Royce & Associates LP Boosts Stock Position in Coastal Financial Co. (NASDAQ:CCB)

Royce & Associates LP increased its holdings in Coastal Financial Co. (NASDAQ:CCB - Free Report) by 795.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,554 shares of the company's stock after acquiring an additional 79,554 shares during the period. Royce & Associates LP owned about 0.66% of Coastal Financial worth $7,604,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of CCB. Point72 DIFC Ltd purchased a new position in Coastal Financial in the third quarter valued at approximately $31,000. FMR LLC increased its holdings 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 acquiring an additional 228 shares during the last quarter. New York State Teachers Retirement System bought a new stake in Coastal Financial in the 4th quarter valued at about $87,000. Quantbot Technologies LP purchased a new stake in Coastal Financial during the third quarter valued at about $119,000. Finally, USA Financial Formulas bought a new position in Coastal Financial during the fourth quarter worth about $122,000. 59.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CCB has been the topic of a number of recent analyst reports. Raymond James reiterated a "strong-buy" rating and issued a $100.00 price objective (up previously from $88.00) on shares of Coastal Financial in a research report on Wednesday, January 29th. Keefe, Bruyette & Woods boosted their price objective on Coastal Financial from $96.00 to $114.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Finally, Stephens reaffirmed an "overweight" rating and issued a $100.00 target price on shares of Coastal Financial in a research note on Tuesday.

Remove Ads

Coastal Financial Price Performance

Shares of Coastal Financial stock traded down $0.55 during trading on Friday, hitting $84.48. 516,386 shares of the stock traded hands, compared to its average volume of 83,352. The firm's fifty day moving average is $87.57 and its 200-day moving average is $74.30. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of 25.99 and a beta of 1.21. Coastal Financial Co. has a 52 week low of $36.60 and a 52 week 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.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $0.94 earnings per share for the quarter, missing analysts' consensus estimates of $1.03 by ($0.09). Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. Research analysts expect that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

Coastal Financial Company 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.