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

Coastal Financial (NASDAQ:CCB) had its price target lifted by Keefe, Bruyette & Woods from $92.00 to $96.00 in a report released on Thursday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the stock.

Several other brokerages also recently weighed in on CCB. Hovde Group raised their price target 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 price target on Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th.

Coastal Financial Price Performance

Shares of CCB stock opened at $83.02 on Thursday. Coastal Financial has a 1-year low of $35.67 and a 1-year high of $83.22. The stock’s 50-day moving average is $68.41 and its 200 day moving average is $55.60. The company has a market cap of $1.12 billion, a P/E ratio of 27.95 and a beta of 1.24. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03.

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

Insiders Place Their Bets

In related news, Director Steven D. Hovde sold 2,050 shares of Coastal Financial stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $53.51, for a total transaction of $109,695.50. Following the completion of the sale, the director now owns 21,950 shares of the company’s stock, valued at $1,174,544.50. The trade was a 8.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Eric M. Sprink sold 7,000 shares of Coastal Financial stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $52.02, for a total value of $364,140.00. Following the sale, the chief executive officer now directly owns 302,689 shares of the company’s stock, valued at $15,745,881.78. This trade represents a 2.26 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,619 shares of company stock valued at $3,792,980. 16.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Coastal Financial

Institutional investors and hedge funds have recently modified their holdings of the company. Riverwater Partners LLC raised its position in Coastal Financial by 6.4% during 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 in the last quarter. Arcus Capital Partners LLC purchased a new position in Coastal Financial during the second quarter valued at approximately $378,000. Bank of New York Mellon Corp raised its position in Coastal Financial by 11.6% during the second quarter. Bank of New York Mellon Corp now owns 48,794 shares of the company’s stock valued at $2,251,000 after acquiring an additional 5,053 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Coastal Financial by 22,360.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after acquiring an additional 4,472 shares in the last quarter. Finally, Rosenthal Henry Capital Advisors Inc. purchased a new position in Coastal Financial during the second quarter valued at approximately $443,000. Institutional investors and hedge funds 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.