Charles Schwab Investment Management Inc. Raises Stock Holdings in Coastal Financial Corporation $CCB

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Coastal Financial Corporation (NASDAQ: CCB) by 6.3%, acquiring an additional 5,899 shares, bringing their total to 98,858 shares valued at approximately $8.94 million.
• Coastal Financial's stock is currently trading at $112.40, with a 12-month range between $47.90 and $114.36; the company reported earnings of $0.71 per share for the recent quarter, missing estimates.
• Analysts have varied price targets for Coastal Financial, with a consensus rating of "Buy" and an average target price of $110.25, indicating positive expectations for the company's future performance.

Charles Schwab Investment Management Inc. grew its holdings in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 6.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 98,858 shares of the company's stock after purchasing an additional 5,899 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.66% of Coastal Financial worth $8,938,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Coastal Financial by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 739,322 shares of the company's stock worth $66,842,000 after acquiring an additional 53,937 shares during the last quarter. Westwood Holdings Group Inc. increased its holdings in Coastal Financial by 400.4% in the 1st quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company's stock worth $40,604,000 after acquiring an additional 359,371 shares during the last quarter. Alberta Investment Management Corp purchased a new stake in Coastal Financial in the 1st quarter worth about $2,000,000. US Bancorp DE increased its holdings in Coastal Financial by 8.2% in the 1st quarter. US Bancorp DE now owns 11,831 shares of the company's stock worth $1,070,000 after acquiring an additional 900 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in Coastal Financial in the 1st quarter worth about $570,000. 59.24% of the stock is owned by hedge funds and other institutional investors.

Coastal Financial Price Performance

NASDAQ CCB traded up $0.20 during trading hours on Friday, hitting $114.50. The company had a trading volume of 81,622 shares, compared to its average volume of 139,308. Coastal Financial Corporation has a 52 week low of $47.90 and a 52 week high of $116.48. The firm has a 50 day simple moving average of $101.83 and a 200 day simple moving average of $91.74. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 35.23 and a beta of 1.05.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported $0.71 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.16). Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%.The company had revenue of $119.43 million during the quarter, compared to the consensus estimate of $158.05 million. Equities research analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods lifted their price objective on Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a report on Friday, July 11th. Hovde Group set a $126.00 price objective on Coastal Financial in a report on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, Coastal Financial has a consensus rating of "Buy" and an average target price of $110.25.

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.