KLP Kapitalforvaltning AS Makes New Investment in Coastal Financial Co. (NASDAQ:CCB)

KLP Kapitalforvaltning AS acquired a new stake in Coastal Financial Co. (NASDAQ:CCB) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,100 shares of the company’s stock, valued at approximately $178,000.

Other institutional investors have also recently made changes to their positions in the company. FMR LLC lifted its holdings in Coastal Financial by 21.0% during the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after buying an additional 228 shares in the last quarter. Empowered Funds LLC increased its position in shares of Coastal Financial by 4.6% during the fourth quarter. Empowered Funds LLC now owns 11,591 shares of the company’s stock worth $984,000 after acquiring an additional 507 shares during the period. SG Americas Securities LLC increased its position in shares of Coastal Financial by 8.7% during the fourth quarter. SG Americas Securities LLC now owns 6,517 shares of the company’s stock worth $553,000 after acquiring an additional 522 shares during the period. Point72 DIFC Ltd acquired a new stake in shares of Coastal Financial in the third quarter valued at $31,000. Finally, Principal Financial Group Inc. boosted its holdings 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.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CCB shares. Stephens restated an “overweight” rating and set a $100.00 price target on shares of Coastal Financial in a report on Tuesday, March 18th. Raymond James restated a “strong-buy” rating on shares of Coastal Financial in a research note on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods lifted their price target 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 Stock Down 2.5 %

Coastal Financial stock opened at $79.38 on Wednesday. The stock’s fifty day moving average is $87.97 and its two-hundred day moving average is $77.70. The stock has a market cap of $1.19 billion, a PE ratio of 24.42 and a beta of 1.00. Coastal Financial Co. has a 1-year low of $37.30 and a 1-year high of $102.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Tuesday, February 4th. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.09). Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. On average, sell-side analysts expect that Coastal Financial Co. will post 4.59 EPS for the current fiscal 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.