Norden Group LLC Invests $319,000 in Coastal Financial Co. (NASDAQ:CCB)

Norden Group LLC bought a new stake in Coastal Financial Co. (NASDAQ:CCB) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,762 shares of the company’s stock, valued at approximately $319,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp raised its position in Coastal Financial by 2.4% in the 3rd quarter. State Street Corp now owns 314,274 shares of the company’s stock worth $16,968,000 after purchasing an additional 7,386 shares during the period. Jacobs Asset Management LLC lifted its holdings in Coastal Financial by 9.1% in the 3rd quarter. Jacobs Asset Management LLC now owns 187,500 shares of the company’s stock worth $10,123,000 after buying an additional 15,683 shares during the period. JPMorgan Chase & Co. boosted its holdings in Coastal Financial by 40.9% in the third quarter. JPMorgan Chase & Co. now owns 117,081 shares of the company’s stock valued at $6,321,000 after acquiring an additional 33,964 shares in the last quarter. Stieven Capital Advisors L.P. boosted its stake in shares of Coastal Financial by 37.9% during the 4th quarter. Stieven Capital Advisors L.P. now owns 102,213 shares of the company’s stock valued at $8,679,000 after purchasing an additional 28,100 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Coastal Financial by 188.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock valued at $4,967,000 after buying an additional 60,106 shares during the period. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CCB shares. Stephens reissued an “overweight” rating and issued a $100.00 target price on shares of Coastal Financial in a research report on Thursday, February 13th. Keefe, Bruyette & Woods boosted their target price on Coastal Financial from $96.00 to $114.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Raymond James restated a “strong-buy” rating and set a $100.00 price target (up from $88.00) on shares of Coastal Financial in a report on Wednesday, January 29th.

Coastal Financial Price Performance

CCB opened at $92.81 on Wednesday. The company’s 50-day simple moving average is $87.50 and its two-hundred day simple moving average is $71.66. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $1.26 billion, a P/E ratio of 28.56 and a beta of 1.23. Coastal Financial Co. has a 52-week low of $35.67 and a 52-week high of $102.25.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data 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%. As a group, analysts predict that Coastal Financial Co. will post 4.59 EPS for the current year.

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.