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

Coastal Financial Corporation (NASDAQ:CCB) has received an average recommendation of “Buy” from the seven research firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $116.20.

Several research firms have commented on CCB. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Coastal Financial in a report on Tuesday, November 11th. Zacks Research upgraded Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. Hovde Group set a $126.00 price target on Coastal Financial in a research report on Monday, August 18th. Finally, TD Cowen initiated coverage on Coastal Financial in a report on Thursday, September 25th. They issued a “buy” rating and a $140.00 price target for the company.

Coastal Financial Stock Performance

CCB opened at $104.85 on Friday. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. Coastal Financial has a 12-month low of $71.89 and a 12-month high of $119.22. The firm has a 50 day moving average of $108.51 and a two-hundred day moving average of $100.41. The firm has a market capitalization of $1.59 billion, a PE ratio of 33.18 and a beta of 1.06.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Wednesday, October 29th. The company reported $0.88 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%.The business had revenue of $52.89 million during the quarter, compared to analyst estimates of $133.44 million. On average, analysts anticipate that Coastal Financial will post 4.59 EPS for the current year.

Insider Activity at Coastal Financial

In related news, CFO Joel G. Edwards sold 9,425 shares of the stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $114.67, for a total transaction of $1,080,764.75. Following the sale, the chief financial officer directly owned 12,762 shares of the company’s stock, valued at approximately $1,463,418.54. This represents a 42.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Stephan Klee sold 4,350 shares of Coastal Financial stock in a transaction on Monday, September 15th. The shares were sold at an average price of $109.14, for a total transaction of $474,759.00. Following the completion of the transaction, the director directly owned 1,661 shares of the company’s stock, valued at $181,281.54. The trade was a 72.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 64,958 shares of company stock worth $7,210,220 in the last three months. Company insiders own 14.10% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CCB. State of Alaska Department of Revenue acquired a new stake in shares of Coastal Financial in the third quarter valued at about $64,000. Russell Investments Group Ltd. boosted its holdings in Coastal Financial by 229.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after buying an additional 576 shares during the last quarter. Farther Finance Advisors LLC increased its stake in Coastal Financial by 634.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 896 shares of the company’s stock worth $97,000 after buying an additional 774 shares in the last quarter. USA Financial Formulas acquired a new position in shares of Coastal Financial during the third quarter valued at approximately $102,000. Finally, First Horizon Corp acquired a new position in shares of Coastal Financial during the third quarter valued at approximately $122,000. 59.24% of the stock is owned by hedge funds and other institutional investors.

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.