Keefe, Bruyette & Woods Increases Coastal Financial (NASDAQ:CCB) Price Target to $92.00

Coastal Financial (NASDAQ:CCB) had its price objective upped by Keefe, Bruyette & Woods from $75.00 to $92.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 19.31% from the company’s previous close.

A number of other brokerages also recently weighed in on CCB. Raymond James raised their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research note on Tuesday, October 29th. Hovde Group raised their target price on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th.

Coastal Financial Stock Performance

Shares of CCB opened at $77.11 on Wednesday. The stock has a 50 day moving average price of $64.88 and a two-hundred day moving average price of $53.97. Coastal Financial has a 52 week low of $35.67 and a 52 week high of $79.59. The firm has a market capitalization of $1.04 billion, a P/E ratio of 25.96 and a beta of 1.24. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03.

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, topping the consensus estimate of $0.96 by $0.01. The company had revenue of $185.15 million during the quarter, compared to analyst estimates of $154.30 million. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. Equities analysts forecast that Coastal Financial will post 3.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Coastal Financial news, EVP Jonathan E. Sand sold 1,000 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $74.15, for a total transaction of $74,150.00. Following the transaction, the executive vice president now 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Steven D. Hovde sold 2,050 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $53.51, for a total value of $109,695.50. Following the completion of the sale, the director now owns 21,950 shares in the company, valued at approximately $1,174,544.50. The trade was a 8.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 72,921 shares of company stock valued at $4,159,029. 16.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Coastal Financial

A number of institutional investors and hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its stake in shares of Coastal Financial by 188.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock worth $4,967,000 after purchasing an additional 60,106 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC acquired a new stake in shares of Coastal Financial during the 3rd quarter worth approximately $2,034,000. Riverwater Partners LLC lifted its stake in shares of Coastal Financial by 367.9% in the 3rd quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock valued at $2,012,000 after purchasing an additional 30,405 shares during the last quarter. American Century Companies Inc. boosted its stake in Coastal Financial by 23.3% during the second quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after buying an additional 26,690 shares during the period. Finally, Los Angeles Capital Management LLC raised its position in Coastal Financial by 79.9% in the third quarter. Los Angeles Capital Management LLC now owns 57,357 shares of the company’s stock valued at $3,097,000 after purchasing an additional 25,482 shares during the period. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Company Profile

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.