Emerald Mutual Fund Advisers Trust Has $11.92 Million Position in Coastal Financial Corporation $CCB

Key Points

• Emerald Mutual Fund Advisers Trust increased its stake in Coastal Financial by 45.4% in the first quarter, adding 48,927 shares to bring its total holding to 156,664 shares worth about $11.92 million.
• Several other institutional investors also adjusted positions in the bank, and hedge funds and institutions now own 59.24% of Coastal Financial’s stock.
• Analysts remain cautiously positive overall, with an average rating of “Moderate Buy” and an average price target of $122.60, even though Coastal Financial recently reported earnings and revenue that missed expectations.

Emerald Mutual Fund Advisers Trust raised its holdings in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 45.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 156,664 shares of the company's stock after buying an additional 48,927 shares during the quarter. Emerald Mutual Fund Advisers Trust owned 1.03% of Coastal Financial worth $11,922,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in shares of Coastal Financial by 2.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company's stock valued at $644,000 after acquiring an additional 149 shares in the last quarter. ProShare Advisors LLC raised its position in Coastal Financial by 7.0% in the fourth quarter. ProShare Advisors LLC now owns 2,360 shares of the company's stock worth $270,000 after purchasing an additional 155 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Coastal Financial by 129.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company's stock worth $34,000 after purchasing an additional 169 shares during the period. Swiss National Bank lifted its stake in Coastal Financial by 0.8% during the third quarter. Swiss National Bank now owns 26,165 shares of the company's stock worth $2,830,000 after purchasing an additional 200 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Coastal Financial by 0.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 105,734 shares of the company's stock valued at $12,117,000 after purchasing an additional 293 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on CCB. Keefe, Bruyette & Woods lowered their price objective on Coastal Financial from $115.00 to $95.00 and set an "outperform" rating on the stock in a research note on Friday, May 1st. Stephens restated an "overweight" rating and set a $110.00 target price on shares of Coastal Financial in a research report on Friday, May 1st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Coastal Financial in a research note on Monday, June 29th. Wall Street Zen upgraded Coastal Financial from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Finally, Zacks Research upgraded Coastal Financial from a "strong sell" rating to a "hold" rating in a research note on Tuesday, June 30th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $122.60.

Coastal Financial Price Performance

NASDAQ:CCB opened at $78.60 on Tuesday. The firm has a market cap of $1.20 billion, a PE ratio of 24.64 and a beta of 0.72. Coastal Financial Corporation has a 12 month low of $66.50 and a 12 month high of $120.05. The company has a quick ratio of 1.03, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The company's 50-day moving average price is $72.96 and its two-hundred day moving average price is $84.17.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.24). The firm had revenue of $56.30 million for the quarter, compared to the consensus estimate of $138.63 million. Coastal Financial had a return on equity of 10.20% and a net margin of 7.35%. On average, equities analysts anticipate that Coastal Financial Corporation will post 4.57 EPS for the current fiscal year.

Coastal Financial Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina's central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.

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