Coastal Financial Corporation $CCB Shares Bought by Quantbot Technologies LP

Key Points

• Quantbot Technologies LP significantly increased its stake in Coastal Financial Corporation, acquiring an additional 8,393 shares for a total of 8,476 shares, worth approximately $766,000.
• Several institutional investors have also increased their holdings in Coastal Financial, with 59.24% of the stock currently owned by institutional investors.
• Wall Street analysts maintain a consensus rating of "Buy" for Coastal Financial, with an average target price of $110.25, indicating positive expectations for the stock's performance.

Quantbot Technologies LP raised its position in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 10,112.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,476 shares of the company's stock after buying an additional 8,393 shares during the period. Quantbot Technologies LP owned about 0.06% of Coastal Financial worth $766,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Coastal Financial by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 739,322 shares of the company's stock worth $66,842,000 after purchasing an additional 53,937 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Coastal Financial by 1,067.9% during the 4th quarter. Wellington Management Group LLP now owns 456,887 shares of the company's stock worth $38,794,000 after purchasing an additional 417,767 shares during the last quarter. Westwood Holdings Group Inc. boosted its holdings in shares of Coastal Financial by 400.4% during the 1st quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company's stock worth $40,604,000 after purchasing an additional 359,371 shares during the last quarter. Azora Capital LP acquired a new position in shares of Coastal Financial during the 4th quarter worth approximately $33,794,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Coastal Financial by 9.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 385,433 shares of the company's stock worth $32,727,000 after purchasing an additional 33,980 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Coastal Financial Trading Up 0.2%

Shares of NASDAQ CCB traded up $0.20 during mid-day trading on Friday, reaching $114.50. 81,622 shares of the company's stock were exchanged, compared to its average volume of 146,037. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 35.23 and a beta of 1.01. 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 company's 50-day moving average is $101.83 and its 200-day moving average is $91.73.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released 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). The business had revenue of $119.43 million for the quarter, compared to analysts' expectations of $158.05 million. Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. Analysts expect that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CCB shares. Keefe, Bruyette & Woods boosted their target price on Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a report on Friday, July 11th. Hovde Group set a $126.00 target price on Coastal Financial in a report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to MarketBeat, the stock presently has a consensus 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.