Coastal Financial (NASDAQ:CCB) Price Target Lowered to $125.00 at Keefe, Bruyette & Woods

Coastal Financial (NASDAQ:CCB) had its price objective cut by Keefe, Bruyette & Woods from $135.00 to $125.00 in a report issued on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research firms have also weighed in on CCB. UBS Group set a $155.00 target price on shares of Coastal Financial in a report on Friday, December 5th. TD Cowen reissued a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Coastal Financial in a report on Monday, December 29th. Finally, Hovde Group lowered their price target on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a report on Friday. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $128.00.

Coastal Financial Trading Up 2.7%

Shares of Coastal Financial stock opened at $98.41 on Monday. Coastal Financial has a twelve month low of $76.11 and a twelve month high of $120.05. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average price of $112.70 and a 200-day moving average price of $108.76. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of 32.37 and a beta of 0.89.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.34). The firm had revenue of $56.49 million for the quarter, compared to the consensus estimate of $140.81 million. Coastal Financial had a net margin of 7.11% and a return on equity of 10.16%. Equities research analysts anticipate that Coastal Financial will post 4.59 EPS for the current fiscal year.

Insider Transactions at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink sold 4,000 shares of the firm’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $116.01, for a total value of $464,040.00. Following the completion of the sale, the chief executive officer owned 159,126 shares of the company’s stock, valued at $18,460,207.26. This trade represents a 2.45% 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 hyperlink. Also, CFO Joel G. Edwards sold 1,300 shares of the stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $111.34, for a total value of $144,742.00. Following the completion of the sale, the chief financial officer owned 11,462 shares in the company, valued at approximately $1,276,179.08. The trade was a 10.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 63,296 shares of company stock worth $7,287,745 over the last three months. 14.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. State of Alaska Department of Revenue bought a new stake in Coastal Financial during the 3rd quarter valued at about $64,000. Russell Investments Group Ltd. increased its position in shares of Coastal Financial by 229.5% during the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after acquiring an additional 576 shares during the period. Farther Finance Advisors LLC raised its stake in shares of Coastal Financial by 634.4% during the third quarter. Farther Finance Advisors LLC now owns 896 shares of the company’s stock valued at $97,000 after acquiring an additional 774 shares in the last quarter. USA Financial Formulas bought a new stake in shares of Coastal Financial during the third quarter valued at approximately $102,000. Finally, First Horizon Corp purchased a new stake in shares of Coastal Financial in the third quarter valued at approximately $122,000. 59.24% of the stock is currently owned by institutional investors.

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.