarter worth about $532,000. Legal & General Group Plc grew its position in Coastal Financial by 9.2% in the 4th quarter. Legal & General Group Plc now owns 11,643 shares of the company's stock valued at $989,000 after acquiring an additional 984 shares during the last quarter. Elizabeth Park Capital Advisors Ltd. purchased a new stake in Coastal Financial in the fourth quarter worth $3,104,000. Federated Hermes Inc. lifted its position in shares of Coastal Financial by 7,072.8% during the fourth quarter. Federated Hermes Inc. now owns 11,333 shares of the company's stock worth $962,000 after purchasing an additional 11,175 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Coastal Financial by 2.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 63,355 shares of the company's stock worth $5,379,000 after purchasing an additional 1,649 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company's stock.

Remove Ads

Wall Street Analyst Weigh In

Several brokerages have weighed in on CCB. Raymond James reiterated a "strong-buy" rating on shares of Coastal Financial in a report on Wednesday, April 2nd. Stephens reiterated an "overweight" rating and set a $100.00 target price on shares of Coastal Financial in a report on Tuesday, March 18th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Coastal Financial from $96.00 to $114.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th.

Coastal Financial Stock Performance

Shares of CCB traded up $1.89 during mid-day trading on Tuesday, reaching $81.44. The company had a trading volume of 26,456 shares, compared to its average volume of 88,915. The stock has a market capitalization of $1.22 billion, a P/E ratio of 25.06 and a beta of 1.00. Coastal Financial Co. has a 52-week low of $37.30 and a 52-week high of $102.25. The stock has a 50 day moving average of $87.25 and a two-hundred day moving average of $78.72. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted 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 return on equity of 14.98% and a net margin of 6.43%. On average, analysts expect that Coastal Financial Co. will post 4.59 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.