Royce & Associates LP Boosts Stock Position in Coastal Financial Co. (NASDAQ:CCB)

Royce & Associates LP grew its holdings in shares of Coastal Financial Co. (NASDAQ:CCB) by 795.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 89,554 shares of the company’s stock after buying an additional 79,554 shares during the period. Royce & Associates LP’s holdings in Coastal Financial were worth $7,604,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in CCB. Swiss National Bank increased its stake in Coastal Financial by 16.6% in the fourth quarter. Swiss National Bank now owns 25,965 shares of the company’s stock valued at $2,205,000 after purchasing an additional 3,700 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in shares of Coastal Financial in the 4th quarter valued at $374,000. Raymond James Financial Inc. purchased a new position in shares of Coastal Financial in the 4th quarter valued at $532,000. Arizona State Retirement System acquired a new stake in Coastal Financial during the 4th quarter worth $282,000. Finally, Proficio Capital Partners LLC purchased a new stake in Coastal Financial in the fourth quarter valued at $1,139,000. 59.24% of the stock is owned by institutional investors and hedge funds.

Coastal Financial Trading Up 0.8 %

NASDAQ CCB opened at $83.75 on Wednesday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The firm has a 50-day moving average price of $87.44 and a 200 day moving average price of $73.94. Coastal Financial Co. has a 52-week low of $35.90 and a 52-week high of $102.25. The stock has a market capitalization of $1.13 billion, a P/E ratio of 25.77 and a beta of 1.21.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.09). Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. Equities research analysts expect that Coastal Financial Co. will post 4.59 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Raymond James restated a “strong-buy” rating and set a $100.00 price target (up previously from $88.00) on shares of Coastal Financial in a research note on Wednesday, January 29th. Stephens restated an “overweight” rating and issued a $100.00 price objective on shares of Coastal Financial in a research note on Tuesday. Finally, Keefe, Bruyette & Woods increased their target price on shares of Coastal Financial from $96.00 to $114.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th.

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.