Coastal Financial Corporation (NASDAQ:CCB) Receives $91.33 Average Target Price from Analysts

Coastal Financial Corporation (NASDAQ:CCB) has received an average recommendation of “Hold” from the seven ratings firms that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating and five have given a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $91.3333.

CCB has been the topic of a number of analyst reports. Raymond James Financial lowered shares of Coastal Financial from a “strong-buy” rating to an “outperform” rating and set a $50.00 price objective on the stock. in a research note on Friday, July 31st. TD Cowen lowered their target price on shares of Coastal Financial from $110.00 to $47.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Zacks Research lowered shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 4th. Weiss Ratings cut shares of Coastal Financial from a “hold (c)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. Finally, Keefe, Bruyette & Woods decreased their price target on Coastal Financial from $95.00 to $53.00 and set an “outperform” rating for the company in a report on Friday, July 31st.

Insider Transactions at Coastal Financial

In other Coastal Financial news, Director Steven Hovde bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The stock was acquired at an average price of $43.83 per share, with a total value of $438,300.00. Following the completion of the purchase, the director directly owned 26,500 shares of the company’s stock, valued at approximately $1,161,495. This trade represents a 60.61% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Eric Sprink bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average cost of $44.45 per share, with a total value of $444,500.00. Following the purchase, the chief executive officer directly owned 173,238 shares of the company’s stock, valued at $7,700,429.10. This trade represents a 6.13% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 25,290 shares of company stock worth $1,115,894 over the last three months. 13.49% of the stock is owned by company insiders.

Institutional Trading of Coastal Financial

Several hedge funds have recently modified their holdings of the stock. WINTON GROUP Ltd acquired a new position in shares of Coastal Financial during the 2nd quarter valued at $240,000. Engineers Gate Manager LP bought a new position in Coastal Financial during the second quarter worth $352,000. Squarepoint Ops LLC grew its holdings in Coastal Financial by 171.0% in the second quarter. Squarepoint Ops LLC now owns 13,436 shares of the company’s stock worth $1,041,000 after purchasing an additional 8,478 shares during the period. Arcus Capital Partners LLC grew its holdings in Coastal Financial by 37.1% in the second quarter. Arcus Capital Partners LLC now owns 24,182 shares of the company’s stock worth $1,874,000 after purchasing an additional 6,546 shares during the period. Finally, Ranger Investment Management L.P. bought a new stake in Coastal Financial in the second quarter valued at $10,766,000. Institutional investors own 59.24% of the company’s stock.

Coastal Financial Price Performance

Shares of CCB opened at $45.41 on Thursday. Coastal Financial has a 1 year low of $36.61 and a 1 year high of $120.05. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.05 and a quick ratio of 1.03. The company has a market capitalization of $694.32 million, a price-to-earnings ratio of -162.17 and a beta of 0.78. The business has a 50-day moving average of $56.01 and a 200-day moving average of $68.70.

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

About Coastal Financial

Coastal Financial Corporation is the bank holding company for Coastal Community Bank, a community bank headquartered in Everett, Washington. Founded in 1997, the bank serves consumers, businesses and nonprofit organizations in communities across the Puget Sound region and provides relationship-based banking through branches and digital channels.

Coastal Community Bank offers deposit accounts, consumer and commercial loans, mortgage lending, small business and SBA lending, cash-management services, online and mobile banking, and other treasury-management solutions.