Vanguard Group Inc. Has $66.84 Million Stock Holdings in Coastal Financial Corporation $CCB

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

Other large investors have also recently bought and sold shares of the company. Westwood Holdings Group Inc. boosted its stake in shares of Coastal Financial by 400.4% in the 1st quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company's stock valued at $40,604,000 after purchasing an additional 359,371 shares in the last quarter. Alberta Investment Management Corp acquired a new stake in Coastal Financial during the 1st quarter valued at $2,000,000. US Bancorp DE lifted its position in Coastal Financial by 8.2% during the 1st quarter. US Bancorp DE now owns 11,831 shares of the company's stock worth $1,070,000 after buying an additional 900 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Coastal Financial during the first quarter worth approximately $570,000. Finally, Royce & Associates LP lifted its holdings in Coastal Financial by 18.7% during the 1st quarter. Royce & Associates LP now owns 106,339 shares of the company's stock worth $9,614,000 after buying an additional 16,785 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors.

Coastal Financial Stock Up 2.8%

Shares of CCB traded up $3.10 on Tuesday, hitting $115.50. The company's stock had a trading volume of 169,222 shares, compared to its average volume of 155,251. The firm's fifty day moving average price is $100.02 and its 200-day moving average price is $91.18. Coastal Financial Corporation has a fifty-two week low of $47.90 and a fifty-two week high of $116.48. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 35.54 and a beta of 1.01.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced 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). Coastal Financial had a net margin of 7.02% and a return on equity of 11.31%. The company had revenue of $119.43 million during the quarter, compared to the consensus estimate of $158.05 million. On average, equities research analysts expect that Coastal Financial Corporation will post 4.59 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CCB shares. Hovde Group set a $126.00 target price on Coastal Financial in a research note on Monday, August 18th. Raymond James Financial decreased their price target on Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating on the stock in a report on Wednesday, April 30th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. Based on data from MarketBeat, Coastal Financial has a consensus rating of "Buy" and an average target price of $110.25.

About Coastal Financial

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.