Coastal Financial (NASDAQ:CCB) Price Target Raised to $67.00

Coastal Financial (NASDAQ:CCB) had its price target upped by Hovde Group from $55.00 to $67.00 in a research note published on Tuesday, MarketBeat reports. They currently have an outperform rating on the stock.

Coastal Financial Stock Performance

NASDAQ:CCB opened at $49.22 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.03 and a current ratio of 1.03. Coastal Financial has a 52-week low of $35.67 and a 52-week high of $53.54. The firm has a market cap of $660.53 million, a price-to-earnings ratio of 17.21 and a beta of 1.25. The business’s fifty day moving average is $46.72 and its 200 day moving average is $42.21.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. Coastal Financial had a return on equity of 13.60% and a net margin of 6.07%. The company had revenue of $167.41 million for the quarter, compared to analyst estimates of $168.30 million. Research analysts predict that Coastal Financial will post 3.52 EPS for the current year.

Insiders Place Their Bets

In other Coastal Financial news, CFO Joel G. Edwards sold 1,034 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $44.45, for a total value of $45,961.30. Following the transaction, the chief financial officer now directly owns 56,369 shares in the company, valued at approximately $2,505,602.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 16.82% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

A number of institutional investors have recently added to or reduced their stakes in CCB. EntryPoint Capital LLC boosted its holdings in shares of Coastal Financial by 642.4% in the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after purchasing an additional 1,439 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Coastal Financial by 59.8% in the 4th quarter. SG Americas Securities LLC now owns 3,978 shares of the company’s stock worth $177,000 after purchasing an additional 1,489 shares in the last quarter. Quadrature Capital Ltd purchased a new position in shares of Coastal Financial in the 1st quarter worth about $207,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Coastal Financial by 22,360.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock worth $207,000 after purchasing an additional 4,472 shares in the last quarter. Finally, Arcus Capital Partners LLC purchased a new position in shares of Coastal Financial in the 2nd quarter worth about $378,000. 59.24% of the stock is currently owned by institutional investors.

About Coastal Financial

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.