Coastal Financial Corporation $CCB Shares Acquired by Next Century Growth Investors LLC

Next Century Growth Investors LLC lifted its stake in shares of Coastal Financial Corporation (NASDAQ:CCB) by 130.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 178,224 shares of the company’s stock after acquiring an additional 100,731 shares during the quarter. Coastal Financial comprises about 1.4% of Next Century Growth Investors LLC’s investment portfolio, making the stock its 23rd biggest holding. Next Century Growth Investors LLC owned 1.18% of Coastal Financial worth $20,423,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CCB. AQR Capital Management LLC increased its stake in shares of Coastal Financial by 3.7% during the first quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock valued at $1,185,000 after acquiring an additional 473 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Coastal Financial by 15.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock valued at $672,000 after acquiring an additional 977 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Coastal Financial by 44.8% during the first quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock valued at $6,645,000 after acquiring an additional 22,725 shares during the period. Empowered Funds LLC increased its stake in shares of Coastal Financial by 7.3% during the first quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock valued at $1,125,000 after acquiring an additional 848 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Coastal Financial by 4.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company’s stock valued at $2,393,000 after acquiring an additional 1,048 shares during the period. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Trading Up 2.1%

Coastal Financial stock opened at $73.53 on Friday. The company has a 50 day moving average price of $75.29 and a 200 day moving average price of $89.89. Coastal Financial Corporation has a 52 week low of $66.50 and a 52 week high of $120.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.03 and a current ratio of 1.06. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of 23.05 and a beta of 0.72.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.24). Coastal Financial had a return on equity of 10.20% and a net margin of 7.35%.The firm had revenue of $56.30 million during the quarter, compared to analyst estimates of $138.63 million. Research analysts forecast that Coastal Financial Corporation will post 4.56 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CCB shares. Zacks Research lowered shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Stephens reiterated an “overweight” rating and set a $110.00 price objective on shares of Coastal Financial in a research note on Friday, May 1st. Keefe, Bruyette & Woods reduced their target price on shares of Coastal Financial from $115.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, May 1st. TD Cowen reduced their target price on shares of Coastal Financial from $145.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, April 30th. Finally, Wall Street Zen upgraded shares of Coastal Financial from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $122.60.

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.