Coastal Financial Corporation $CCB Stock Position Raised by American Century Companies Inc.

Key Points

• American Century Companies Inc. increased its holdings in Coastal Financial Corporation by 31.3%, now owning approximately 1.38% of the company, valued at $18.66 million.
• Coastal Financial's shares opened at $110.86, reflecting a market cap of $1.68 billion, with a 6.0% increase in stock price.
• Despite strong institutional interest, Coastal Financial missed earnings estimates with $0.71 EPS reported, below the consensus of $0.87.

American Century Companies Inc. raised its stake in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 31.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 206,433 shares of the company's stock after purchasing an additional 49,195 shares during the quarter. American Century Companies Inc. owned 1.38% of Coastal Financial worth $18,664,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of CCB. Wells Fargo & Company MN boosted its position in Coastal Financial by 46.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,418 shares of the company's stock worth $460,000 after purchasing an additional 1,706 shares in the last quarter. Legal & General Group Plc increased its stake in Coastal Financial by 9.2% in the fourth quarter. Legal & General Group Plc now owns 11,643 shares of the company's stock valued at $989,000 after purchasing an additional 984 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Coastal Financial in the fourth quarter valued at $532,000. Mariner LLC purchased a new stake in Coastal Financial during the fourth quarter valued at about $246,000. Finally, First Trust Advisors LP grew its position in Coastal Financial by 1.9% during the fourth quarter. First Trust Advisors LP now owns 8,297 shares of the company's stock valued at $704,000 after acquiring an additional 156 shares during the period. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CCB. Keefe, Bruyette & Woods boosted their price target on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, July 11th. Hovde Group set a $126.00 price target on Coastal Financial in a report on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $110.25.

Coastal Financial Stock Performance

CCB traded up $0.20 during trading hours on Friday, hitting $114.50. The company's stock had a trading volume of 81,622 shares, compared to its average volume of 146,037. The company has a 50-day simple moving average of $101.83 and a 200 day simple moving average of $91.73. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $1.73 billion, a PE ratio of 35.23 and a beta of 1.01. Coastal Financial Corporation has a fifty-two week low of $47.90 and a fifty-two week high of $116.48.

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