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

Coastal Financial (NASDAQ:CCB) had its price target boosted by analysts at Keefe, Bruyette & Woods from $75.00 to $92.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 19.31% from the stock’s previous close.

CCB has been the topic of several other research reports. Hovde Group raised their price objective on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Raymond James raised their target price on Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research note on Tuesday, October 29th.

Coastal Financial Stock Up 0.6 %

Shares of NASDAQ:CCB opened at $77.11 on Wednesday. The firm has a 50 day simple moving average of $64.88 and a 200-day simple moving average of $53.97. The company has a market capitalization of $1.04 billion, a PE ratio of 25.96 and a beta of 1.24. Coastal Financial has a twelve month low of $35.67 and a twelve month high of $79.59. 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 (NASDAQ:CCB) last posted its quarterly earnings data on Monday, October 28th. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. The company had revenue of $185.15 million during the quarter, compared to analysts’ expectations of $154.30 million. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. On average, equities analysts predict that Coastal Financial will post 3.55 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Jonathan E. Sand sold 1,000 shares of Coastal Financial stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $74.15, for a total value of $74,150.00. Following the transaction, the executive vice president now owns 19,611 shares of the company’s stock, valued at $1,454,155.65. This trade represents a 4.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Eric M. Sprink sold 7,302 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.13, for a total value of $366,049.26. Following the transaction, the chief executive officer now owns 316,912 shares of the company’s stock, valued at approximately $15,886,798.56. This trade represents a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,921 shares of company stock worth $4,159,029. Corporate insiders own 16.82% of the company’s stock.

Institutional Trading of Coastal Financial

Several institutional investors have recently made changes to their positions in CCB. Vanguard Group Inc. lifted its stake in shares of Coastal Financial by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock valued at $23,268,000 after purchasing an additional 5,592 shares during the period. Riverwater Partners LLC lifted its stake in Coastal Financial by 6.4% in the second quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock valued at $381,000 after acquiring an additional 494 shares during the last quarter. Arcus Capital Partners LLC bought a new stake in Coastal Financial in the second quarter valued at approximately $378,000. Bank of New York Mellon Corp lifted its holdings in Coastal Financial by 11.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 48,794 shares of the company’s stock valued at $2,251,000 after purchasing an additional 5,053 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake 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 last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

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.