Keefe, Bruyette & Woods Increases Coastal Financial (NASDAQ:CCB) Price Target to $96.00

Coastal Financial (NASDAQ:CCB) had its target price upped by stock analysts at Keefe, Bruyette & Woods from $92.00 to $96.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 15.63% from the company’s current price.

Other research analysts also recently issued reports about the company. Raymond James raised their price target on Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research note on Tuesday, October 29th. Hovde Group increased their price objective on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th.

Coastal Financial Stock Performance

Shares of CCB opened at $83.02 on Thursday. 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 $83.22. The firm has a fifty day simple moving average of $68.41 and a 200 day simple moving average of $55.52. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 27.95 and a beta of 1.24.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Monday, October 28th. The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. The company had revenue of $185.15 million during the quarter, compared to the consensus estimate of $154.30 million. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. Research analysts forecast that Coastal Financial will post 3.55 EPS for the current fiscal year.

Insider Activity at Coastal Financial

In other news, Director Steven D. Hovde sold 2,050 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $53.51, for a total value of $109,695.50. Following the transaction, the director now directly owns 21,950 shares of the company’s stock, valued at $1,174,544.50. This represents a 8.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Eric M. Sprink sold 3,223 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $50.44, for a total transaction of $162,568.12. Following the sale, the chief executive officer now owns 313,689 shares of the company’s stock, valued at approximately $15,822,473.16. This represents a 1.02 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,619 shares of company stock worth $3,792,980. 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 stock. Principal Financial Group Inc. acquired a new position in shares of Coastal Financial in the third quarter valued at approximately $377,000. PDT Partners LLC acquired a new position in Coastal Financial in the 3rd quarter valued at $650,000. Rosenthal Henry Capital Advisors Inc. increased its position in Coastal Financial by 214.0% during the 3rd quarter. Rosenthal Henry Capital Advisors Inc. now owns 30,116 shares of the company’s stock worth $1,626,000 after buying an additional 20,525 shares during the period. Riverwater Partners LLC lifted its holdings 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 buying an additional 30,405 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in shares of Coastal Financial by 3.5% in the second quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock valued at $2,679,000 after acquiring an additional 1,956 shares during the period. 59.24% of the stock is currently owned by institutional investors and hedge funds.

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.