Coastal Financial (NASDAQ:CCB) PT Raised to $73.00

Coastal Financial (NASDAQ:CCB) had its price objective lifted by stock analysts at Raymond James from $61.00 to $73.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “strong-buy” rating on the stock. Raymond James’ target price would suggest a potential upside of 13.71% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Hovde Group increased their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday. Keefe, Bruyette & Woods upgraded Coastal Financial to a “moderate buy” rating in a research note on Tuesday, July 30th.

Coastal Financial Trading Up 0.9 %

CCB traded up $0.57 on Tuesday, reaching $64.20. 16,445 shares of the company’s stock were exchanged, compared to its average volume of 57,354. The company’s 50 day moving average is $53.65 and its 200-day moving average is $48.14. The company has a market cap of $861.50 million, a price-to-earnings ratio of 22.50 and a beta of 1.24. Coastal Financial has a twelve month low of $35.67 and a twelve month high of $64.36. 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 posted 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. The firm 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 6.07% and a return on equity of 13.34%. Equities analysts predict that Coastal Financial will post 3.56 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Eric M. Sprink sold 7,302 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $50.13, for a total transaction of $366,049.26. Following the transaction, the chief executive officer now directly owns 316,912 shares in the company, valued at $15,886,798.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Steven D. Hovde sold 2,003 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $53.26, for a total transaction of $106,679.78. Following the transaction, the director now directly owns 27,997 shares of the company’s stock, valued at approximately $1,491,120.22. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eric M. Sprink sold 7,302 shares of Coastal Financial stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.13, for a total value of $366,049.26. Following the transaction, the chief executive officer now directly owns 316,912 shares in the company, valued at approximately $15,886,798.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,495 shares of company stock worth $3,187,116 over the last ninety days. 16.82% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CCB. nVerses Capital LLC boosted its position in shares of Coastal Financial by 300.0% in the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after purchasing an additional 600 shares during the period. EntryPoint Capital LLC boosted its position in Coastal Financial by 642.4% during the 1st 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 boosted its position 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 worth $207,000 after acquiring an additional 4,472 shares during the period. Quadrature Capital Ltd acquired a new stake in Coastal Financial during the 1st quarter worth about $207,000. Finally, Creative Planning acquired a new stake in Coastal Financial during the 3rd quarter worth about $298,000. 59.24% of the stock is 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.