Invesco Ltd. Buys 8,065 Shares of Coastal Financial Corporation $CCB

Key Points

• Invesco Ltd. increased its stake in Coastal Financial Corporation by 10.3%, acquiring an additional 8,065 shares, bringing its total holdings to 86,376 shares worth approximately $7.81 million.
• Coastal Financial reported earnings per share of $0.71 for the last quarter, missing estimates by $0.16, with total revenue of $119.43 million compared to expectations of $158.05 million.
• Analysts have mixed ratings on Coastal Financial, with a consensus price target of $110.25 and several updates indicating a range of price objectives from $100.00 to $126.00.

Invesco Ltd. grew its holdings in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 10.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,376 shares of the company's stock after purchasing an additional 8,065 shares during the period. Invesco Ltd. owned approximately 0.58% of Coastal Financial worth $7,809,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Tower Research Capital LLC TRC lifted its holdings in shares of Coastal Financial by 179.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock valued at $61,000 after purchasing an additional 461 shares in the last quarter. Ameriflex Group Inc. purchased a new stake in shares of Coastal Financial in the fourth quarter valued at $172,000. Mariner LLC purchased a new stake in shares of Coastal Financial in the fourth quarter valued at $246,000. ProShare Advisors LLC purchased a new stake in shares of Coastal Financial in the fourth quarter valued at $272,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Coastal Financial by 50,271.4% in the first quarter. GAMMA Investing LLC now owns 3,526 shares of the company's stock valued at $319,000 after purchasing an additional 3,519 shares in the last quarter. Hedge funds and other institutional investors own 59.24% of the company's stock.

Coastal Financial Stock Up 0.2%

Shares of NASDAQ:CCB traded up $0.20 during midday trading on Friday, hitting $114.50. 81,622 shares of the stock were exchanged, compared to its average volume of 139,308. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. Coastal Financial Corporation has a 52-week low of $47.90 and a 52-week high of $116.48. The business's fifty day simple moving average is $101.83 and its two-hundred day simple moving average is $91.74. The company has a market capitalization of $1.73 billion, a PE ratio of 35.23 and a beta of 1.05.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.71 earnings per share (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 firm had revenue of $119.43 million for the quarter, compared to analysts' expectations of $158.05 million. As a group, research analysts predict that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CCB has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods increased their target price on Coastal Financial from $110.00 to $115.00 and gave the company 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 analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $110.25.

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.