Royce & Associates LP Raises Holdings in Coastal Financial Co. (NASDAQ:CCB)

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

Several other large investors have also modified their holdings of CCB. Charles Schwab Investment Management Inc. increased its position in shares of Coastal Financial by 188.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock worth $4,967,000 after purchasing an additional 60,106 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new position in Coastal Financial during the third quarter worth about $2,034,000. JPMorgan Chase & Co. increased its position in shares of Coastal Financial by 40.9% during the third quarter. JPMorgan Chase & Co. now owns 117,081 shares of the company’s stock valued at $6,321,000 after acquiring an additional 33,964 shares during the last quarter. Stieven Capital Advisors L.P. raised its stake in shares of Coastal Financial by 37.9% in the 4th quarter. Stieven Capital Advisors L.P. now owns 102,213 shares of the company’s stock valued at $8,679,000 after acquiring an additional 28,100 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Coastal Financial by 474.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 25,049 shares of the company’s stock worth $1,352,000 after acquiring an additional 20,685 shares during the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Stock Up 0.8 %

Shares of NASDAQ CCB opened at $83.75 on Wednesday. The stock has a market cap of $1.13 billion, a P/E ratio of 25.77 and a beta of 1.21. The business’s fifty day simple moving average is $87.44 and its 200-day simple moving average is $73.94. Coastal Financial Co. has a 12-month low of $35.90 and a 12-month high of $102.25. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB) last posted 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%. As a group, equities analysts predict that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Stephens reaffirmed an “overweight” rating and issued a $100.00 price objective on shares of Coastal Financial in a research note on Tuesday. 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 target 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.

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.