Coastal Financial (NASDAQ:CCB) Price Target Raised to $92.00 at Keefe, Bruyette & Woods

Coastal Financial (NASDAQ:CCB) had its price objective boosted by Keefe, Bruyette & Woods from $75.00 to $92.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other research analysts also recently weighed in on the company. Hovde Group upped their target price on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Raymond James upped their target price on Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, October 29th.

Coastal Financial Trading Up 1.8 %

Coastal Financial stock opened at $76.64 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. Coastal Financial has a 12 month low of $35.67 and a 12 month high of $79.59. The stock’s 50 day simple moving average is $64.38 and its two-hundred day simple moving average is $53.81. The firm has a market cap of $1.04 billion, a PE ratio of 25.59 and a beta of 1.24.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Monday, October 28th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.96 by $0.01. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. The business had revenue of $185.15 million for the quarter, compared to analyst estimates of $154.30 million. Analysts anticipate that Coastal Financial will post 3.55 earnings per share for the current year.

Insider Transactions at Coastal Financial

In related news, EVP Jonathan E. Sand sold 1,000 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $74.15, for a total value of $74,150.00. Following the completion of the transaction, the executive vice president now directly owns 19,611 shares of the company’s stock, valued at approximately $1,454,155.65. This represents a 4.85 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Eric M. Sprink sold 7,302 shares of the 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 represents a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 72,921 shares of company stock valued at $4,159,029 in the last three months. 16.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CCB. Point72 DIFC Ltd acquired a new stake in shares of Coastal Financial in the 3rd quarter worth $31,000. nVerses Capital LLC increased its stake in shares of Coastal Financial by 300.0% in the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after acquiring an additional 600 shares during the last quarter. FMR LLC increased its stake in shares of Coastal Financial by 21.0% in the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after acquiring an additional 228 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Coastal Financial in the 3rd quarter worth $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Coastal Financial by 190.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock worth $166,000 after acquiring an additional 2,019 shares during the last quarter. 59.24% of the stock is 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.