Coastal Financial (NASDAQ:CCB) Price Target Raised to $73.00 at Raymond James

Coastal Financial (NASDAQ:CCB) had its target price hoisted by Raymond James from $61.00 to $73.00 in a research report released on Tuesday, Benzinga reports. They currently have a strong-buy rating on the stock.

CCB has been the topic of a number of other reports. Hovde Group lifted their price target on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday. Keefe, Bruyette & Woods raised Coastal Financial to a “moderate buy” rating in a research report on Tuesday, July 30th.

Coastal Financial Stock Up 1.4 %

Shares of Coastal Financial stock opened at $64.51 on Tuesday. Coastal Financial has a 1 year low of $35.67 and a 1 year high of $64.54. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $868.05 million, a price-to-earnings ratio of 21.72 and a beta of 1.24. The firm’s 50-day moving average is $53.96 and its two-hundred day moving average is $48.32.

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

Insider Buying and Selling at Coastal Financial

In other news, Director Steven D. Hovde sold 2,003 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $53.26, for a total transaction of $106,679.78. Following the completion of the sale, the director now owns 27,997 shares in the company, valued at approximately $1,491,120.22. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Eric M. Sprink sold 7,302 shares of Coastal Financial stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $50.13, for a total value 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 $15,886,798.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Steven D. Hovde sold 2,003 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $53.26, for a total transaction of $106,679.78. Following the sale, the director now directly owns 27,997 shares in the company, valued at approximately $1,491,120.22. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,495 shares of company stock worth $3,187,116 over the last three months. Corporate insiders own 16.82% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

Hedge funds have recently made changes to their positions in the company. Norden Group LLC acquired a new stake in Coastal Financial during the 1st quarter worth about $1,488,000. Diversify Advisory Services LLC purchased a new position in shares of Coastal Financial in the first quarter worth about $714,000. BNP Paribas Financial Markets lifted its holdings in shares of Coastal Financial by 18.0% during the first quarter. BNP Paribas Financial Markets now owns 11,572 shares of the company’s stock worth $450,000 after purchasing an additional 1,766 shares during the period. Vanguard Group Inc. boosted its position in Coastal Financial by 0.9% in the first quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock valued at $23,268,000 after buying an additional 5,592 shares during the last quarter. Finally, EntryPoint Capital LLC increased its holdings in Coastal Financial by 642.4% in the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after buying an additional 1,439 shares during the period. 59.24% of the stock is owned by institutional investors and hedge funds.

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.