Northern Trust Corp Has $10.50 Million Stock Position in Coastal Financial Corporation $CCB

Key Points

• Northern Trust Corp increased its stake in Coastal Financial Corporation by 8.4%, owning approximately 116,160 shares valued at $10.5 million as of the latest SEC filing.
• Coastal Financial reported a net margin of 7.02% in its recent earnings, missing analyst estimates with earnings per share of $0.71 compared to a consensus of $0.87.
• According to analyst ratings, Coastal Financial has an average Buy rating among brokerages, with a consensus target price of $110.25.

Northern Trust Corp raised its position in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 8.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 116,160 shares of the company's stock after purchasing an additional 9,015 shares during the period. Northern Trust Corp owned approximately 0.77% of Coastal Financial worth $10,502,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CCB. Wellington Management Group LLP raised its position in Coastal Financial by 1,067.9% during the fourth quarter. Wellington Management Group LLP now owns 456,887 shares of the company's stock valued at $38,794,000 after purchasing an additional 417,767 shares in the last quarter. Westwood Holdings Group Inc. raised its position in Coastal Financial by 400.4% during the first quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company's stock valued at $40,604,000 after purchasing an additional 359,371 shares in the last quarter. Peregrine Capital Management LLC bought a new position in shares of Coastal Financial in the 1st quarter valued at $10,180,000. Driehaus Capital Management LLC bought a new position in shares of Coastal Financial in the 4th quarter valued at $8,170,000. Finally, Nuveen LLC bought a new position in shares of Coastal Financial in the 1st quarter valued at $7,871,000. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Coastal Financial Stock Performance

NASDAQ CCB opened at $109.84 on Friday. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of 33.80 and a beta of 1.05. Coastal Financial Corporation has a twelve month low of $47.90 and a twelve month high of $118.00. The stock has a fifty day simple moving average of $103.67 and a 200 day simple moving average of $92.52. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10.

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 for the quarter, missing analysts' consensus estimates of $0.87 by ($0.16). Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%.The business had revenue of $119.43 million for the quarter, compared to analyst estimates of $158.05 million. Sell-side analysts expect that Coastal Financial Corporation will post 4.59 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CCB. Hovde Group set a $126.00 price target on Coastal Financial in a research note on Monday, August 18th. Keefe, Bruyette & Woods increased their price target on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research note on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to data from MarketBeat, Coastal Financial has an average rating of "Buy" and a consensus 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.

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