Meeder Asset Management Inc. Acquires New Stake in 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 filing with the SEC. The institutional investor bought 755 shares of the company’s stock, valued at approximately $64,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Point72 DIFC Ltd acquired a new position in Coastal Financial during the third quarter worth $31,000. FMR LLC lifted its position in Coastal Financial by 21.0% during the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after buying an additional 228 shares in the last quarter. New York State Teachers Retirement System bought a new position in shares of Coastal Financial in the 4th quarter valued at about $87,000. Quantbot Technologies LP acquired a new stake in shares of Coastal Financial in the third quarter valued at about $119,000. Finally, USA Financial Formulas bought a new stake in Coastal Financial during the fourth quarter worth about $122,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Analyst Upgrades and Downgrades

CCB has been the topic of several recent analyst reports. Stephens reaffirmed an “overweight” rating and set a $100.00 price target on shares of Coastal Financial in a research report 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 research note on Tuesday, March 4th. Finally, Raymond James reaffirmed a “strong-buy” rating and set a $100.00 price target (up from $88.00) on shares of Coastal Financial in a research report on Wednesday, January 29th.

Coastal Financial Stock Performance

CCB opened at $89.96 on Wednesday. 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 stock has a market cap of $1.35 billion, a price-to-earnings ratio of 27.68 and a beta of 1.21. Coastal Financial Co. has a 12-month low of $37.30 and a 12-month high of $102.25. The business has a 50 day moving average of $88.32 and a 200-day moving average of $76.58.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data 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, equities research analysts expect that Coastal Financial Co. will post 4.59 earnings per share for the current year.

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.