T. Rowe Price Investment Management Inc. Has $121.08 Million Stake in 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. lifted its stake in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 1.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,339,269 shares of the company's stock after acquiring an additional 16,944 shares during the period. T. Rowe Price Investment Management Inc. owned 8.92% of Coastal Financial worth $121,084,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. First Trust Advisors LP lifted its holdings in shares of Coastal Financial by 1.9% during the fourth quarter. First Trust Advisors LP now owns 8,297 shares of the company's stock worth $704,000 after purchasing an additional 156 shares during the period. SummerHaven Investment Management LLC raised 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 worth $1,549,000 after buying an additional 161 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Coastal Financial by 5.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,459 shares of the company's stock valued at $548,000 after buying an additional 343 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Coastal Financial by 179.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock worth $61,000 after acquiring an additional 461 shares in the last quarter. Finally, Bridgeway Capital Management LLC raised its holdings in shares of Coastal Financial by 2.9% in the 4th quarter. Bridgeway Capital Management LLC now owns 18,091 shares of the company's stock worth $1,536,000 after buying an additional 507 shares in the last quarter. 59.24% of the stock is owned by institutional investors and hedge funds.

Coastal Financial Price Performance

Shares of NASDAQ:CCB traded down $0.52 on Wednesday, reaching $114.98. 51,598 shares of the company were exchanged, compared to its average volume of 123,963. Coastal Financial Corporation has a 1-year low of $47.90 and a 1-year high of $116.48. The company has a 50-day moving average of $100.02 and a 200-day moving average of $91.18. 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 cap of $1.74 billion, a price-to-earnings ratio of 35.40 and a beta of 1.01.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released 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). The business had revenue of $119.43 million for the quarter, compared to analysts' expectations of $158.05 million. Coastal Financial had a net margin of 7.02% and a return on equity of 11.31%. Equities analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CCB has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods lifted their price target on Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a report on Friday, July 11th. Raymond James Financial decreased 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. Finally, Hovde Group set a $126.00 price objective on shares of 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. Based on data from MarketBeat.com, Coastal Financial presently has an average rating of "Buy" and an average price target 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.