Coastal Financial Corporation (NASDAQ:CCB) Receives Consensus Rating of “Buy” from Brokerages

Coastal Financial Corporation (NASDAQ:CCB) has been assigned an average rating of “Buy” from the seven ratings firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $116.20.

Several analysts have recently weighed in on CCB shares. TD Cowen started coverage on shares of Coastal Financial in a research note on Thursday, September 25th. They issued a “buy” rating and a $140.00 price objective for the company. Hovde Group set a $126.00 price target on shares of Coastal Financial in a research note on Monday, August 18th. Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Coastal Financial in a research report on Tuesday.

Insider Transactions at Coastal Financial

In other news, Director Stephan Klee sold 4,350 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $109.14, for a total value of $474,759.00. Following the completion of the sale, the director owned 1,661 shares in the company, valued at $181,281.54. This represents a 72.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Joel G. Edwards sold 9,425 shares of the company’s stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $114.67, for a total transaction of $1,080,764.75. Following the completion of the sale, the chief financial officer directly owned 12,762 shares of the company’s stock, valued at $1,463,418.54. The trade was a 42.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 64,958 shares of company stock valued at $7,210,220 over the last three months. Corporate insiders own 14.10% of the company’s stock.

Institutional Trading of Coastal Financial

A number of institutional investors and hedge funds have recently modified their holdings of CCB. JPMorgan Chase & Co. raised its stake in shares of Coastal Financial by 2.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company’s stock worth $644,000 after purchasing an additional 149 shares during the period. SummerHaven Investment Management LLC increased its holdings in Coastal Financial by 1.0% during the second quarter. SummerHaven Investment Management LLC now owns 17,303 shares of the company’s stock worth $1,676,000 after buying an additional 165 shares during the last quarter. Emerald Advisers LLC raised its position in Coastal Financial by 2.5% in the second quarter. Emerald Advisers LLC now owns 7,421 shares of the company’s stock worth $719,000 after acquiring an additional 179 shares during the period. Swiss National Bank raised its position in Coastal Financial by 0.8% in the third quarter. Swiss National Bank now owns 26,165 shares of the company’s stock worth $2,830,000 after acquiring an additional 200 shares during the period. Finally, EJF Capital LLC boosted its stake in Coastal Financial by 2.5% in the second quarter. EJF Capital LLC now owns 13,547 shares of the company’s stock valued at $1,312,000 after acquiring an additional 329 shares during the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

Coastal Financial Stock Down 5.2%

Shares of Coastal Financial stock opened at $104.55 on Friday. The stock’s 50-day moving average is $108.61 and its 200 day moving average is $100.08. Coastal Financial has a one year low of $71.89 and a one year high of $119.22. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of 33.09 and a beta of 1.06. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Wednesday, October 29th. The company reported $0.88 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). The business had revenue of $52.89 million during the quarter, compared to the consensus estimate of $133.44 million. Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%. Equities research analysts anticipate that Coastal Financial will post 4.59 EPS for the current year.

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.