Keefe, Bruyette & Woods Boosts Coastal Financial (NASDAQ:CCB) Price Target to $75.00

Coastal Financial (NASDAQ:CCB) had its price target increased by Keefe, Bruyette & Woods from $70.00 to $75.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 17.08% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Raymond James upped their price objective on shares of Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Tuesday. Hovde Group upped their price target on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday.

Coastal Financial Stock Up 0.7 %

Shares of NASDAQ CCB traded up $0.43 during mid-day trading on Tuesday, reaching $64.06. The company had a trading volume of 20,454 shares, compared to its average volume of 57,420. Coastal Financial has a twelve month low of $35.67 and a twelve month high of $64.36. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $859.62 million, a PE ratio of 22.36 and a beta of 1.24. The stock’s 50 day moving average is $53.65 and its 200-day moving average is $48.14.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Monday, October 28th. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. The business had revenue of $185.15 million for the quarter, compared to the consensus estimate of $154.30 million. As a group, equities analysts anticipate that Coastal Financial will post 3.56 earnings per share for the current fiscal year.

Insider Activity at Coastal Financial

In related news, CEO Eric M. Sprink sold 3,705 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $60.01, for a total value of $222,337.05. Following the completion of the sale, the chief executive officer now owns 275,683 shares in the company, valued at approximately $16,543,736.83. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Eric M. Sprink sold 1,000 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $51.56, for a total value of $51,560.00. Following the completion of the transaction, the chief executive officer now owns 312,689 shares of the company’s stock, valued at $16,122,244.84. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Eric M. Sprink sold 3,705 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $60.01, for a total transaction of $222,337.05. Following the completion of the transaction, the chief executive officer now directly owns 275,683 shares of the company’s stock, valued at $16,543,736.83. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,495 shares of company stock worth $3,187,116. Company insiders own 16.82% of the company’s stock.

Institutional Trading of Coastal Financial

Several hedge funds have recently modified their holdings of CCB. Diversify Advisory Services LLC bought a new position in Coastal Financial in the first quarter valued at approximately $714,000. Riverwater Partners LLC boosted its position in shares of Coastal Financial by 367.9% during the third quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock worth $2,012,000 after purchasing an additional 30,405 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Coastal Financial by 3.5% during the second quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock worth $2,679,000 after purchasing an additional 1,956 shares in the last quarter. Norden Group LLC bought a new position in shares of Coastal Financial during the first quarter worth $1,488,000. Finally, Vanguard Group Inc. boosted its position in shares of Coastal Financial by 0.9% during the first quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock worth $23,268,000 after purchasing an additional 5,592 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

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.