Raymond James Begins Coverage on Coastal Financial (NASDAQ:CCB)

Equities research analysts at Raymond James started coverage on shares of Coastal Financial (NASDAQ:CCB) in a report released on Thursday, Analyst Ratings Network reports. The firm set a “strong-buy” rating and a $69.00 price target on the stock. Raymond James’ price objective points to a potential upside of 32.49% from the stock’s current price.

A number of other equities research analysts also recently issued reports on CCB. Keefe, Bruyette & Woods upgraded Coastal Financial from a “market perform” rating to an “outperform” rating and set a $70.00 price target for the company in a research note on Monday, December 20th. Zacks Investment Research downgraded Coastal Financial from a “hold” rating to a “strong sell” rating in a research note on Monday, January 3rd. One investment analyst has rated the stock with a sell rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Coastal Financial currently has an average rating of “Buy” and an average price target of $58.33.

Shares of NASDAQ:CCB opened at $52.08 on Thursday. Coastal Financial has a fifty-two week low of $19.61 and a fifty-two week high of $54.41. The business has a 50-day simple moving average of $47.25 and a two-hundred day simple moving average of $36.59. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.06 and a current ratio of 1.06. The firm has a market cap of $625.48 million, a price-to-earnings ratio of 26.44 and a beta of 1.25.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Tuesday, October 26th. The company reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.09. Coastal Financial had a return on equity of 16.19% and a net margin of 26.62%. The business had revenue of $24.94 million during the quarter. As a group, research analysts predict that Coastal Financial will post 1.96 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of CCB. The Manufacturers Life Insurance Company lifted its holdings in Coastal Financial by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 611,491 shares of the company’s stock worth $17,464,000 after purchasing an additional 16,834 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Coastal Financial by 13.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 60,201 shares of the company’s stock worth $1,719,000 after purchasing an additional 6,914 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Coastal Financial by 12.0% in the 2nd quarter. Vanguard Group Inc. now owns 428,463 shares of the company’s stock worth $12,236,000 after purchasing an additional 45,931 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Coastal Financial by 6.5% during the 2nd quarter. Geode Capital Management LLC now owns 158,417 shares of the company’s stock worth $4,524,000 after acquiring an additional 9,657 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Coastal Financial by 2.0% during the 2nd quarter. Northern Trust Corp now owns 91,514 shares of the company’s stock worth $2,613,000 after acquiring an additional 1,751 shares in the last quarter. 54.09% of the stock is currently owned by institutional investors.

Coastal Financial Company Profile

Coastal Financial Corp. operates as a bank holding company. The firm through Coastal Community Bank, provides banking products and services to small and medium-sized businesses, professionals, and individuals. It also offers deposit products. The company was founded by Lee Pintar on July 9, 2003 and is headquartered in Everett, WA.

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