T. Rowe Price Investment Management Inc. Purchases 16,944 Shares of Coastal Financial Corporation $CCB

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Coastal Financial Corporation by 1.3%, owning approximately 8.92% of the company, valued at $121 million as of the latest report.
• Coastal Financial's stock has recently seen price target adjustments from analysts, with the average target now at $110.25, reflecting a generally positive outlook despite a recent earnings miss.
• The company reported a net margin of 7.02% and a return on equity of 11.31%, with expected earnings per share of 4.59 for the current fiscal year.

T. Rowe Price Investment Management Inc. raised its position in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 1.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,339,269 shares of the company's stock after buying an additional 16,944 shares during the quarter. T. Rowe Price Investment Management Inc. owned 8.92% of Coastal Financial worth $121,084,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. First Trust Advisors LP raised 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 in the last quarter. SummerHaven Investment Management LLC lifted its stake in shares of Coastal Financial by 0.9% in the 1st quarter. SummerHaven Investment Management LLC now owns 17,138 shares of the company's stock valued at $1,549,000 after purchasing an additional 161 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Coastal Financial by 5.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,459 shares of the company's stock worth $548,000 after purchasing an additional 343 shares in the last quarter. Tower Research Capital LLC TRC increased its position in Coastal Financial by 179.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock worth $61,000 after buying an additional 461 shares during the last quarter. Finally, Bridgeway Capital Management LLC raised its holdings in Coastal Financial by 2.9% during the fourth quarter. Bridgeway Capital Management LLC now owns 18,091 shares of the company's stock valued at $1,536,000 after buying an additional 507 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CCB shares. Raymond James Financial reduced their price objective on shares of Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a research note on Wednesday, April 30th. Keefe, Bruyette & Woods increased their price objective on shares of Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research note on Friday, July 11th. Finally, Hovde Group set a $126.00 price target on Coastal Financial in a research report on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to MarketBeat, Coastal Financial currently has an average rating of "Buy" and an average price target of $110.25.

Coastal Financial Price Performance

Shares of CCB stock traded up $3.13 on Tuesday, reaching $115.53. The company had a trading volume of 141,297 shares, compared to its average volume of 124,014. The stock has a market capitalization of $1.75 billion, a PE ratio of 35.55 and a beta of 1.01. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The business's 50-day moving average is $99.36 and its 200 day moving average is $91.01. Coastal Financial Corporation has a one year low of $47.90 and a one year high of $116.48.

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

About Coastal Financial

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.