Public Employees Retirement System of Ohio Acquires New Holdings in Coastal Financial Co. (NASDAQ:CCB)

Public Employees Retirement System of Ohio bought a new position in Coastal Financial Co. (NASDAQ:CCB - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund bought 5,280 shares of the company's stock, valued at approximately $448,000.

Other hedge funds have also recently made changes to their positions in the company. Tower Research Capital LLC TRC raised 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 worth $61,000 after buying an additional 461 shares during the period. Meeder Asset Management Inc. purchased a new position in Coastal Financial during the 4th quarter valued at $64,000. New York State Teachers Retirement System bought a new position in Coastal Financial in the 4th quarter valued at $87,000. KLP Kapitalforvaltning AS bought a new position in Coastal Financial in the 4th quarter valued at $178,000. Finally, Pictet Asset Management Holding SA purchased a new stake in Coastal Financial in the fourth quarter worth $214,000. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Gregory A. Tisdel sold 1,600 shares of the business's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $79.07, for a total value of $126,512.00. Following the completion of the sale, the director now directly owns 14,006 shares in the company, valued at $1,107,454.42. The trade was a 10.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Joel G. Edwards sold 3,128 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $88.44, for a total value of $276,640.32. Following the transaction, the chief financial officer now owns 41,387 shares in the company, valued at $3,660,266.28. This trade represents a 7.03% decrease in their position. The disclosure for this sale can be found here. 14.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Stephens reissued an "overweight" rating and set a $100.00 target price on shares of Coastal Financial in a research note on Tuesday, March 18th. Hovde Group decreased their price objective on shares of Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Keefe, Bruyette & Woods dropped their target price on shares of Coastal Financial from $114.00 to $110.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, Raymond James reduced their target price on shares of Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, April 30th.

Coastal Financial Stock Performance

NASDAQ CCB traded up $1.68 on Friday, hitting $87.12. 60,422 shares of the company's stock traded hands, compared to its average volume of 95,266. The firm's 50-day moving average price is $84.84 and its two-hundred day moving average price is $84.72. The firm has a market capitalization of $1.31 billion, a PE ratio of 26.81 and a beta of 0.96. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. Coastal Financial Co. has a 1-year low of $42.64 and a 1-year high of $102.25.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.93 by ($0.30). The company had revenue of $139.54 million during the quarter, compared to analyst estimates of $158.65 million. Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. As a group, analysts expect that Coastal Financial Co. will post 4.59 EPS for the current year.

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.