Corebridge Financial Inc. Reduces Position in Coastal Financial Co. (NASDAQ:CCB)

Corebridge Financial Inc. decreased its holdings in Coastal Financial Co. (NASDAQ:CCB) by 5.9% in the fourth quarter, Holdings Channel reports. The fund owned 5,645 shares of the company’s stock after selling 357 shares during the period. Corebridge Financial Inc.’s holdings in Coastal Financial were worth $479,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Point72 DIFC Ltd purchased a new stake in shares of Coastal Financial in the third quarter valued at approximately $31,000. FMR LLC boosted its stake in 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 during the last quarter. New York State Teachers Retirement System purchased a new stake in Coastal Financial in the 4th quarter valued at $87,000. USA Financial Formulas acquired a new stake in shares of Coastal Financial in the 4th quarter worth $122,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Coastal Financial by 190.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock worth $166,000 after acquiring an additional 2,019 shares during the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

Coastal Financial Stock Down 2.5 %

Shares of NASDAQ:CCB opened at $79.38 on Wednesday. The business has a 50-day moving average price of $87.97 and a 200 day moving average price of $77.70. Coastal Financial Co. has a 12-month low of $37.30 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. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 24.42 and a beta of 1.00.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results 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 net margin of 6.43% and a return on equity of 14.98%. Sell-side analysts expect that Coastal Financial Co. will post 4.59 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.