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

Arizona State Retirement System bought a new position in shares of Coastal Financial Co. (NASDAQ:CCB) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 3,320 shares of the company’s stock, valued at approximately $282,000.

A number of other institutional investors have also bought and sold shares of the company. Point72 DIFC Ltd acquired a new position in shares of Coastal Financial in the 3rd quarter valued at about $31,000. New York State Teachers Retirement System bought a new stake in Coastal Financial in the fourth quarter worth approximately $87,000. FMR LLC lifted its stake in Coastal Financial by 21.0% in the third quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after buying an additional 228 shares during the period. USA Financial Formulas bought a new position in shares of Coastal Financial during the 4th quarter worth approximately $122,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Coastal Financial during the 3rd quarter worth approximately $119,000. Institutional investors own 59.24% of the company’s stock.

Analyst Ratings Changes

CCB has been the topic of a number of research reports. 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 report on Tuesday, March 4th. Stephens reiterated an “overweight” rating and set a $100.00 price objective on shares of Coastal Financial in a report on Thursday, February 13th. Finally, Raymond James restated a “strong-buy” rating and issued a $100.00 target price (up from $88.00) on shares of Coastal Financial in a research note on Wednesday, January 29th.

Coastal Financial Stock Performance

Shares of CCB stock opened at $84.13 on Friday. Coastal Financial Co. has a 12 month low of $35.67 and a 12 month high of $102.25. The firm has a market capitalization of $1.14 billion, a PE ratio of 25.89 and a beta of 1.21. The firm has a fifty day simple moving average of $87.49 and a two-hundred day simple moving average of $73.37. 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 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%. Analysts forecast that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

Coastal Financial 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.