Pictet Asset Management Holding SA Makes New $214,000 Investment in Coastal Financial Co. (NASDAQ:CCB)

Pictet Asset Management Holding SA purchased a new stake in Coastal Financial Co. (NASDAQ:CCB) in the fourth quarter, according to its most recent filing with the SEC. The fund purchased 2,518 shares of the company’s stock, valued at approximately $214,000.

Several other institutional investors and hedge funds have also made changes to their positions in CCB. FMR LLC lifted its holdings in Coastal Financial by 21.0% in the third quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after acquiring an additional 228 shares during the last quarter. New York State Teachers Retirement System bought a new stake in shares of Coastal Financial in the 4th quarter worth approximately $87,000. USA Financial Formulas acquired a new position in Coastal Financial during the 4th quarter valued at approximately $122,000. KLP Kapitalforvaltning AS bought a new position in Coastal Financial during the 4th quarter worth $178,000. Finally, Point72 Asset Management L.P. bought a new position in Coastal Financial during the 3rd quarter worth $221,000. 59.24% of the stock is owned by institutional investors and hedge funds.

Coastal Financial Price Performance

Shares of CCB opened at $79.06 on Friday. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of 24.33 and a beta of 1.00. The stock’s fifty day moving average is $87.44 and its 200-day moving average is $78.36. Coastal Financial Co. has a one year low of $37.30 and a one year high of $102.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.94 EPS 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%. Equities analysts anticipate that Coastal Financial Co. will post 4.59 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CCB shares. Raymond James reissued a “strong-buy” rating on shares of Coastal Financial in a report on Wednesday, April 2nd. Keefe, Bruyette & Woods boosted their target price on shares of Coastal Financial from $96.00 to $114.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Finally, Stephens restated an “overweight” rating and issued a $100.00 price target on shares of Coastal Financial in a research note on Tuesday, March 18th.

Coastal Financial Company 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.