Stephens Reiterates Overweight Rating for Coastal Financial (NASDAQ:CCB)

Coastal Financial (NASDAQ:CCB)‘s stock had its “overweight” rating reaffirmed by equities researchers at Stephens in a research note issued on Thursday,Benzinga reports. They currently have a $100.00 price target on the stock. Stephens’ target price indicates a potential upside of 11.15% from the company’s current price.

Several other research firms have also recently issued reports on CCB. Keefe, Bruyette & Woods boosted their target price on Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. Hovde Group upped their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, Raymond James reaffirmed a “strong-buy” rating and set a $100.00 target price (up previously from $88.00) on shares of Coastal Financial in a research note on Wednesday, January 29th.

Coastal Financial Price Performance

Shares of Coastal Financial stock opened at $89.97 on Thursday. The company’s fifty day simple moving average is $84.46 and its two-hundred day simple moving average is $67.65. Coastal Financial has a 12-month low of $35.67 and a 12-month high of $91.39. The firm has a market cap of $1.22 billion, a PE ratio of 27.68 and a beta of 1.23. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Tuesday, February 4th. The company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.09). Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. As a group, equities analysts expect that Coastal Financial will post 4.59 EPS for the current year.

Hedge Funds Weigh In On Coastal Financial

Institutional investors have recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. increased its stake in shares of Coastal Financial by 47.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company’s stock worth $112,279,000 after acquiring an additional 423,864 shares in the last quarter. Wellington Management Group LLP grew its holdings in Coastal Financial by 1,067.9% in the fourth quarter. Wellington Management Group LLP now owns 456,887 shares of the company’s stock worth $38,794,000 after purchasing an additional 417,767 shares during the period. Kennedy Capital Management LLC boosted its position in shares of Coastal Financial by 38.6% in the 4th quarter. Kennedy Capital Management LLC now owns 299,456 shares of the company’s stock worth $25,427,000 after purchasing an additional 83,331 shares in the last quarter. Royce & Associates LP grew its stake in shares of Coastal Financial by 795.5% in the 4th quarter. Royce & Associates LP now owns 89,554 shares of the company’s stock worth $7,604,000 after buying an additional 79,554 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Coastal Financial by 11.4% during the 4th quarter. Vanguard Group Inc. now owns 685,385 shares of the company’s stock valued at $58,196,000 after buying an additional 70,272 shares in the last quarter. 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.