PNC Financial Services Group Inc. Increases Stock Position in Coastal Financial Corporation $CCB

by · The Markets Daily

PNC Financial Services Group Inc. boosted its holdings in Coastal Financial Corporation (NASDAQ:CCB – Free Report) by 16,937.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,201 shares of the company’s stock after acquiring an additional 32,012 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Coastal Financial were worth $2,450,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Coastal Financial by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 784,230 shares of the company’s stock worth $89,865,000 after purchasing an additional 18,193 shares in the last quarter. Azora Capital LP lifted its holdings in shares of Coastal Financial by 4.6% during the fourth quarter. Azora Capital LP now owns 618,244 shares of the company’s stock valued at $70,845,000 after purchasing an additional 27,224 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Coastal Financial by 9.0% during the third quarter. Wellington Management Group LLP now owns 486,197 shares of the company’s stock valued at $52,592,000 after purchasing an additional 39,984 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Coastal Financial by 7.6% during the first quarter. Dimensional Fund Advisors LP now owns 359,571 shares of the company’s stock valued at $27,361,000 after buying an additional 25,424 shares during the last quarter. Finally, Loomis Sayles & Co. L P boosted its position in shares of Coastal Financial by 43.8% during the fourth quarter. Loomis Sayles & Co. L P now owns 330,230 shares of the company’s stock valued at $37,841,000 after buying an additional 100,661 shares during the last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Coastal Financial Stock Down 3.2%

CCB stock opened at $70.66 on Thursday. The company has a market cap of $1.08 billion, a price-to-earnings ratio of 22.15 and a beta of 0.72. 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 business’s 50-day moving average is $74.10 and its two-hundred day moving average is $80.77. 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 – Get Free Report) last released its quarterly earnings results 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 firm had revenue of $56.30 million for the quarter, compared to the consensus estimate of $138.63 million. As a group, analysts forecast that Coastal Financial Corporation will post 4.57 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CCB has been the subject of a number of recent analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Coastal Financial in a research report on Monday, June 29th. Keefe, Bruyette & Woods reduced their price target on shares of Coastal Financial from $115.00 to $95.00 and set an “outperform” rating for the company in a research note on Friday, May 1st. Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 30th. TD Cowen dropped their target price on shares of Coastal Financial from $145.00 to $120.00 and set a “buy” rating on the stock 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 analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $122.60.

Get Our Latest Stock Report on Coastal Financial

Coastal Financial Profile

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding CCB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coastal Financial Corporation (NASDAQ:CCB – Free Report).