Raymond James Financial Inc. Invests $532,000 in Coastal Financial Co. (NASDAQ:CCB)

Raymond James Financial Inc. bought a new stake in Coastal Financial Co. (NASDAQ:CCB - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 6,267 shares of the company's stock, valued at approximately $532,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. acquired a new stake in Coastal Financial in the fourth quarter worth about $64,000. New York State Teachers Retirement System acquired a new stake in shares of Coastal Financial during the fourth quarter worth about $87,000. USA Financial Formulas acquired a new stake in shares of Coastal Financial during the fourth quarter worth about $122,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Coastal Financial during the fourth quarter worth about $178,000. Finally, Pictet Asset Management Holding SA acquired a new stake in shares of Coastal Financial during the fourth quarter worth about $214,000. Hedge funds and other institutional investors own 59.24% of the company's stock.

Coastal Financial Price Performance

Shares of Coastal Financial stock traded up $3.13 on Monday, reaching $87.12. The company's stock had a trading volume of 89,797 shares, compared to its average volume of 93,627. The company has a market capitalization of $1.31 billion, a P/E ratio of 26.81 and a beta of 0.94. Coastal Financial Co. has a 52-week low of $42.64 and a 52-week high of $102.25. The stock has a 50-day moving average price of $84.29 and a 200-day moving average price of $82.37. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14.

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

Analysts Set New Price Targets

A number of research firms recently commented on CCB. Hovde Group decreased 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. Stephens reissued an "overweight" rating and issued a $100.00 price target on shares of Coastal Financial in a report on Tuesday, March 18th. Keefe, Bruyette & Woods decreased their price target on Coastal Financial from $114.00 to $110.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Finally, 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 report on Wednesday, April 30th.

Insider Buying and Selling

In related news, Director Gregory A. Tisdel sold 1,600 shares of the business'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 transaction of $126,512.00. Following the completion of the sale, the director now directly owns 14,006 shares in the company, valued at approximately $1,107,454.42. The trade was a 10.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.82% of the stock is owned by company insiders.

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.