Coastal Financial (NASDAQ:CCB) Price Target Raised to $155.00

Coastal Financial (NASDAQ:CCB) had its price target hoisted by TD Cowen from $140.00 to $155.00 in a report issued on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also issued reports about the company. UBS Group set a $155.00 price objective on Coastal Financial in a research note on Friday. Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a research note on Friday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 1st. Zacks Research raised shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. Finally, Hovde Group set a $126.00 target price on shares of Coastal Financial in a report on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $125.17.

Coastal Financial Stock Performance

CCB opened at $113.32 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 35.86 and a beta of 0.89. The company has a fifty day moving average of $106.99 and a 200 day moving average of $102.82. Coastal Financial has a fifty-two week low of $73.80 and a fifty-two week high of $119.22.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.88 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). Coastal Financial had a net margin of 7.14% and a return on equity of 10.45%. The firm had revenue of $52.89 million for the quarter, compared to analysts’ expectations of $133.44 million. As a group, sell-side analysts forecast that Coastal Financial will post 4.59 earnings per share for the current fiscal year.

Insider Activity at Coastal Financial

In other Coastal Financial news, Director Stephan Klee sold 4,350 shares of Coastal Financial stock in a transaction on Monday, September 15th. The shares were sold at an average price of $109.14, for a total value of $474,759.00. Following the transaction, the director owned 1,661 shares in the company, valued at $181,281.54. This trade represents a 72.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Eric M. Sprink sold 10,683 shares of the stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $114.65, for a total transaction of $1,224,805.95. Following the completion of the sale, the chief executive officer directly owned 211,011 shares of the company’s stock, valued at $24,192,411.15. The trade was a 4.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 64,958 shares of company stock valued at $7,210,220 in the last ninety days. Corporate insiders own 14.10% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its position in shares of Coastal Financial by 2.3% during the second quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company’s stock worth $644,000 after purchasing an additional 149 shares during the last quarter. SummerHaven Investment Management LLC raised its stake in Coastal Financial by 1.0% during the second quarter. SummerHaven Investment Management LLC now owns 17,303 shares of the company’s stock valued at $1,676,000 after buying an additional 165 shares in the last quarter. Emerald Advisers LLC lifted its holdings in Coastal Financial by 2.5% during the 2nd quarter. Emerald Advisers LLC now owns 7,421 shares of the company’s stock worth $719,000 after buying an additional 179 shares during the last quarter. Swiss National Bank lifted its holdings in Coastal Financial by 0.8% during the 3rd quarter. Swiss National Bank now owns 26,165 shares of the company’s stock worth $2,830,000 after buying an additional 200 shares during the last quarter. Finally, EJF Capital LLC grew its position in shares of Coastal Financial by 2.5% in the 2nd quarter. EJF Capital LLC now owns 13,547 shares of the company’s stock worth $1,312,000 after acquiring an additional 329 shares in the last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Coastal Financial Company Profile

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.