Proficio Capital Partners LLC Acquires New Shares in Coastal Financial Co. (NASDAQ:CCB)

Proficio Capital Partners LLC acquired a new position in Coastal Financial Co. (NASDAQ:CCB - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,416 shares of the company's stock, valued at approximately $1,139,000. Proficio Capital Partners LLC owned approximately 0.10% of Coastal Financial at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Portside Wealth Group LLC grew its holdings in Coastal Financial by 3.7% in the 3rd quarter. Portside Wealth Group LLC now owns 4,669 shares of the company's stock valued at $252,000 after buying an additional 166 shares during the last quarter. FMR LLC grew its position in Coastal Financial by 21.0% in the 3rd quarter. FMR LLC now owns 1,316 shares of the company's stock worth $71,000 after purchasing an additional 228 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Coastal Financial by 4.6% during the 4th quarter. Empowered Funds LLC now owns 11,591 shares of the company's stock worth $984,000 after purchasing an additional 507 shares during the period. SG Americas Securities LLC increased its holdings in shares of Coastal Financial by 8.7% during the 4th quarter. SG Americas Securities LLC now owns 6,517 shares of the company's stock worth $553,000 after purchasing an additional 522 shares during the period. Finally, Point72 DIFC Ltd acquired a new position in shares of Coastal Financial during the third quarter valued at about $31,000. 59.24% of the stock is owned by institutional investors and hedge funds.

Coastal Financial Price Performance

NASDAQ:CCB traded up $1.09 during trading hours on Tuesday, reaching $82.49. The company had a trading volume of 122,046 shares, compared to its average volume of 128,990. The firm has a market capitalization of $1.12 billion, a PE ratio of 25.38 and a beta of 1.21. The stock has a 50-day moving average of $87.60 and a two-hundred day moving average of $72.66. Coastal Financial Co. has a one year low of $35.67 and a one year high of $102.25. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14.

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Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly 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%. Analysts forecast that Coastal Financial Co. will post 4.59 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Stephens restated an "overweight" rating and set a $100.00 price target on shares of Coastal Financial in a research note on Thursday, February 13th. Raymond James reaffirmed a "strong-buy" rating and issued a $100.00 target price (up from $88.00) on shares of Coastal Financial in a research report on Wednesday, January 29th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Coastal Financial from $96.00 to $114.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th.

Coastal Financial Profile

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.