Alliancebernstein L.P. Has $12.26 Million Stock Position in Coastal Financial Co. (NASDAQ:CCB)

Alliancebernstein L.P. decreased its stake in Coastal Financial Co. (NASDAQ:CCB) by 3.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 144,364 shares of the company’s stock after selling 4,915 shares during the period. Alliancebernstein L.P. owned approximately 1.07% of Coastal Financial worth $12,258,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Coastal Financial by 11.4% during the fourth quarter. Vanguard Group Inc. now owns 685,385 shares of the company’s stock worth $58,196,000 after buying an additional 70,272 shares in the last quarter. Wellington Management Group LLP boosted its stake in Coastal Financial by 1,067.9% during the fourth quarter. Wellington Management Group LLP now owns 456,887 shares of the company’s stock worth $38,794,000 after buying an additional 417,767 shares in the last quarter. State Street Corp boosted its stake in Coastal Financial by 2.4% during the third quarter. State Street Corp now owns 314,274 shares of the company’s stock worth $16,968,000 after buying an additional 7,386 shares in the last quarter. American Century Companies Inc. boosted its stake in Coastal Financial by 1.0% during the fourth quarter. American Century Companies Inc. now owns 157,238 shares of the company’s stock worth $13,351,000 after buying an additional 1,511 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Coastal Financial by 3.7% during the fourth quarter. JPMorgan Chase & Co. now owns 121,469 shares of the company’s stock worth $10,314,000 after buying an additional 4,388 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Stock Up 6.4 %

Shares of NASDAQ:CCB opened at $84.44 on Thursday. Coastal Financial Co. has a 52 week low of $37.30 and a 52 week high of $102.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The company’s fifty day moving average is $87.77 and its 200-day moving average is $77.97. The company has a market capitalization of $1.27 billion, a PE ratio of 25.98 and a beta of 1.00.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.09). Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. Equities research analysts predict that Coastal Financial Co. will post 4.59 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Stephens reiterated an “overweight” rating and set a $100.00 price target on shares of Coastal Financial in a research note on Tuesday, March 18th. Keefe, Bruyette & Woods boosted their target price 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. Finally, Raymond James restated a “strong-buy” rating on shares of Coastal Financial in a research note on Wednesday, April 2nd.

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.