Y Intercept Hong Kong Ltd Makes New Investment in Coastal Financial Corporation $CCB

Key Points

• Y Intercept Hong Kong Ltd opened a new position in Coastal Financial, buying 24,768 shares valued at about $1.885 million and ending with a 0.16% stake.
• Institutional interest remains strong, with hedge funds and other investors owning 59.24% of Coastal Financial’s stock and several firms recently adding to or initiating positions.
• Analysts are mixed but still broadly constructive: the stock carries a Moderate Buy consensus rating with a $122.60 price target, even though the company recently missed earnings and revenue estimates.

Y Intercept Hong Kong Ltd purchased a new stake in Coastal Financial Corporation (NASDAQ:CCB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 24,768 shares of the company's stock, valued at approximately $1,885,000. Y Intercept Hong Kong Ltd owned 0.16% of Coastal Financial at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. SG Americas Securities LLC grew its position in Coastal Financial by 71.2% in the first quarter. SG Americas Securities LLC now owns 13,719 shares of the company's stock worth $1,044,000 after acquiring an additional 5,704 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in Coastal Financial in the fourth quarter valued at $50,000. Mendon Capital Advisors Corp raised its position in Coastal Financial by 1.0% in the fourth quarter. Mendon Capital Advisors Corp now owns 30,000 shares of the company's stock valued at $3,438,000 after purchasing an additional 300 shares during the period. XTX Topco Ltd acquired a new position in shares of Coastal Financial in the 4th quarter valued at $451,000. Finally, Numerai GP LLC acquired a new position in shares of Coastal Financial in the 4th quarter valued at $978,000. Hedge funds and other institutional investors own 59.24% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on CCB. Stephens reissued an "overweight" rating and set a $110.00 price objective on shares of Coastal Financial in a research report on Friday, May 1st. TD Cowen lowered their target price on shares of Coastal Financial from $145.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, April 30th. Zacks Research upgraded shares of Coastal Financial from a "strong sell" rating to a "hold" rating in a research report on Tuesday, June 30th. Wall Street Zen raised shares of Coastal Financial from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Coastal Financial in a research note on Monday, June 29th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Coastal Financial has an average rating of "Moderate Buy" and a consensus price target of $122.60.

Coastal Financial Stock Performance

Shares of Coastal Financial stock opened at $78.53 on Friday. The business has a 50-day simple moving average of $72.85 and a 200-day simple moving average of $84.72. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.03 and a current ratio of 1.06. Coastal Financial Corporation has a one year low of $66.50 and a one year high of $120.05. The company has a market cap of $1.20 billion, a PE ratio of 24.62 and a beta of 0.72.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.24). Coastal Financial had a net margin of 7.35% and a return on equity of 10.20%. The firm had revenue of $56.30 million during the quarter, compared to analyst estimates of $138.63 million. On average, equities research analysts forecast that Coastal Financial Corporation will post 4.57 EPS for the current fiscal year.

Coastal Financial Company Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina's central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.

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