Keefe, Bruyette & Woods Boosts Coastal Financial (NASDAQ:CCB) Price Target to $75.00

Coastal Financial (NASDAQ:CCB) had its target price lifted by Keefe, Bruyette & Woods from $70.00 to $75.00 in a research note released on Tuesday morning, Benzinga reports. They currently have an outperform rating on the stock.

Other equities research analysts also recently issued research reports about the company. Raymond James lifted their target price on Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research report on Tuesday. Hovde Group boosted their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday.

Coastal Financial Price Performance

Coastal Financial stock opened at $63.26 on Tuesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average price of $54.75 and a 200 day moving average price of $48.72. Coastal Financial has a 12-month low of $35.67 and a 12-month high of $68.00. The stock has a market cap of $851.48 million, a P/E ratio of 21.30 and a beta of 1.24.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Monday, October 28th. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.01. The business had revenue of $185.15 million during the quarter, compared to analysts’ expectations of $154.30 million. Coastal Financial had a net margin of 5.98% and a return on equity of 14.16%. Sell-side analysts anticipate that Coastal Financial will post 3.55 earnings per share for the current year.

Insider Activity at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $65.93, for a total value of $461,510.00. Following the sale, the chief executive officer now owns 251,388 shares of the company’s stock, valued at $16,574,010.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Eric M. Sprink sold 7,302 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $50.13, for a total transaction of $366,049.26. Following the sale, the chief executive officer now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Eric M. Sprink sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $65.93, for a total transaction of $461,510.00. Following the completion of the transaction, the chief executive officer now directly owns 251,388 shares of the company’s stock, valued at $16,574,010.84. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 70,495 shares of company stock worth $3,901,426. Insiders own 16.82% of the company’s stock.

Institutional Trading of Coastal Financial

Several hedge funds have recently modified their holdings of CCB. Diversify Advisory Services LLC purchased a new stake in Coastal Financial during the 1st quarter worth about $714,000. Riverwater Partners LLC increased its stake in shares of Coastal Financial by 367.9% during the third quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock worth $2,012,000 after buying an additional 30,405 shares during the period. Envestnet Asset Management Inc. raised its holdings in Coastal Financial by 3.5% in the second quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock valued at $2,679,000 after acquiring an additional 1,956 shares in the last quarter. Norden Group LLC purchased a new position in Coastal Financial in the first quarter worth approximately $1,488,000. Finally, Vanguard Group Inc. grew its holdings in Coastal Financial by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock worth $23,268,000 after acquiring an additional 5,592 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

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.