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

Coastal Financial (NASDAQ:CCB) had its price objective upped by Keefe, Bruyette & Woods from $92.00 to $96.00 in a report issued on Thursday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts have also weighed in on CCB. Raymond James raised their price target on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research report on Tuesday, October 29th. Hovde Group boosted 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.

Coastal Financial Stock Performance

Shares of Coastal Financial stock opened at $80.47 on Thursday. The company has a market cap of $1.09 billion, a PE ratio of 27.09 and a beta of 1.24. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. Coastal Financial has a 52 week low of $35.67 and a 52 week high of $80.92. The business has a 50 day moving average price of $67.81 and a 200-day moving average price of $55.25.

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

Insider Activity at Coastal Financial

In other Coastal Financial 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 transaction 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Eric M. Sprink sold 7,000 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $52.02, for a total value of $364,140.00. Following the completion of the sale, the chief executive officer now owns 302,689 shares in the company, valued at approximately $15,745,881.78. The trade was a 2.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,619 shares of company stock worth $3,792,980. 16.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coastal Financial

Several institutional investors have recently added to or reduced their stakes in CCB. Point72 DIFC Ltd purchased a new stake in shares of Coastal Financial during the third quarter worth $31,000. nVerses Capital LLC lifted its holdings in Coastal Financial by 300.0% during the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after purchasing an additional 600 shares in the last quarter. FMR LLC boosted its stake in 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 purchasing an additional 228 shares during the period. Quantbot Technologies LP purchased a new position in Coastal Financial during the 3rd quarter valued at about $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Coastal Financial by 190.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock valued at $166,000 after buying an additional 2,019 shares during the period. 59.24% of the stock is owned by hedge funds and other 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.