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

Public Employees Retirement System of Ohio purchased a new stake in shares of Coastal Financial Co. (NASDAQ:CCB - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 5,280 shares of the company's stock, valued at approximately $448,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CCB. T. Rowe Price Investment Management Inc. increased its holdings in shares of Coastal Financial by 47.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company's stock valued at $112,279,000 after acquiring an additional 423,864 shares in the last quarter. Vanguard Group Inc. increased its stake in Coastal Financial by 11.4% during the 4th quarter. Vanguard Group Inc. now owns 685,385 shares of the company's stock valued at $58,196,000 after purchasing an additional 70,272 shares in the last quarter. Wellington Management Group LLP raised its holdings in Coastal Financial by 1,067.9% in the fourth quarter. Wellington Management Group LLP now owns 456,887 shares of the company's stock worth $38,794,000 after buying an additional 417,767 shares during the last quarter. Azora Capital LP purchased a new position in Coastal Financial in the fourth quarter worth about $33,794,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Coastal Financial by 9.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 385,433 shares of the company's stock worth $32,727,000 after buying an additional 33,980 shares in the last quarter. Institutional investors own 59.24% of the company's stock.

Insider Activity at Coastal Financial

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

Coastal Financial Stock Performance

Shares of NASDAQ:CCB traded up $1.68 during trading on Friday, hitting $87.12. The company's stock had a trading volume of 60,422 shares, compared to its average volume of 95,757. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. Coastal Financial Co. has a 12 month low of $42.64 and a 12 month high of $102.25. The firm has a market cap of $1.31 billion, a price-to-earnings ratio of 26.81 and a beta of 0.96. The company has a 50-day moving average of $84.78 and a 200-day moving average of $84.95.

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

Wall Street Analyst Weigh In

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

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.