Keefe, Bruyette & Woods Issues Positive Forecast for Coastal Financial (NASDAQ:CCB) Stock Price

Coastal Financial (NASDAQ:CCB) had its price target boosted by research analysts at Keefe, Bruyette & Woods from $75.00 to $92.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 21.07% from the company’s previous close.

CCB has been the subject of a number of other research reports. Hovde Group upped their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Raymond James upped their price objective on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research report on Tuesday, October 29th.

Coastal Financial Trading Up 0.9 %

Shares of Coastal Financial stock traded up $0.68 on Wednesday, hitting $75.99. 8,805 shares of the company’s stock traded hands, compared to its average volume of 60,336. The firm’s 50-day moving average price is $64.38 and its two-hundred day moving average price is $53.81. The stock has a market capitalization of $1.03 billion, a PE ratio of 25.59 and a beta of 1.24. Coastal Financial has a one year low of $35.67 and a one year high of $79.59. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Monday, October 28th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.96 by $0.01. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. The company had revenue of $185.15 million during the quarter, compared to analysts’ expectations of $154.30 million. On average, research analysts expect that Coastal Financial will post 3.55 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Eric M. Sprink sold 7,302 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.13, for a total transaction of $366,049.26. Following the completion of the transaction, the chief executive officer now directly owns 316,912 shares in the company, valued at $15,886,798.56. This represents a 2.25 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Jonathan E. Sand sold 1,000 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $74.15, for a total transaction of $74,150.00. Following the transaction, the executive vice president now owns 19,611 shares of the company’s stock, valued at approximately $1,454,155.65. This represents a 4.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,921 shares of company stock valued at $4,159,029. Company insiders own 16.82% of the company’s stock.

Institutional Investors Weigh In On Coastal Financial

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Coastal Financial by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock valued at $23,268,000 after purchasing an additional 5,592 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Coastal Financial by 6.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock valued at $16,603,000 after purchasing an additional 20,517 shares during the last quarter. State Street Corp lifted its stake in Coastal Financial by 2.4% in the 3rd quarter. State Street Corp now owns 314,274 shares of the company’s stock valued at $16,968,000 after purchasing an additional 7,386 shares during the last quarter. Jacobs Asset Management LLC lifted its stake in Coastal Financial by 9.1% in the 3rd quarter. Jacobs Asset Management LLC now owns 187,500 shares of the company’s stock valued at $10,123,000 after purchasing an additional 15,683 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in Coastal Financial by 23.3% in the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock valued at $6,515,000 after purchasing an additional 26,690 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

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.