Coastal Financial (NASDAQ:CCB) Stock Price Expected to Rise, Hovde Group Analyst Says

Coastal Financial (NASDAQ:CCB) had its target price boosted by Hovde Group from $67.00 to $76.00 in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. The firm presently has an “outperform” rating on the stock. Hovde Group’s target price suggests a potential upside of 14.17% from the stock’s current price.

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

Coastal Financial Stock Performance

Shares of NASDAQ CCB opened at $66.57 on Tuesday. The company has a market cap of $895.77 million, a P/E ratio of 22.41 and a beta of 1.24. Coastal Financial has a 52-week low of $35.67 and a 52-week high of $66.57. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.03 and a current ratio of 1.03. The firm’s fifty day moving average is $54.29 and its two-hundred day moving average is $48.45.

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

Insider Activity

In related news, Director Steven D. Hovde sold 2,003 shares of Coastal Financial stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $53.26, for a total value of $106,679.78. Following the completion of the transaction, the director now owns 27,997 shares in the company, valued at approximately $1,491,120.22. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Coastal Financial news, Director Steven D. Hovde sold 2,003 shares of Coastal Financial stock in a transaction on Monday, August 26th. The shares were sold at an average price of $53.26, for a total transaction of $106,679.78. Following the completion of the transaction, the director now directly owns 27,997 shares of the company’s stock, valued at $1,491,120.22. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction of $366,049.26. Following the completion of the sale, the chief executive officer now directly owns 316,912 shares in the company, valued at approximately $15,886,798.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,495 shares of company stock worth $3,187,116. 16.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Coastal Financial

Several institutional investors have recently added to or reduced their stakes in CCB. nVerses Capital LLC boosted its stake in shares of Coastal Financial by 300.0% during the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after purchasing an additional 600 shares during the period. EntryPoint Capital LLC boosted its position in Coastal Financial by 642.4% in the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock valued at $65,000 after buying an additional 1,439 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Coastal Financial by 22,360.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after buying an additional 4,472 shares during the period. Quadrature Capital Ltd bought a new position in Coastal Financial in the 1st quarter worth about $207,000. Finally, Creative Planning purchased a new position in shares of Coastal Financial during the third quarter worth approximately $298,000. Institutional investors own 59.24% of the company’s stock.

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.