Thornburg Investment Management Inc. Acquires New Shares in Coastal Financial Corporation $CCB

Thornburg Investment Management Inc. acquired a new stake in shares of Coastal Financial Corporation (NASDAQ:CCB) in the fourth quarter, Holdings Channel reports. The fund acquired 19,252 shares of the company’s stock, valued at approximately $2,206,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. MML Investors Services LLC boosted its position in Coastal Financial by 16.0% during the 4th quarter. MML Investors Services LLC now owns 3,247 shares of the company’s stock valued at $372,000 after purchasing an additional 449 shares during the period. Next Century Growth Investors LLC boosted its position in Coastal Financial by 130.0% during the 4th quarter. Next Century Growth Investors LLC now owns 178,224 shares of the company’s stock valued at $20,423,000 after purchasing an additional 100,731 shares during the period. Jacobs Asset Management LLC boosted its position in Coastal Financial by 17.9% during the 4th quarter. Jacobs Asset Management LLC now owns 88,449 shares of the company’s stock worth $10,135,000 after acquiring an additional 13,449 shares during the period. Kennedy Capital Management LLC boosted its position in Coastal Financial by 19.0% during the 4th quarter. Kennedy Capital Management LLC now owns 168,825 shares of the company’s stock worth $19,346,000 after acquiring an additional 26,914 shares during the period. Finally, Barclays PLC boosted its position in Coastal Financial by 29.8% during the 4th quarter. Barclays PLC now owns 25,781 shares of the company’s stock worth $2,954,000 after acquiring an additional 5,920 shares during the period. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Trading Down 3.4%

Shares of Coastal Financial stock opened at $71.04 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of 22.27 and a beta of 0.72. The business has a fifty day simple moving average of $75.16 and a 200-day simple moving average of $89.52. Coastal Financial Corporation has a fifty-two week low of $66.50 and a fifty-two week high of $120.05.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data 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 analyst estimates of $138.63 million. Coastal Financial had a net margin of 7.35% and a return on equity of 10.20%. On average, equities analysts forecast that Coastal Financial Corporation will post 4.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CCB shares. Stephens reiterated an “overweight” rating and set a $110.00 price target on shares of Coastal Financial in a research report on Friday, May 1st. Zacks Research lowered Coastal Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Weiss Ratings lowered Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, March 2nd. TD Cowen reduced their price target on Coastal Financial from $145.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, April 30th. Finally, Wall Street Zen upgraded Coastal Financial from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $122.60.

Coastal Financial Company 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.