New York State Teachers Retirement System Takes $87,000 Position in Coastal Financial Co. (NASDAQ:CCB)

New York State Teachers Retirement System acquired a new position in shares of Coastal Financial Co. (NASDAQ:CCB) in the fourth quarter, HoldingsChannel reports. The fund acquired 1,019 shares of the company’s stock, valued at approximately $87,000.

Other institutional investors have also made changes to their positions in the company. Point72 DIFC Ltd bought a new position in Coastal Financial during the 3rd quarter worth about $31,000. FMR LLC grew its holdings in shares of Coastal Financial by 21.0% during the third 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. Quantbot Technologies LP bought a new position in shares of Coastal Financial during the third quarter worth about $119,000. USA Financial Formulas acquired a new stake in Coastal Financial in the 4th quarter valued at approximately $122,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Coastal Financial by 190.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock valued at $166,000 after acquiring an additional 2,019 shares in the last quarter. 59.24% of the stock is owned by institutional investors and hedge funds.

Coastal Financial Stock Performance

Shares of CCB stock opened at $90.72 on Tuesday. The company has a fifty day moving average price of $85.83 and a two-hundred day moving average price of $69.65. Coastal Financial Co. has a one year low of $35.67 and a one year high of $92.68. The stock has a market cap of $1.23 billion, a P/E ratio of 27.91 and a beta of 1.23. 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 released its quarterly earnings data on Tuesday, February 4th. The company reported $0.94 earnings per share (EPS) 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, equities analysts predict that Coastal Financial Co. will post 4.59 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Stephens reaffirmed an “overweight” rating and set a $100.00 price target on shares of Coastal Financial in a research note on Thursday, February 13th. Hovde Group raised their target price on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Keefe, Bruyette & Woods boosted their price target on shares of Coastal Financial from $92.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. Finally, Raymond James restated a “strong-buy” rating and issued a $100.00 price objective (up previously from $88.00) on shares of Coastal Financial in a report on Wednesday, January 29th.

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.