ExodusPoint Capital Management LP Purchases 41,093 Shares of Coastal Financial Co. (NASDAQ:CCB)

ExodusPoint Capital Management LP raised its position in shares of Coastal Financial Co. (NASDAQ:CCB) by 480.5% in the fourth quarter, Holdings Channel reports. The fund owned 49,646 shares of the company’s stock after buying an additional 41,093 shares during the quarter. ExodusPoint Capital Management LP’s holdings in Coastal Financial were worth $4,215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Point72 DIFC Ltd bought a new position in Coastal Financial during the third quarter worth $31,000. Meeder Asset Management Inc. bought a new position in shares of Coastal Financial during the 4th quarter worth about $64,000. FMR LLC raised its position in shares of Coastal Financial by 21.0% during the third quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after buying an additional 228 shares during the last quarter. New York State Teachers Retirement System bought a new stake in shares of Coastal Financial in the fourth quarter valued at about $87,000. Finally, USA Financial Formulas acquired a new stake in Coastal Financial during the fourth quarter worth about $122,000. 59.24% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CCB has been the subject of a number of research reports. Raymond James raised their price objective on Coastal Financial from $100.00 to $105.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods raised their target price on Coastal Financial from $96.00 to $114.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Finally, Stephens reissued an “overweight” rating and issued a $100.00 price target on shares of Coastal Financial in a report on Tuesday, March 18th.

Coastal Financial Trading Down 4.5 %

CCB stock opened at $79.79 on Monday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The firm has a market cap of $1.20 billion, a P/E ratio of 24.55 and a beta of 1.00. Coastal Financial Co. has a 1-year low of $37.30 and a 1-year high of $102.25. The business’s 50 day moving average is $88.38 and its 200-day moving average is $77.29.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.09). Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. Equities analysts anticipate that Coastal Financial Co. will post 4.59 earnings per share for the current fiscal 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.