Nuveen LLC Purchases New Holdings in Coastal Financial Corporation $CCB

Key Points

• Nuveen LLC has acquired a $7.87 million stake in Coastal Financial Corporation, acquiring 87,060 shares and owning approximately 0.58% of the company.
• Wellington Management Group dramatically increased its stake in Coastal Financial by 1,067.9%, owning now 456,887 shares valued at about $38.8 million.
• Coastal Financial's stock has a current market price of $110.86, and analysts have a consensus rating of "Buy" with a price target of $110.25.

Nuveen LLC acquired a new stake in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 87,060 shares of the company's stock, valued at approximately $7,871,000. Nuveen LLC owned about 0.58% of Coastal Financial as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Tower Research Capital LLC TRC raised its position in shares of Coastal Financial by 179.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock valued at $61,000 after buying an additional 461 shares during the last quarter. Ameriflex Group Inc. acquired a new position in shares of Coastal Financial during the fourth quarter valued at about $172,000. Mariner LLC acquired a new position in shares of Coastal Financial during the fourth quarter valued at about $246,000. ProShare Advisors LLC acquired a new position in Coastal Financial in the fourth quarter worth about $272,000. Finally, GAMMA Investing LLC raised its position in Coastal Financial by 50,271.4% in the first quarter. GAMMA Investing LLC now owns 3,526 shares of the company's stock worth $319,000 after purchasing an additional 3,519 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on CCB shares. Hovde Group set a $126.00 price target on shares of Coastal Financial in a research report on Monday, August 18th. Keefe, Bruyette & Woods increased their price target on shares of Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a research report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $110.25.

Coastal Financial Price Performance

Shares of NASDAQ CCB traded up $0.20 during mid-day trading on Friday, hitting $114.50. 81,622 shares of the stock were exchanged, compared to its average volume of 146,037. The company has a market cap of $1.73 billion, a P/E ratio of 35.23 and a beta of 1.01. The stock's fifty day simple moving average is $101.83 and its two-hundred day simple moving average is $91.73. 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 twelve month low of $47.90 and a twelve month high of $116.48.

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

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.