Coastal Financial Co. (NASDAQ:CCB) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in shares of Coastal Financial Co. (NASDAQ:CCB) by 1.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 38,211 shares of the company’s stock after selling 578 shares during the quarter. Bank of New York Mellon Corp’s holdings in Coastal Financial were worth $3,244,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CCB. Point72 DIFC Ltd acquired a new position in Coastal Financial in the third quarter worth approximately $31,000. New York State Teachers Retirement System acquired a new position in Coastal Financial in the fourth quarter worth approximately $87,000. FMR LLC grew its position 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 buying an additional 228 shares during the last quarter. USA Financial Formulas acquired a new position in Coastal Financial in the fourth quarter worth approximately $122,000. Finally, Quantbot Technologies LP acquired a new position in Coastal Financial in the third quarter worth approximately $119,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Trading Up 0.8 %

NASDAQ CCB opened at $84.44 on Thursday. Coastal Financial Co. has a twelve month low of $36.60 and a twelve month 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. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of 25.98 and a beta of 1.21. The firm’s 50 day moving average price is $87.45 and its two-hundred day moving average price is $74.01.

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

Wall Street Analyst Weigh In

Several research firms have issued reports on CCB. Stephens restated an “overweight” rating and issued a $100.00 price target on shares of Coastal Financial in a research report on Tuesday. Keefe, Bruyette & Woods lifted their price target on shares of Coastal Financial from $96.00 to $114.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Finally, Raymond James restated a “strong-buy” rating and issued a $100.00 price target (up previously from $88.00) on shares of Coastal Financial in a research report on Wednesday, January 29th.

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.