Coastal Financial Corporation (NASDAQ:CCB) Receives $128.00 Consensus Target Price from Analysts

Shares of Coastal Financial Corporation (NASDAQ:CCB) have received a consensus recommendation of “Moderate Buy” from the seven research firms that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $128.00.

A number of research analysts have recently commented on CCB shares. TD Cowen restated a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. Zacks Research downgraded Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. Keefe, Bruyette & Woods lowered their price objective on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a research report on Monday, February 2nd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 29th. Finally, UBS Group set a $155.00 price target on shares of Coastal Financial in a research report on Friday, December 5th.

Coastal Financial Trading Up 4.3%

NASDAQ:CCB opened at $78.90 on Friday. The company has a 50-day moving average price of $103.69 and a 200-day moving average price of $107.22. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 25.95 and a beta of 0.88. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. Coastal Financial has a 12 month low of $73.90 and a 12 month high of $120.05.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.34). Coastal Financial had a net margin of 7.11% and a return on equity of 10.16%. The company had revenue of $56.49 million for the quarter, compared to analysts’ expectations of $140.81 million. Equities analysts predict that Coastal Financial will post 4.59 EPS for the current year.

Insider Buying and Selling

In related news, CEO Eric M. Sprink sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $116.01, for a total value of $464,040.00. Following the sale, the chief executive officer owned 159,126 shares in the company, valued at $18,460,207.26. This represents a 2.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Joel G. Edwards sold 1,300 shares of the business’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $111.34, for a total value of $144,742.00. Following the completion of the sale, the chief financial officer directly owned 11,462 shares in the company, valued at $1,276,179.08. This trade represents a 10.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 63,296 shares of company stock worth $7,287,745. Insiders own 14.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. American Century Companies Inc. lifted its position in Coastal Financial by 133.5% during the second quarter. American Century Companies Inc. now owns 481,933 shares of the company’s stock valued at $46,685,000 after purchasing an additional 275,500 shares during the period. Azora Capital LP raised its stake in Coastal Financial by 26.4% during the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company’s stock valued at $72,759,000 after buying an additional 156,956 shares during the last quarter. Ranger Investment Management L.P. bought a new position in shares of Coastal Financial during the 3rd quarter valued at $16,895,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Coastal Financial by 364.1% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,764 shares of the company’s stock worth $18,255,000 after buying an additional 132,403 shares during the last quarter. Finally, D.A. Davidson & CO. purchased a new position in shares of Coastal Financial in the 3rd quarter worth $13,580,000. Hedge funds and other institutional investors own 59.24% of the company’s stock.

About Coastal Financial

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.