Charles Schwab Investment Management Inc. Purchases 5,899 Shares of Coastal Financial Corporation $CCB

Charles Schwab Investment Management Inc. grew its position in shares of Coastal Financial Corporation (NASDAQ:CCB) by 6.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 98,858 shares of the company’s stock after buying an additional 5,899 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.66% of Coastal Financial worth $8,938,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Coastal Financial by 7.9% in the first quarter. Vanguard Group Inc. now owns 739,322 shares of the company’s stock worth $66,842,000 after purchasing an additional 53,937 shares during the period. Wellington Management Group LLP increased its position in shares of Coastal Financial by 1,067.9% in the fourth quarter. Wellington Management Group LLP now owns 456,887 shares of the company’s stock worth $38,794,000 after purchasing an additional 417,767 shares during the period. Westwood Holdings Group Inc. increased its position in shares of Coastal Financial by 400.4% in the first 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. Azora Capital LP bought a new position in shares of Coastal Financial in the fourth quarter worth $33,794,000. Finally, The Manufacturers Life Insurance Company increased its position in shares of Coastal Financial by 9.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 385,433 shares of the company’s stock worth $32,727,000 after purchasing an additional 33,980 shares during the period. Institutional investors own 59.24% of the company’s stock.

Coastal Financial Stock Performance

Coastal Financial stock opened at $112.40 on Tuesday. Coastal Financial Corporation has a 12-month low of $47.90 and a 12-month high of $114.36. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The business’s 50-day moving average price is $99.36 and its two-hundred day moving average price is $91.01. The stock has a market cap of $1.70 billion, a PE ratio of 34.58 and a beta of 1.01.

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 the consensus estimate of $0.87 by ($0.16). The firm had revenue of $119.43 million for the quarter, compared to the consensus estimate of $158.05 million. Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. As a group, analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently commented on CCB. Hovde Group set a $126.00 price target on Coastal Financial in a research report on Monday, August 18th. Raymond James Financial decreased their target price on Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, April 30th. Finally, Keefe, Bruyette & Woods lifted their target price on Coastal Financial from $110.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $110.25.

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.