Brokerages Set Coastal Financial Corporation (NASDAQ:CCB) Target Price at $91.33

Coastal Financial Corporation (NASDAQ:CCB) has been given a consensus rating of “Hold” by the seven research firms that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation and five have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $91.3333.

Several equities research analysts recently weighed in on CCB shares. TD Cowen decreased their target price on Coastal Financial from $110.00 to $47.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Wall Street Zen upgraded shares of Coastal Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Zacks Research cut shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 4th. Raymond James Financial downgraded shares of Coastal Financial from a “strong-buy” rating to an “outperform” rating and set a $50.00 price objective for the company. in a research report on Friday, July 31st. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Coastal Financial from $95.00 to $53.00 and set an “outperform” rating for the company in a report on Friday, July 31st.

Insiders Place Their Bets

In other news, Director Steven D. Hovde acquired 10,000 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were bought at an average price of $43.83 per share, with a total value of $438,300.00. Following the completion of the acquisition, the director owned 26,500 shares in the company, valued at $1,161,495. This trade represents a 60.61% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Eric M. Sprink bought 10,000 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were purchased at an average price of $44.45 per share, for a total transaction of $444,500.00. Following the transaction, the chief executive officer directly owned 173,238 shares of the company’s stock, valued at approximately $7,700,429.10. This represents a 6.13% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders purchased 25,290 shares of company stock valued at $1,115,894. 13.49% of the stock is owned by corporate insiders.

Institutional Trading of Coastal Financial

A number of large investors have recently made changes to their positions in CCB. EverSource Wealth Advisors LLC lifted its holdings in shares of Coastal Financial by 129.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock worth $34,000 after purchasing an additional 169 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Coastal Financial in the 4th quarter valued at $50,000. Smartleaf Asset Management LLC increased its stake in Coastal Financial by 20,700.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock valued at $72,000 after buying an additional 621 shares during the period. Russell Investments Group Ltd. increased its stake in Coastal Financial by 229.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock valued at $80,000 after buying an additional 576 shares during the period. Finally, Tower Research Capital LLC TRC raised its position in Coastal Financial by 521.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock worth $122,000 after buying an additional 1,059 shares during the last quarter. 59.24% of the stock is owned by institutional investors and hedge funds.

Coastal Financial Stock Up 1.2%

Shares of Coastal Financial stock opened at $49.54 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.10. Coastal Financial has a 52-week low of $36.61 and a 52-week high of $120.05. The company has a market capitalization of $757.47 million, a P/E ratio of -176.92 and a beta of 0.77. The company has a 50 day moving average of $67.43 and a 200 day moving average of $74.40.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($2.76) EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($3.77). Coastal Financial had a negative net margin of 0.53% and a negative return on equity of 0.80%. The firm had revenue of $178.07 million during the quarter, compared to analysts’ expectations of $148.50 million. As a group, research analysts forecast that Coastal Financial will post 1.26 EPS for the current fiscal year.

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.