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

Coastal Financial Corporation (NASDAQ:CCB) has been given a consensus recommendation of “Buy” by the seven brokerages that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $116.20.

Several analysts have commented on the stock. Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Coastal Financial in a report on Tuesday, October 14th. TD Cowen started coverage on Coastal Financial in a research report on Thursday, September 25th. They issued a “buy” rating and a $140.00 target price on the stock. Hovde Group set a $126.00 price target on Coastal Financial in a report on Monday, August 18th. Finally, Keefe, Bruyette & Woods lifted their price objective on Coastal Financial from $110.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, July 11th.

Insider Activity at Coastal Financial

In related news, Director Stephan Klee sold 4,350 shares of the business’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 sale, the director owned 1,661 shares in the company, valued at approximately $181,281.54. The trade was a 72.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Eric M. Sprink sold 10,683 shares of Coastal Financial stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $114.65, for a total transaction of $1,224,805.95. Following the completion of the transaction, the chief executive officer directly owned 211,011 shares of the company’s stock, valued at $24,192,411.15. The trade was a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 64,958 shares of company stock valued at $7,210,220. 14.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coastal Financial

Several institutional investors have recently modified their holdings of CCB. T. Rowe Price Investment Management Inc. raised its holdings in Coastal Financial by 1.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,339,269 shares of the company’s stock valued at $121,084,000 after buying an additional 16,944 shares during the period. Azora Capital LP increased its position in Coastal Financial by 26.4% during the second quarter. Azora Capital LP now owns 751,098 shares of the company’s stock valued at $72,759,000 after acquiring an additional 156,956 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Coastal Financial by 7.9% in the first quarter. Vanguard Group Inc. now owns 739,322 shares of the company’s stock valued at $66,842,000 after acquiring an additional 53,937 shares during the period. American Century Companies Inc. raised its stake in shares of Coastal Financial by 133.5% in 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 period. Finally, Westwood Holdings Group Inc. lifted its holdings in shares of Coastal Financial by 400.4% in the 1st quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company’s stock worth $40,604,000 after acquiring an additional 359,371 shares during the last quarter. 59.24% of the stock is owned by institutional investors.

Coastal Financial Trading Up 4.5%

Shares of CCB opened at $108.81 on Monday. The firm has a market cap of $1.64 billion, a P/E ratio of 33.48 and a beta of 0.99. 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 has a 1 year low of $58.41 and a 1 year high of $119.22. The company has a 50 day simple moving average of $110.05 and a two-hundred day simple moving average of $97.99.

Coastal Financial (NASDAQ:CCB) last released its earnings results on Tuesday, July 29th. The company reported $0.71 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.16). The company had revenue of $119.43 million during the quarter, compared to analysts’ expectations of $158.05 million. Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. On average, equities analysts expect that Coastal Financial will post 4.59 earnings per share for the current fiscal year.

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.