Coastal Financial Corporation (NASDAQ:CCB) Receives $116.20 Average Target Price from Analysts

Shares of Coastal Financial Corporation (NASDAQ:CCB) have been given an average rating of “Buy” by the seven brokerages that are covering the firm, MarketBeat reports. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $116.20.

Several brokerages have issued reports on CCB. Hovde Group set a $126.00 price objective on Coastal Financial in a research report on Monday, August 18th. Weiss Ratings reiterated a “buy (b)” rating on shares of Coastal Financial in a research report on Tuesday, October 14th. Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. Keefe, Bruyette & Woods lifted their target price on Coastal Financial from $110.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, July 11th. Finally, TD Cowen began coverage on Coastal Financial in a research note on Thursday, September 25th. They issued a “buy” rating and a $140.00 target price for the company.

Insider Activity

In related news, CEO Eric M. Sprink sold 10,683 shares of Coastal Financial stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $114.65, for a total transaction of $1,224,805.95. Following the completion of the sale, the chief executive officer directly owned 211,011 shares of the company’s stock, valued at $24,192,411.15. The trade was a 4.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Stephan Klee sold 4,350 shares of Coastal Financial stock in a transaction on Monday, September 15th. The stock was 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 of the company’s stock, valued at approximately $181,281.54. This trade represents a 72.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 64,958 shares of company stock valued at $7,210,220. Company insiders own 14.10% of the company’s stock.

Institutional Trading of Coastal Financial

A number of institutional investors have recently modified their holdings of the company. T. Rowe Price Investment Management Inc. raised its holdings in Coastal Financial by 1.3% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,339,269 shares of the company’s stock worth $121,084,000 after acquiring an additional 16,944 shares in the last quarter. Azora Capital LP increased its position in Coastal Financial by 26.4% during the second quarter. Azora Capital LP now owns 751,098 shares of the company’s stock worth $72,759,000 after buying an additional 156,956 shares during the last quarter. Vanguard Group Inc. increased its position in Coastal Financial by 7.9% during the first quarter. Vanguard Group Inc. now owns 739,322 shares of the company’s stock worth $66,842,000 after buying an additional 53,937 shares during the last quarter. American Century Companies Inc. increased its position in Coastal Financial by 133.5% during the second quarter. American Century Companies Inc. now owns 481,933 shares of the company’s stock worth $46,685,000 after buying an additional 275,500 shares during the last quarter. Finally, Westwood Holdings Group Inc. grew its position in shares of Coastal Financial by 400.4% in the first quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company’s stock valued at $40,604,000 after purchasing an additional 359,371 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors.

Coastal Financial Trading Down 0.5%

Shares of CCB opened at $102.88 on Monday. The stock has a fifty day moving average price of $110.10 and a two-hundred day moving average price of $97.41. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. Coastal Financial has a 52-week low of $58.41 and a 52-week high of $119.22. The company has a market cap of $1.55 billion, a price-to-earnings ratio of 31.66 and a beta of 0.99.

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

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.