Coastal Financial’s (CCB) Strong-Buy Rating Reiterated at Raymond James

Coastal Financial (NASDAQ:CCB)‘s stock had its “strong-buy” rating restated by equities research analysts at Raymond James in a note issued to investors on Wednesday,Benzinga reports. They presently have a $100.00 price objective on the stock, up from their prior price objective of $88.00. Raymond James’ target price suggests a potential upside of 13.62% from the stock’s current price.

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

Coastal Financial Price Performance

Shares of Coastal Financial stock traded up $1.65 during trading on Wednesday, hitting $88.01. The stock had a trading volume of 41,082 shares, compared to its average volume of 112,921. The business has a fifty day moving average of $81.28 and a two-hundred day moving average of $64.50. The firm has a market cap of $1.19 billion, a P/E ratio of 29.63 and a beta of 1.22. Coastal Financial has a fifty-two week low of $35.67 and a fifty-two week high of $89.58. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03.

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 net margin of 5.98% and a return on equity of 13.86%. On average, sell-side analysts expect that Coastal Financial will post 3.53 earnings per share for the current fiscal year.

Insider Activity

In other Coastal Financial news, EVP Jonathan E. Sand sold 1,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $74.15, for a total transaction of $74,150.00. Following the completion of the sale, the executive vice president now directly owns 19,611 shares in the company, valued at approximately $1,454,155.65. This trade represents a 4.85 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 completion of the transaction, the chief executive officer now owns 240,388 shares in the company, valued at $17,055,528.60. This represents a 0.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,482 shares of company stock worth $526,869 over the last 90 days. 16.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coastal Financial

Institutional investors have recently modified their holdings of the stock. Empowered Funds LLC raised its stake 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 purchasing an additional 507 shares in the last quarter. SG Americas Securities LLC raised 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 valued at $553,000 after acquiring an additional 522 shares in the last quarter. USA Financial Formulas acquired a new stake in Coastal Financial in the fourth quarter valued at approximately $122,000. Cox Capital Mgt LLC grew its position in Coastal Financial by 44.2% in the fourth quarter. Cox Capital Mgt LLC now owns 48,614 shares of the company’s stock worth $4,128,000 after acquiring an additional 14,905 shares in the last quarter. Finally, FNY Investment Advisers LLC acquired a new position in shares of Coastal Financial during the 4th quarter worth $339,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Company Profile

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.