Keefe, Bruyette & Woods Issues Pessimistic Forecast for Coastal Financial (NASDAQ:CCB) Stock Price

Coastal Financial (NASDAQ:CCB) had its price target cut by investment analysts at Keefe, Bruyette & Woods from $135.00 to $125.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 39.66% from the stock’s current price.

Other analysts have also issued reports about the company. UBS Group set a $155.00 price objective on Coastal Financial in a report on Friday, December 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 29th. TD Cowen reissued a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. Finally, Hovde Group dropped their price objective on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $128.00.

Coastal Financial Price Performance

NASDAQ CCB opened at $89.50 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of 29.44 and a beta of 0.87. The company has a 50 day simple moving average of $112.32 and a 200-day simple moving average of $108.67. Coastal Financial has a 52-week low of $76.11 and a 52-week high of $120.05.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.34). Coastal Financial had a net margin of 7.11% and a return on equity of 10.16%. The company had revenue of $56.49 million during the quarter, compared to analyst estimates of $140.81 million. Equities research analysts predict that Coastal Financial will post 4.59 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Joel G. Edwards sold 1,300 shares of the company’s stock in a transaction on Monday, January 26th. The shares were sold at an average price of $111.34, for a total transaction of $144,742.00. Following the completion of the sale, the chief financial officer directly owned 11,462 shares of the company’s stock, valued at approximately $1,276,179.08. This represents a 10.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Eric M. Sprink sold 4,000 shares of the firm’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $116.01, for a total transaction of $464,040.00. Following the completion of the transaction, the chief executive officer owned 159,126 shares in the company, valued at $18,460,207.26. The trade was a 2.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 63,296 shares of company stock valued at $7,287,745 in the last ninety days. Company insiders own 14.10% of the company’s stock.

Institutional Investors Weigh In On Coastal Financial

Hedge funds have recently bought and sold shares of the company. American Century Companies Inc. increased its stake in shares of Coastal Financial by 133.5% in the second quarter. American Century Companies Inc. now owns 481,933 shares of the company’s stock worth $46,685,000 after purchasing an additional 275,500 shares during the period. Azora Capital LP grew its holdings in Coastal Financial by 26.4% in the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company’s stock valued at $72,759,000 after buying an additional 156,956 shares during the last quarter. Ranger Investment Management L.P. bought a new position in Coastal Financial in the 3rd quarter worth approximately $16,895,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Coastal Financial by 364.1% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,764 shares of the company’s stock worth $18,255,000 after buying an additional 132,403 shares during the last quarter. Finally, D.A. Davidson & CO. acquired a new position in shares of Coastal Financial during the third quarter worth approximately $13,580,000. 59.24% of the stock is currently owned by institutional investors.

About Coastal Financial

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.