Raymond James Lowers Coastal Financial (NASDAQ:CCB) Price Target to $100.00

Coastal Financial (NASDAQ:CCB) had its price objective decreased by equities research analysts at Raymond James from $105.00 to $100.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “strong-buy” rating on the stock. Raymond James’ target price indicates a potential upside of 24.53% from the stock’s current price.

CCB has been the subject of several other research reports. Stephens reaffirmed an “overweight” rating and issued a $100.00 price target on shares of Coastal Financial in a report on Tuesday, March 18th. Hovde Group cut their target price on Coastal Financial from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Coastal Financial from $96.00 to $114.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th.

Coastal Financial Stock Down 2.3 %

Shares of CCB opened at $80.30 on Wednesday. The stock has a 50 day moving average price of $85.97 and a 200 day moving average price of $81.16. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of 24.71 and a beta of 1.00. Coastal Financial has a one year low of $39.16 and a one year high of $102.25.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.30). The business had revenue of $139.54 million for the quarter, compared to analyst estimates of $158.65 million. Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. Equities research analysts forecast that Coastal Financial will post 4.59 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Coastal Financial

Several large investors have recently made changes to their positions in CCB. Barclays PLC increased its holdings in Coastal Financial by 60.0% in the 3rd quarter. Barclays PLC now owns 31,804 shares of the company’s stock valued at $1,719,000 after purchasing an additional 11,922 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Coastal Financial by 9.2% in the fourth quarter. Legal & General Group Plc now owns 11,643 shares of the company’s stock valued at $989,000 after buying an additional 984 shares in the last quarter. Principal Financial Group Inc. acquired a new position in Coastal Financial during the 3rd quarter worth about $377,000. JPMorgan Chase & Co. boosted its holdings in Coastal Financial by 40.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 117,081 shares of the company’s stock valued at $6,321,000 after acquiring an additional 33,964 shares during the period. Finally, Swiss National Bank boosted its holdings in Coastal Financial by 16.6% during the 4th quarter. Swiss National Bank now owns 25,965 shares of the company’s stock valued at $2,205,000 after acquiring an additional 3,700 shares during the period. 59.24% of the stock is currently 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.