Nuveen LLC Takes $7.87 Million Position in Coastal Financial Corporation $CCB

Nuveen LLC acquired a new stake in shares of Coastal Financial Corporation (NASDAQ:CCB) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 87,060 shares of the company’s stock, valued at approximately $7,871,000. Nuveen LLC owned about 0.58% of Coastal Financial at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of CCB. Wellington Management Group LLP increased its stake in shares of Coastal Financial by 1,067.9% during the 4th quarter. Wellington Management Group LLP now owns 456,887 shares of the company’s stock valued at $38,794,000 after acquiring an additional 417,767 shares during the last quarter. Azora Capital LP purchased a new stake in shares of Coastal Financial during the 4th quarter worth about $33,794,000. Westwood Holdings Group Inc. grew its holdings in shares of Coastal Financial by 400.4% during the 1st quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company’s stock worth $40,604,000 after purchasing an additional 359,371 shares during the period. Peregrine Capital Management LLC purchased a new stake in shares of Coastal Financial during the 1st quarter worth about $10,180,000. Finally, Driehaus Capital Management LLC purchased a new stake in shares of Coastal Financial during the 4th quarter worth about $8,170,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Wall Street Analyst Weigh In

CCB has been the subject of a number of research reports. Raymond James Financial decreased their target price on Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating for the company in a report on Wednesday, April 30th. Hovde Group set a $126.00 target price on Coastal Financial in a report on Monday, August 18th. Finally, Keefe, Bruyette & Woods boosted their target price on Coastal Financial from $110.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, Coastal Financial currently has a consensus rating of “Buy” and a consensus price target of $110.25.

Coastal Financial Stock Up 6.0%

NASDAQ CCB opened at $110.86 on Monday. The stock has a market cap of $1.68 billion, a PE ratio of 34.11 and a beta of 1.01. Coastal Financial Corporation has a fifty-two week low of $47.90 and a fifty-two week high of $111.34. The business has a 50 day moving average price of $98.78 and a two-hundred day moving average price of $90.83. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.16). The company had revenue of $119.43 million during the quarter, compared to analysts’ expectations of $158.05 million. Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. As a group, sell-side analysts predict that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Coastal Financial Company 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.