Keefe, Bruyette & Woods Issues Positive Forecast for Coastal Financial (NASDAQ:CCB) Stock Price

Coastal Financial (NASDAQ:CCB) had its target price raised by analysts at Keefe, Bruyette & Woods from $75.00 to $92.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 21.07% from the stock’s previous close.

Several other equities analysts have also issued reports on the company. Hovde Group boosted their price target on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Raymond James lifted their price objective on Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 29th.

Coastal Financial Stock Performance

Shares of Coastal Financial stock traded up $0.68 during trading on Wednesday, reaching $75.99. The company’s stock had a trading volume of 8,805 shares, compared to its average volume of 60,336. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The business’s fifty day moving average price is $64.38 and its 200-day moving average price is $53.81. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of 25.59 and a beta of 1.24. Coastal Financial has a one year low of $35.67 and a one year high of $79.59.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.01. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. The firm had revenue of $185.15 million for the quarter, compared to analyst estimates of $154.30 million. As a group, equities research analysts predict that Coastal Financial will post 3.55 earnings per share for the current year.

Insider Buying and Selling at Coastal Financial

In other news, CEO Eric M. Sprink sold 7,302 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.13, for a total value of $366,049.26. Following the transaction, the chief executive officer now directly owns 316,912 shares of the company’s stock, valued at $15,886,798.56. The trade was a 2.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jonathan E. Sand sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $74.15, for a total value of $74,150.00. Following the completion of the transaction, the executive vice president now directly owns 19,611 shares in the company, valued at $1,454,155.65. The trade was a 4.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 72,921 shares of company stock valued at $4,159,029. 16.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Coastal Financial by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock worth $23,268,000 after purchasing an additional 5,592 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Coastal Financial by 6.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock worth $16,603,000 after purchasing an additional 20,517 shares during the last quarter. State Street Corp raised its position in Coastal Financial by 2.4% in the 3rd quarter. State Street Corp now owns 314,274 shares of the company’s stock worth $16,968,000 after purchasing an additional 7,386 shares during the last quarter. Jacobs Asset Management LLC raised its position in Coastal Financial by 9.1% in the 3rd quarter. Jacobs Asset Management LLC now owns 187,500 shares of the company’s stock worth $10,123,000 after purchasing an additional 15,683 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Coastal Financial by 23.3% in the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after purchasing an additional 26,690 shares during the last quarter. 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.