Hovde Group Has Lowered Expectations for Coastal Financial (NASDAQ:CCB) Stock Price

Coastal Financial (NASDAQ:CCB) had its price objective lowered by analysts at Hovde Group from $140.00 to $133.00 in a research report issued on Friday, Marketbeat reports. The firm presently has an “outperform” rating on the stock. Hovde Group’s target price indicates a potential upside of 38.86% from the stock’s current price.

Several other equities analysts have also weighed in on the stock. TD Cowen restated a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. UBS Group set a $155.00 target price on Coastal Financial in a research report on Friday, December 5th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $126.33.

Coastal Financial Stock Performance

Shares of CCB stock opened at $95.78 on Friday. Coastal Financial has a one year low of $76.11 and a one year high of $120.05. The company has a 50 day moving average price of $112.82 and a 200 day moving average price of $108.69. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of 31.51 and a beta of 0.89. 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 (NASDAQ:CCB) last issued its earnings results on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.34). The firm had revenue of $56.49 million during the quarter, compared to analysts’ expectations of $140.81 million. Coastal Financial had a return on equity of 10.16% and a net margin of 7.11%. Sell-side analysts anticipate that Coastal Financial will post 4.59 EPS for the current year.

Insider Activity at Coastal Financial

In related news, Director Steven D. Hovde sold 3,000 shares of the stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $117.25, for a total value of $351,750.00. Following the completion of the transaction, the director directly owned 11,500 shares of the company’s stock, valued at $1,348,375. This represents a 20.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Eric M. Sprink sold 8,778 shares of the business’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $114.95, for a total value of $1,009,031.10. Following the transaction, the chief executive officer owned 193,884 shares of the company’s stock, valued at $22,286,965.80. This trade represents a 4.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 63,296 shares of company stock valued at $7,287,745. Insiders own 14.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue acquired a new position in Coastal Financial in the 3rd quarter worth approximately $64,000. Russell Investments Group Ltd. increased its position 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 purchasing an additional 576 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Coastal Financial by 634.4% in the third quarter. Farther Finance Advisors LLC now owns 896 shares of the company’s stock worth $97,000 after buying an additional 774 shares during the last quarter. USA Financial Formulas acquired a new position in shares of Coastal Financial during the 3rd quarter worth $102,000. Finally, First Horizon Corp acquired a new position in Coastal Financial during the third quarter worth $122,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

About Coastal Financial

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.