Y Intercept Hong Kong Ltd Invests $1.89 Million in Coastal Financial Corporation $CCB

Y Intercept Hong Kong Ltd acquired a new stake in Coastal Financial Corporation (NASDAQ:CCB) during the first quarter, HoldingsChannel reports. The firm acquired 24,768 shares of the company’s stock, valued at approximately $1,885,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its holdings in Coastal Financial by 129.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock valued at $34,000 after purchasing an additional 169 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Coastal Financial in the fourth quarter valued at approximately $50,000. Smartleaf Asset Management LLC raised its holdings in Coastal Financial by 20,700.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock worth $72,000 after purchasing an additional 621 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Coastal Financial by 229.5% during the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after purchasing an additional 576 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in shares of Coastal Financial by 521.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock worth $122,000 after buying an additional 1,059 shares during the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Wall Street Analyst Weigh In

CCB has been the subject of several research analyst reports. Stephens restated an “overweight” rating and issued a $110.00 target price on shares of Coastal Financial in a report on Friday, May 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Coastal Financial in a research note on Monday, June 29th. Zacks Research raised shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 30th. Wall Street Zen raised Coastal Financial from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Keefe, Bruyette & Woods dropped their price objective on Coastal Financial from $115.00 to $95.00 and set an “outperform” rating on the stock in a report on Friday, May 1st. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $122.60.

Coastal Financial Stock Performance

Shares of Coastal Financial stock opened at $78.53 on Friday. The firm’s fifty day simple moving average is $72.85 and its 200-day simple moving average is $84.72. Coastal Financial Corporation has a 12 month low of $66.50 and a 12 month high of $120.05. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of 24.62 and a beta of 0.72. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.24). Coastal Financial had a return on equity of 10.20% and a net margin of 7.35%.The business had revenue of $56.30 million for the quarter, compared to analyst estimates of $138.63 million. As a group, equities analysts forecast that Coastal Financial Corporation will post 4.57 earnings per share for the current year.

Coastal Financial 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.