Coastal Financial (NASDAQ:CCB) PT Lowered to $55.00 at Hovde Group

Coastal Financial (NASDAQ:CCB) had its price objective reduced by Hovde Group from $57.50 to $55.00 in a report released on Friday morning, MarketBeat.com reports. Hovde Group currently has an outperform rating on the stock.

Coastal Financial Trading Up 4.5 %

CCB traded up $1.82 on Friday, hitting $41.89. The company had a trading volume of 65,794 shares, compared to its average volume of 50,233. The business’s fifty day simple moving average is $38.43 and its 200 day simple moving average is $40.13. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.16. Coastal Financial has a 12-month low of $32.20 and a 12-month high of $48.50. The company has a market cap of $560.91 million, a PE ratio of 14.65 and a beta of 1.16.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Tuesday, January 30th. The company reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.28). The company had revenue of $124.35 million during the quarter, compared to analysts’ expectations of $98.40 million. Coastal Financial had a return on equity of 14.55% and a net margin of 6.55%. Equities research analysts expect that Coastal Financial will post 3.38 EPS for the current year.

Hedge Funds Weigh In On Coastal Financial

Hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its position in Coastal Financial by 18.0% in the 1st quarter. BNP Paribas Financial Markets now owns 11,572 shares of the company’s stock valued at $450,000 after acquiring an additional 1,766 shares during the last quarter. Diversify Advisory Services LLC bought a new position in shares of Coastal Financial in the first quarter worth about $714,000. Norden Group LLC purchased a new position in Coastal Financial in the 1st quarter worth about $1,488,000. First Bank & Trust lifted its holdings in Coastal Financial by 3.6% during the 1st quarter. First Bank & Trust now owns 21,767 shares of the company’s stock valued at $846,000 after buying an additional 761 shares in the last quarter. Finally, Cox Capital Mgt LLC boosted its position in Coastal Financial by 1.6% in the 1st quarter. Cox Capital Mgt LLC now owns 36,010 shares of the company’s stock valued at $1,400,000 after buying an additional 556 shares during the period. 59.24% of the stock is currently owned by 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.