Coastal Financial (NASDAQ:CCB) Now Covered by Analysts at TD Cowen

TD Cowen began coverage on shares of Coastal Financial (NASDAQ:CCB) in a research report report published on Thursday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $140.00 price target on the stock.

Several other equities research analysts also recently weighed in on the company. Hovde Group set a $126.00 target price on Coastal Financial in a research report on Monday, August 18th. Keefe, Bruyette & Woods raised their price objective on Coastal Financial from $110.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $116.20.

Coastal Financial Price Performance

Shares of NASDAQ CCB opened at $115.35 on Thursday. Coastal Financial has a 1-year low of $51.45 and a 1-year high of $118.00. The business has a 50-day moving average of $106.79 and a 200-day moving average of $94.54. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of 35.49 and a beta of 1.05.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.16). Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%.The company had revenue of $119.43 million during the quarter, compared to analysts’ expectations of $158.05 million. On average, equities analysts anticipate that Coastal Financial will post 4.59 EPS for the current fiscal year.

Insider Activity

In other Coastal Financial news, CFO Joel G. Edwards sold 9,425 shares of the stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $114.67, for a total transaction of $1,080,764.75. Following the transaction, the chief financial officer owned 12,762 shares of the company’s stock, valued at $1,463,418.54. This trade represents a 42.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Stephan Klee sold 4,350 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $109.14, for a total value of $474,759.00. Following the sale, the director directly owned 1,661 shares in the company, valued at approximately $181,281.54. This represents a 72.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 64,958 shares of company stock worth $7,210,220. 14.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Coastal Financial

Several institutional investors have recently added to or reduced their stakes in the business. Ameriprise Financial Inc. lifted its position in shares of Coastal Financial by 4.9% in the 4th quarter. Ameriprise Financial Inc. now owns 30,828 shares of the company’s stock worth $2,618,000 after buying an additional 1,453 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Coastal Financial by 9.7% in the 4th quarter. Bank of America Corp DE now owns 16,742 shares of the company’s stock worth $1,422,000 after buying an additional 1,478 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Coastal Financial by 5.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,459 shares of the company’s stock worth $548,000 after buying an additional 343 shares during the last quarter. Nuveen Asset Management LLC lifted its position in shares of Coastal Financial by 88.2% in the 4th quarter. Nuveen Asset Management LLC now owns 96,253 shares of the company’s stock worth $8,173,000 after buying an additional 45,100 shares during the last quarter. Finally, ProShare Advisors LLC bought a new position in shares of Coastal Financial in the 4th quarter worth about $272,000. 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.