Raymond James Cuts Coastal Financial (NASDAQ:CCB) Price Target to $100.00

Coastal Financial (NASDAQ:CCB) had its price objective decreased by equities researchers at Raymond James from $105.00 to $100.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “strong-buy” rating on the stock. Raymond James’ target price would suggest a potential upside of 24.53% from the company’s previous close.

CCB has been the topic of a number of other reports. Hovde Group dropped their price objective on shares of Coastal Financial from $120.00 to $110.00 and set an “outperform” rating on the stock in a research report on Wednesday. Stephens reiterated an “overweight” rating and set a $100.00 target price on shares of Coastal Financial in a research note on Tuesday, March 18th. Finally, Keefe, Bruyette & Woods raised their price target on Coastal Financial from $96.00 to $114.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th.

Coastal Financial Trading Down 2.3 %

NASDAQ:CCB opened at $80.30 on Wednesday. Coastal Financial has a 12-month low of $39.16 and a 12-month high of $102.25. The firm has a market cap of $1.21 billion, a PE ratio of 24.71 and a beta of 1.00. 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 stock has a fifty day moving average price of $85.97 and a 200 day moving average price of $81.16.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.30). Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. The company had revenue of $139.54 million during the quarter, compared to analysts’ expectations of $158.65 million. Sell-side analysts anticipate that Coastal Financial will post 4.59 earnings per share for the current fiscal year.

Insider Activity

In other Coastal Financial news, Director Gregory A. Tisdel sold 1,600 shares of the business’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $79.07, for a total value of $126,512.00. Following the completion of the sale, the director now owns 14,006 shares in the company, valued at approximately $1,107,454.42. The trade was a 10.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 16.82% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

A number of institutional investors have recently modified their holdings of CCB. Barclays PLC boosted its stake in Coastal Financial by 60.0% during the 3rd quarter. Barclays PLC now owns 31,804 shares of the company’s stock worth $1,719,000 after purchasing an additional 11,922 shares during the period. Legal & General Group Plc boosted its stake in shares of Coastal Financial by 9.2% during the fourth quarter. Legal & General Group Plc now owns 11,643 shares of the company’s stock worth $989,000 after buying an additional 984 shares during the period. Principal Financial Group Inc. purchased a new position in shares of Coastal Financial during the third quarter worth about $377,000. JPMorgan Chase & Co. increased its position in Coastal Financial by 40.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 117,081 shares of the company’s stock valued at $6,321,000 after acquiring an additional 33,964 shares during the period. Finally, Swiss National Bank raised its stake in Coastal Financial by 16.6% during the 4th quarter. Swiss National Bank now owns 25,965 shares of the company’s stock valued at $2,205,000 after acquiring an additional 3,700 shares during the last quarter. 59.24% of the stock is owned by institutional investors and hedge funds.

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.