Intech Investment Management LLC Takes Position in Coastal Financial Co. (NASDAQ:CCB)

Intech Investment Management LLC purchased a new position in shares of Coastal Financial Co. (NASDAQ:CCB) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 4,824 shares of the company’s stock, valued at approximately $410,000.

Other institutional investors also recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in shares of Coastal Financial by 21.0% in the third quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after acquiring an additional 228 shares during the period. Empowered Funds LLC boosted its stake in Coastal Financial by 4.6% during the 4th quarter. Empowered Funds LLC now owns 11,591 shares of the company’s stock worth $984,000 after purchasing an additional 507 shares during the period. SG Americas Securities LLC grew its position in Coastal Financial by 8.7% during the 4th quarter. SG Americas Securities LLC now owns 6,517 shares of the company’s stock worth $553,000 after purchasing an additional 522 shares during the last quarter. Point72 DIFC Ltd acquired a new position in Coastal Financial in the third quarter valued at $31,000. Finally, Principal Financial Group Inc. increased its stake in Coastal Financial by 9.4% in the fourth quarter. Principal Financial Group Inc. now owns 7,630 shares of the company’s stock valued at $648,000 after purchasing an additional 653 shares during the period. Institutional investors and hedge funds own 59.24% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CCB shares. Keefe, Bruyette & Woods raised their price target on Coastal Financial from $96.00 to $114.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Stephens reiterated an “overweight” rating and issued a $100.00 target price on shares of Coastal Financial in a research note on Tuesday, March 18th. Finally, Raymond James reissued a “strong-buy” rating and issued a $100.00 target price (up previously from $88.00) on shares of Coastal Financial in a report on Wednesday, January 29th.

Coastal Financial Price Performance

Shares of CCB opened at $88.16 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The stock’s 50 day moving average is $87.81 and its two-hundred day moving average is $75.17. The firm has a market capitalization of $1.32 billion, a PE ratio of 27.13 and a beta of 1.21. Coastal Financial Co. has a twelve month low of $36.60 and a twelve month high of $102.25.

Coastal Financial (NASDAQ:CCB) last announced 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 return on equity of 14.98% and a net margin of 6.43%. Research analysts anticipate that Coastal Financial Co. will post 4.59 earnings per share 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.