Coastal Financial (NASDAQ:CCB) Price Target Increased to $76.00 by Analysts at Hovde Group

Coastal Financial (NASDAQ:CCB) had its price objective lifted by Hovde Group from $67.00 to $76.00 in a report issued on Tuesday morning, Marketbeat Ratings reports. The firm currently has an outperform rating on the stock.

Separately, Keefe, Bruyette & Woods raised Coastal Financial to a “moderate buy” rating in a research note on Tuesday, July 30th.

Coastal Financial Trading Up 1.4 %

Coastal Financial stock opened at $64.51 on Tuesday. Coastal Financial has a 12-month low of $35.67 and a 12-month high of $64.54. The firm has a market capitalization of $868.05 million, a price-to-earnings ratio of 21.72 and a beta of 1.24. The firm has a 50 day moving average of $53.96 and a 200 day moving average of $48.32. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.15.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Monday, October 28th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.96 by $0.01. The firm had revenue of $185.15 million for the quarter, compared to the consensus estimate of $154.30 million. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. As a group, research analysts predict that Coastal Financial will post 3.56 earnings per share for the current year.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink sold 7,302 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.13, for a total transaction of $366,049.26. Following the completion of the transaction, the chief executive officer now owns 316,912 shares of the company’s stock, valued at $15,886,798.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Eric M. Sprink sold 7,302 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.13, for a total value of $366,049.26. Following the completion of the transaction, the chief executive officer now directly owns 316,912 shares of the company’s stock, valued at approximately $15,886,798.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Eric M. Sprink sold 3,705 shares of the business’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $60.01, for a total transaction of $222,337.05. Following the completion of the sale, the chief executive officer now owns 275,683 shares in the company, valued at $16,543,736.83. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 59,495 shares of company stock worth $3,187,116. Insiders own 16.82% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Norden Group LLC bought a new stake in shares of Coastal Financial in the 1st quarter worth about $1,488,000. Riverwater Partners LLC raised its position in Coastal Financial by 367.9% in the 3rd quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock worth $2,012,000 after purchasing an additional 30,405 shares during the period. American Century Companies Inc. lifted its stake in Coastal Financial by 23.3% in the second quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after purchasing an additional 26,690 shares during the last quarter. Rosenthal Henry Capital Advisors Inc. boosted its position in shares of Coastal Financial by 214.0% during the third quarter. Rosenthal Henry Capital Advisors Inc. now owns 30,116 shares of the company’s stock valued at $1,626,000 after buying an additional 20,525 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Coastal Financial by 6.0% during the second quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock valued at $16,603,000 after buying an additional 20,517 shares during the period. 59.24% of the stock is owned by hedge funds and other institutional investors.

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.