Coastal Financial (NASDAQ:CCB) Given Strong-Buy Rating at Raymond James

Raymond James reaffirmed their strong-buy rating on shares of Coastal Financial (NASDAQ:CCB) in a research report released on Wednesday,Benzinga reports. The brokerage currently has a $100.00 price target on the stock, up from their previous price target of $88.00.

Other equities analysts have also recently issued reports about the stock. Hovde Group raised their price target on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Keefe, Bruyette & Woods raised their target price on shares of Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th.

Coastal Financial Trading Up 4.1 %

CCB opened at $89.86 on Wednesday. The stock has a market capitalization of $1.22 billion, a P/E ratio of 30.26 and a beta of 1.22. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. Coastal Financial has a 12 month low of $35.67 and a 12 month high of $90.65. The firm’s fifty day simple moving average is $81.58 and its 200 day simple moving average is $64.67.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.09). Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. As a group, research analysts anticipate that Coastal Financial will post 3.53 EPS for the current fiscal year.

Insider Buying and Selling at Coastal Financial

In other news, CEO Eric M. Sprink sold 2,000 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $70.95, for a total value of $141,900.00. Following the sale, the chief executive officer now directly owns 240,388 shares of the company’s stock, valued at approximately $17,055,528.60. This represents a 0.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jonathan E. Sand sold 1,000 shares of Coastal Financial stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $74.15, for a total value of $74,150.00. Following the transaction, the executive vice president now owns 19,611 shares of the company’s stock, valued at $1,454,155.65. The trade was a 4.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,482 shares of company stock worth $526,869 over the last ninety days. 16.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Coastal Financial

Several institutional investors and hedge funds have recently bought and sold shares of the business. Empowered Funds LLC increased its holdings in shares of Coastal Financial by 4.6% during the 4th quarter. Empowered Funds LLC now owns 11,591 shares of the company’s stock worth $984,000 after acquiring an additional 507 shares during the last quarter. SG Americas Securities LLC boosted its position in Coastal Financial by 8.7% during the fourth quarter. SG Americas Securities LLC now owns 6,517 shares of the company’s stock worth $553,000 after purchasing an additional 522 shares during the period. USA Financial Formulas acquired a new position in shares of Coastal Financial in the fourth quarter valued at $122,000. Cox Capital Mgt LLC raised its position in shares of Coastal Financial by 44.2% in the fourth quarter. Cox Capital Mgt LLC now owns 48,614 shares of the company’s stock valued at $4,128,000 after purchasing an additional 14,905 shares during the period. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Coastal Financial during the 4th quarter worth about $339,000. Institutional investors own 59.24% of the company’s stock.

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.