Coastal Financial (NASDAQ:CCB) Price Target Cut to $55.00

Coastal Financial (NASDAQ:CCB) had its price target lowered by investment analysts at Hovde Group from $57.50 to $55.00 in a research note issued on Friday, Marketbeat Ratings reports. The firm currently has an “outperform” rating on the stock. Hovde Group’s target price would suggest a potential upside of 31.30% from the company’s previous close.

Coastal Financial Stock Up 4.5 %

NASDAQ:CCB traded up $1.82 on Friday, hitting $41.89. 65,794 shares of the company’s stock were exchanged, compared to its average volume of 50,233. The firm has a 50-day moving average price of $38.43 and a 200-day moving average price of $40.13. Coastal Financial has a 52 week low of $32.20 and a 52 week high of $48.50. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $560.91 million, a P/E ratio of 14.65 and a beta of 1.16.

Institutional Investors Weigh In On Coastal Financial

Institutional investors and hedge funds have recently made changes to their positions in the stock. Mendon Capital Advisors Corp acquired a new position in Coastal Financial during the fourth quarter worth approximately $5,329,000. Punch & Associates Investment Management Inc. bought a new position in shares of Coastal Financial during the 3rd quarter worth approximately $2,231,000. Kennedy Capital Management LLC increased its holdings in shares of Coastal Financial by 17.2% during the 3rd quarter. Kennedy Capital Management LLC now owns 263,688 shares of the company’s stock worth $11,315,000 after acquiring an additional 38,632 shares during the last quarter. Norden Group LLC bought a new stake in Coastal Financial in the 1st quarter valued at $1,488,000. Finally, Diversify Advisory Services LLC acquired a new stake in Coastal Financial during the 1st quarter valued at $714,000. Institutional investors own 59.24% of the company’s stock.

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.