Keefe, Bruyette & Woods Lowers Coastal Financial (NASDAQ:CCB) Price Target to $110.00

Coastal Financial (NASDAQ:CCB) had its price target lowered by equities researchers at Keefe, Bruyette & Woods from $114.00 to $110.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 36.99% from the stock’s current price.

CCB has been the subject of a number of other reports. Stephens reiterated an “overweight” rating and set a $100.00 price objective on shares of Coastal Financial in a research note on Tuesday, March 18th. Raymond James dropped their price target on shares of Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating for the company in a research report on Wednesday. Finally, Hovde Group decreased their price objective on shares of Coastal Financial from $120.00 to $110.00 and set an “outperform” rating on the stock in a research report on Wednesday.

Coastal Financial Stock Down 2.3 %

Shares of CCB stock opened at $80.30 on Wednesday. The company has a 50 day simple moving average of $85.97 and a two-hundred day simple moving average of $81.16. The stock has a market cap of $1.21 billion, a P/E ratio of 24.71 and a beta of 1.00. Coastal Financial has a 12 month low of $39.16 and a 12 month high of $102.25. 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 announced its earnings results on Tuesday, April 29th. The company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.30). The company had revenue of $139.54 million during the quarter, compared to the consensus estimate of $158.65 million. Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. On average, research analysts expect that Coastal Financial will post 4.59 earnings per share for the current year.

Insider Buying and Selling

In other Coastal Financial news, Director Gregory A. Tisdel sold 1,600 shares of Coastal Financial stock in a transaction on Monday, April 14th. The shares were sold at an average price of $79.07, for a total value of $126,512.00. Following the completion of the transaction, the director now directly owns 14,006 shares of the company’s stock, valued at $1,107,454.42. This trade represents a 10.25 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 16.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. raised its position in Coastal Financial by 47.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company’s stock valued at $112,279,000 after purchasing an additional 423,864 shares during the period. Vanguard Group Inc. raised its holdings in Coastal Financial by 11.4% during the 4th quarter. Vanguard Group Inc. now owns 685,385 shares of the company’s stock valued at $58,196,000 after buying an additional 70,272 shares during the period. Wellington Management Group LLP lifted its position in Coastal Financial by 1,067.9% in the fourth quarter. Wellington Management Group LLP now owns 456,887 shares of the company’s stock worth $38,794,000 after buying an additional 417,767 shares during the last quarter. Azora Capital LP purchased a new position in Coastal Financial during the fourth quarter worth $33,794,000. Finally, The Manufacturers Life Insurance Company increased its position in Coastal Financial by 9.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 385,433 shares of the company’s stock valued at $32,727,000 after acquiring an additional 33,980 shares during the last quarter. 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.