Arizona State Retirement System Takes $282,000 Position in Coastal Financial Co. (NASDAQ:CCB)

Arizona State Retirement System purchased a new position in shares of Coastal Financial Co. (NASDAQ:CCB) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,320 shares of the company’s stock, valued at approximately $282,000.

A number of other institutional investors have also added to or reduced their stakes in CCB. Point72 DIFC Ltd bought a new position in Coastal Financial in the 3rd quarter valued at $31,000. FMR LLC boosted its holdings in shares of Coastal Financial by 21.0% in the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after buying an additional 228 shares during the last quarter. New York State Teachers Retirement System bought a new position in Coastal Financial during the fourth quarter valued at about $87,000. Quantbot Technologies LP purchased a new stake in Coastal Financial during the third quarter worth about $119,000. Finally, USA Financial Formulas bought a new stake in Coastal Financial in the fourth quarter worth about $122,000. 59.24% of the stock is owned by institutional investors.

Coastal Financial Stock Performance

Shares of CCB stock opened at $84.13 on Friday. The firm’s 50 day moving average is $87.49 and its 200 day moving average is $73.37. The stock has a market capitalization of $1.14 billion, a P/E ratio of 25.89 and a beta of 1.21. Coastal Financial Co. has a 12 month low of $35.67 and a 12 month high of $102.25. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14.

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

Analyst Ratings Changes

CCB has been the subject of a number of research reports. Stephens reissued an “overweight” rating and set a $100.00 target price on shares of Coastal Financial in a research report on Thursday, February 13th. Raymond James reissued a “strong-buy” rating and set a $100.00 price objective (up from $88.00) on shares of Coastal Financial in a report on Wednesday, January 29th. Finally, Keefe, Bruyette & Woods boosted their target price on Coastal Financial from $96.00 to $114.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th.

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.