Meeder Asset Management Inc. Acquires Shares of 755 Coastal Financial Co. (NASDAQ:CCB)

Meeder Asset Management Inc. bought a new position in shares of Coastal Financial Co. (NASDAQ:CCB) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 755 shares of the company’s stock, valued at approximately $64,000.

A number of other institutional investors also recently modified their holdings of CCB. Vanguard Group Inc. raised its stake in Coastal Financial by 11.4% in the 4th quarter. Vanguard Group Inc. now owns 685,385 shares of the company’s stock worth $58,196,000 after purchasing an additional 70,272 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Coastal Financial by 1,067.9% during 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. State Street Corp raised its position in shares of Coastal Financial by 2.4% in the third quarter. State Street Corp now owns 314,274 shares of the company’s stock valued at $16,968,000 after buying an additional 7,386 shares in the last quarter. Jacobs Asset Management LLC boosted its stake in shares of Coastal Financial by 9.1% in the third quarter. Jacobs Asset Management LLC now owns 187,500 shares of the company’s stock valued at $10,123,000 after buying an additional 15,683 shares during the period. Finally, American Century Companies Inc. boosted its stake in shares of Coastal Financial by 1.0% in the fourth quarter. American Century Companies Inc. now owns 157,238 shares of the company’s stock valued at $13,351,000 after buying an additional 1,511 shares during the period. Institutional investors own 59.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Stephens restated an “overweight” rating and set a $100.00 price objective on shares of Coastal Financial in a research note on Tuesday, March 18th. Keefe, Bruyette & Woods raised their target price on shares of Coastal Financial from $96.00 to $114.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Finally, Raymond James reaffirmed a “strong-buy” rating and set a $100.00 price target (up previously from $88.00) on shares of Coastal Financial in a report on Wednesday, January 29th.

Coastal Financial Price Performance

Shares of CCB stock opened at $89.96 on Wednesday. Coastal Financial Co. has a twelve month low of $37.30 and a twelve month high of $102.25. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $88.32 and a 200 day simple moving average of $76.58. The company has a market cap of $1.35 billion, a P/E ratio of 27.68 and a beta of 1.21.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Tuesday, February 4th. The company reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.09). Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. On average, sell-side analysts forecast that Coastal Financial Co. 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.