Coastal Financial (NASDAQ:CCB) Price Target Raised to $96.00

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

Several other equities research analysts have also issued reports on CCB. Raymond James increased their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th. Hovde Group upped their price target on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th.

Coastal Financial Price Performance

NASDAQ CCB opened at $83.02 on Thursday. Coastal Financial has a 52 week low of $35.67 and a 52 week high of $83.22. The firm has a market capitalization of $1.12 billion, a P/E ratio of 27.95 and a beta of 1.24. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average price of $68.41 and a 200-day moving average price of $55.60.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Monday, October 28th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.96 by $0.01. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. The firm had revenue of $185.15 million during the quarter, compared to analyst estimates of $154.30 million. Equities research analysts anticipate that Coastal Financial will post 3.55 earnings per share for the current year.

Insider Activity at Coastal Financial

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

Institutional Trading of Coastal Financial

Hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 DIFC Ltd purchased a new position in shares of Coastal Financial during the third quarter valued at $31,000. nVerses Capital LLC increased 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 buying an additional 600 shares during the period. FMR LLC increased its stake in shares of Coastal Financial by 21.0% during the third quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after buying an additional 228 shares during the period. Quantbot Technologies LP purchased a new position in shares of Coastal Financial during the third quarter valued at $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Coastal Financial by 190.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock valued at $166,000 after buying an additional 2,019 shares during the period. Hedge funds and other institutional investors own 59.24% of the company’s stock.

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.