Corebridge Financial Inc. Trims Holdings in Coastal Financial Co. (NASDAQ:CCB)

Corebridge Financial Inc. lowered its position in Coastal Financial Co. (NASDAQ:CCB) by 5.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of CCB. Point72 DIFC Ltd purchased a new position in shares of Coastal Financial during the 3rd quarter valued at about $31,000. FMR LLC lifted its holdings 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 acquiring an additional 228 shares during the period. New York State Teachers Retirement System purchased a new stake in Coastal Financial in the 4th quarter worth approximately $87,000. USA Financial Formulas acquired a new stake in shares of Coastal Financial during the 4th quarter worth approximately $122,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Coastal Financial by 190.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock valued at $166,000 after purchasing an additional 2,019 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Stock Performance

NASDAQ:CCB opened at $79.38 on Wednesday. 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 capitalization of $1.19 billion, a PE ratio of 24.42 and a beta of 1.00. Coastal Financial Co. has a fifty-two week low of $37.30 and a fifty-two week high of $102.25. The company has a fifty day moving average of $87.97 and a two-hundred day moving average of $77.70.

Coastal Financial (NASDAQ:CCB) last issued 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%. As a group, research analysts forecast that Coastal Financial Co. will post 4.59 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CCB. Keefe, Bruyette & Woods increased their price target on shares of Coastal Financial from $96.00 to $114.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Stephens restated an “overweight” rating and set a $100.00 target price on shares of Coastal Financial in a research report on Tuesday, March 18th. Finally, Raymond James reaffirmed 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.