Coastal Financial (NASDAQ:CCB) Given New $133.00 Price Target at Hovde Group

Coastal Financial (NASDAQ:CCB) had its price objective decreased by Hovde Group from $140.00 to $133.00 in a research report sent to investors on Friday morning, MarketBeat reports. Hovde Group currently has an outperform rating on the stock.

A number of other research firms have also recently commented on CCB. UBS Group set a $155.00 target price on Coastal Financial in a research note on Friday, December 5th. Weiss Ratings reissued a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 29th. Finally, TD Cowen restated a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $126.33.

Coastal Financial Price Performance

CCB stock opened at $95.78 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The firm has a 50 day moving average price of $112.82 and a 200-day moving average price of $108.61. Coastal Financial has a 52-week low of $76.11 and a 52-week high of $120.05. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of 31.51 and a beta of 0.89.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.34). The company had revenue of $56.49 million for the quarter, compared to the consensus estimate of $140.81 million. Coastal Financial had a net margin of 7.11% and a return on equity of 10.16%. Equities research analysts forecast that Coastal Financial will post 4.59 EPS for the current fiscal year.

Insider Transactions at Coastal Financial

In related news, CFO Joel G. Edwards sold 1,300 shares of the firm’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $111.34, for a total value of $144,742.00. Following the sale, the chief financial officer owned 11,462 shares in the company, valued at approximately $1,276,179.08. This trade represents a 10.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Eric M. Sprink sold 4,000 shares of the business’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $116.01, for a total transaction of $464,040.00. Following the sale, the chief executive officer owned 159,126 shares of the company’s stock, valued at approximately $18,460,207.26. This represents a 2.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 63,296 shares of company stock worth $7,287,745. Insiders own 14.10% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

Institutional investors and hedge funds have recently modified their holdings of the company. American Century Companies Inc. increased its position in Coastal Financial by 133.5% during the second quarter. American Century Companies Inc. now owns 481,933 shares of the company’s stock valued at $46,685,000 after acquiring an additional 275,500 shares during the last quarter. Azora Capital LP increased its position in shares of Coastal Financial by 26.4% during the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company’s stock valued at $72,759,000 after purchasing an additional 156,956 shares during the last quarter. Ranger Investment Management L.P. bought a new position in shares of Coastal Financial in the 3rd quarter worth approximately $16,895,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Coastal Financial by 364.1% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,764 shares of the company’s stock worth $18,255,000 after purchasing an additional 132,403 shares during the period. Finally, D.A. Davidson & CO. purchased a new position in shares of Coastal Financial in the third quarter worth approximately $13,580,000. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Coastal Financial Company Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.