Coastal Financial Corporation $CCB Shares Acquired by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its stake in Coastal Financial Corporation by 7.9%, owning a total of 739,322 shares, valued at approximately $66.84 million.
• Coastal Financial's stock recently rose by 2.8% to $115.50, with a market capitalization of $1.75 billion.
• The company reported earnings per share of $0.71 for the last quarter, falling short of analysts' expectations of $0.87, with a revenue of $119.43 million.

Vanguard Group Inc. boosted its holdings in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 7.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 739,322 shares of the company's stock after purchasing an additional 53,937 shares during the quarter. Vanguard Group Inc. owned approximately 4.93% of Coastal Financial worth $66,842,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Tower Research Capital LLC TRC raised its stake in 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 in the last quarter. Ameriflex Group Inc. acquired a new stake in Coastal Financial during the fourth quarter valued at approximately $172,000. Mariner LLC acquired a new stake in Coastal Financial during the fourth quarter valued at approximately $246,000. ProShare Advisors LLC acquired a new stake in Coastal Financial during the fourth quarter valued at approximately $272,000. Finally, GAMMA Investing LLC raised its stake in Coastal Financial by 50,271.4% during the first quarter. GAMMA Investing LLC now owns 3,526 shares of the company's stock valued at $319,000 after buying an additional 3,519 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company's stock.

Coastal Financial Stock Performance

Coastal Financial stock traded up $0.20 during midday trading on Friday, reaching $114.50. 81,622 shares of the stock traded hands, compared to its average volume of 146,037. The firm has a fifty day moving average price of $101.83 and a two-hundred day moving average price of $91.70. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 35.23 and a beta of 1.01. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a fifty-two week low of $47.90 and a fifty-two week high of $116.48.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.16). The business 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%. On average, equities research analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

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.