Raymond James Forecasts Strong Price Appreciation for Coastal Financial (NASDAQ:CCB) Stock

Coastal Financial (NASDAQ:CCB) had its price target increased by Raymond James from $61.00 to $73.00 in a report released on Tuesday morning, Benzinga reports. They currently have a strong-buy rating on the stock.

Several other equities research analysts also recently issued reports on the company. Keefe, Bruyette & Woods raised Coastal Financial to a “moderate buy” rating in a research note on Tuesday, July 30th. 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.

Coastal Financial Trading Up 0.4 %

Shares of NASDAQ:CCB opened at $63.26 on Tuesday. The stock has a market capitalization of $851.48 million, a price-to-earnings ratio of 21.30 and a beta of 1.24. Coastal Financial has a 1-year low of $35.67 and a 1-year high of $68.00. The company has a 50 day moving average price of $54.75 and a 200 day moving average price of $48.72. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.03 and a current ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. Coastal Financial had a return on equity of 14.16% and a net margin of 5.98%. The business had revenue of $185.15 million for the quarter, compared to analysts’ expectations of $154.30 million. On average, research analysts anticipate that Coastal Financial will post 3.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Steven D. Hovde sold 2,003 shares of Coastal Financial stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $53.26, for a total value of $106,679.78. Following the transaction, the director now owns 27,997 shares of the company’s stock, valued at $1,491,120.22. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Steven D. Hovde sold 2,003 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $53.26, for a total value of $106,679.78. Following the transaction, the director now directly owns 27,997 shares in the company, valued at approximately $1,491,120.22. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Eric M. Sprink sold 7,000 shares of the business’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $65.93, for a total transaction of $461,510.00. Following the transaction, the chief executive officer now directly owns 251,388 shares of the company’s stock, valued at approximately $16,574,010.84. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 70,495 shares of company stock valued at $3,901,426 over the last 90 days. 16.82% of the stock is currently owned by company insiders.

Institutional Trading of Coastal Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. nVerses Capital LLC lifted its holdings in shares of Coastal Financial by 300.0% during the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after buying an additional 600 shares during the last quarter. EntryPoint Capital LLC increased its position in Coastal Financial by 642.4% during the first quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after acquiring an additional 1,439 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Coastal Financial by 22,360.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after purchasing an additional 4,472 shares during the last quarter. Quadrature Capital Ltd bought a new stake in Coastal Financial in the 1st quarter valued at $207,000. Finally, Portside Wealth Group LLC grew its position in Coastal Financial by 3.7% in the 3rd quarter. Portside Wealth Group LLC now owns 4,669 shares of the company’s stock worth $252,000 after purchasing an additional 166 shares during the last quarter. Institutional investors and hedge funds 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.