Coastal Financial Corporation (NASDAQ:CCB) Given Consensus Rating of “Buy” by Analysts

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

CCB has been the subject of several research analyst reports. Zacks Research upgraded Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. Keefe, Bruyette & Woods boosted their price target on Coastal Financial from $110.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, July 11th. TD Cowen began coverage on Coastal Financial in a research note on Thursday, September 25th. They set a “buy” rating and a $140.00 price target for the company. Weiss Ratings restated a “buy (b)” rating on shares of Coastal Financial in a research note on Tuesday, October 14th. Finally, Hovde Group set a $126.00 price target on Coastal Financial in a research note on Monday, August 18th.

Insider Buying and Selling

In related news, CEO Eric M. Sprink sold 10,683 shares of the stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $114.65, for a total value of $1,224,805.95. Following the completion of the sale, the chief executive officer directly owned 211,011 shares of the company’s stock, valued at approximately $24,192,411.15. This represents a 4.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stephan Klee sold 4,350 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $109.14, for a total transaction of $474,759.00. Following the completion of the sale, the director directly owned 1,661 shares of the company’s stock, valued at $181,281.54. This represents a 72.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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 hedge funds and other institutional investors have recently added to or reduced their stakes in CCB. Russell Investments Group Ltd. increased its holdings in Coastal Financial by 229.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after acquiring an additional 576 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Coastal Financial by 634.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 896 shares of the company’s stock worth $97,000 after acquiring an additional 774 shares in the last quarter. USA Financial Formulas purchased a new stake in Coastal Financial in the 3rd quarter worth approximately $102,000. Tower Research Capital LLC TRC grew its holdings 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 valued at $122,000 after buying an additional 1,059 shares in the last quarter. Finally, AlphaQuest LLC purchased a new stake in Coastal Financial during the 1st quarter valued at approximately $188,000. 59.24% of the stock is owned by hedge funds and other institutional investors.

Coastal Financial Price Performance

NASDAQ CCB opened at $102.00 on Monday. Coastal Financial has a one year low of $58.41 and a one year high of $119.22. The stock has a 50-day moving average of $110.10 and a 200 day moving average of $97.16. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 31.38 and a beta of 0.99. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Tuesday, July 29th. The company reported $0.71 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.16). Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%.The business had revenue of $119.43 million during the quarter, compared to the consensus estimate of $158.05 million. On average, sell-side analysts forecast 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.