Hovde Group Trims Coastal Financial (NASDAQ:CCB) Target Price to $55.00

Coastal Financial (NASDAQ:CCB) had its price objective cut by Hovde Group from $57.50 to $55.00 in a research report report published on Friday, MarketBeat reports. They currently have an outperform rating on the stock.

Coastal Financial Price Performance

CCB stock opened at $41.89 on Friday. The firm has a market cap of $560.91 million, a price-to-earnings ratio of 14.65 and a beta of 1.16. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.16. Coastal Financial has a 12-month low of $32.20 and a 12-month high of $48.50. The company’s fifty day simple moving average is $38.43 and its 200 day simple moving average is $40.11.

Hedge Funds Weigh In On Coastal Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets lifted its holdings in Coastal Financial by 18.0% in the first quarter. BNP Paribas Financial Markets now owns 11,572 shares of the company’s stock valued at $450,000 after buying an additional 1,766 shares during the period. Diversify Advisory Services LLC bought a new stake in Coastal Financial in the first quarter valued at $714,000. Norden Group LLC bought a new stake in Coastal Financial in the first quarter valued at $1,488,000. First Bank & Trust increased its stake in Coastal Financial by 3.6% in the first quarter. First Bank & Trust now owns 21,767 shares of the company’s stock valued at $846,000 after purchasing an additional 761 shares in the last quarter. Finally, Cox Capital Mgt LLC increased its stake in Coastal Financial by 1.6% in the first quarter. Cox Capital Mgt LLC now owns 36,010 shares of the company’s stock valued at $1,400,000 after purchasing an additional 556 shares in the last quarter. 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.