Jacobs Asset Management LLC Raises Stock Position in Coastal Financial Corporation $CCB

Jacobs Asset Management LLC boosted its position in Coastal Financial Corporation (NASDAQ:CCB) by 17.9% during the 4th quarter, HoldingsChannel reports. The firm owned 88,449 shares of the company’s stock after buying an additional 13,449 shares during the quarter. Coastal Financial makes up about 5.6% of Jacobs Asset Management LLC’s investment portfolio, making the stock its 4th largest position. Jacobs Asset Management LLC’s holdings in Coastal Financial were worth $10,135,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its position in Coastal Financial by 2.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company’s stock valued at $644,000 after purchasing an additional 149 shares during the last quarter. ProShare Advisors LLC lifted its position in Coastal Financial by 7.0% in the 4th quarter. ProShare Advisors LLC now owns 2,360 shares of the company’s stock valued at $270,000 after purchasing an additional 155 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Coastal Financial by 129.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock valued at $34,000 after purchasing an additional 169 shares during the last quarter. Swiss National Bank lifted its position in Coastal Financial by 0.8% in the 3rd quarter. Swiss National Bank now owns 26,165 shares of the company’s stock valued at $2,830,000 after purchasing an additional 200 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in Coastal Financial by 3.0% in the 3rd quarter. Legal & General Group Plc now owns 14,574 shares of the company’s stock valued at $1,576,000 after purchasing an additional 425 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CCB shares. TD Cowen cut their price objective on shares of Coastal Financial from $145.00 to $120.00 and set a “buy” rating on the stock in a research report on Thursday, April 30th. Wall Street Zen raised shares of Coastal Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Keefe, Bruyette & Woods lowered their target price on shares of Coastal Financial from $115.00 to $95.00 and set an “outperform” rating on the stock in a research note on Friday, May 1st. Weiss Ratings cut shares of Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, March 2nd. Finally, Zacks Research cut shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $122.60.

Coastal Financial Stock Performance

Shares of CCB opened at $73.53 on Friday. The firm’s 50 day moving average is $75.29 and its 200-day moving average is $89.89. The stock has a market capitalization of $1.12 billion, a P/E ratio of 23.05 and a beta of 0.72. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.03. Coastal Financial Corporation has a 12-month low of $66.50 and a 12-month high of $120.05.

Coastal Financial (NASDAQ:CCB) last released its earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.24). The firm had revenue of $56.30 million during the quarter, compared to analysts’ expectations of $138.63 million. Coastal Financial had a return on equity of 10.20% and a net margin of 7.35%. Equities research analysts anticipate that Coastal Financial Corporation will post 4.56 EPS for the current fiscal year.

Coastal Financial Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.