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

Thornburg Investment Management Inc. acquired a new position in shares of Coastal Financial Corporation (NASDAQ:CCB) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 19,252 shares of the company’s stock, valued at approximately $2,206,000. Thornburg Investment Management Inc. owned about 0.13% of Coastal Financial as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of CCB. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Coastal Financial by 364.1% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,764 shares of the company’s stock worth $18,255,000 after purchasing an additional 132,403 shares during the last quarter. UBS Group AG increased its holdings in Coastal Financial by 158.7% during the 3rd quarter. UBS Group AG now owns 166,185 shares of the company’s stock worth $17,976,000 after purchasing an additional 101,935 shares during the last quarter. Next Century Growth Investors LLC increased its holdings 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 worth $20,423,000 after purchasing an additional 100,731 shares during the last quarter. Loomis Sayles & Co. L P increased its holdings in Coastal Financial by 43.8% during the 4th quarter. Loomis Sayles & Co. L P now owns 330,230 shares of the company’s stock worth $37,841,000 after purchasing an additional 100,661 shares during the last quarter. Finally, Cooper Creek Partners Management LLC increased its holdings in Coastal Financial by 108.7% during the 3rd quarter. Cooper Creek Partners Management LLC now owns 162,099 shares of the company’s stock worth $17,534,000 after purchasing an additional 84,438 shares during the last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Coastal Financial Price Performance

Shares of NASDAQ CCB opened at $71.04 on Tuesday. Coastal Financial Corporation has a twelve month low of $66.50 and a twelve month high of $120.05. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of 22.27 and a beta of 0.72. The business has a 50 day simple moving average of $75.16 and a 200-day simple moving average of $89.52.

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

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.