Raymond James Reaffirms Strong-Buy Rating for Coastal Financial (NASDAQ:CCB)

Coastal Financial (NASDAQ:CCB - Get Free Report)'s stock had its "strong-buy" rating reaffirmed by equities research analysts at Raymond James in a research report issued on Wednesday,Benzinga reports. They currently have a $100.00 price target on the stock, up from their prior price target of $88.00. Raymond James' price target would indicate a potential upside of 13.62% from the company's current price.

Other analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods lifted their target price on shares of Coastal Financial from $92.00 to $96.00 and gave the stock an "outperform" rating in a research note on Thursday, December 12th. Hovde Group lifted their price objective on Coastal Financial from $67.00 to $76.00 and gave the company an "outperform" rating in a research report on Tuesday, October 29th.

Coastal Financial Price Performance

Shares of NASDAQ CCB traded up $1.65 during trading on Wednesday, hitting $88.01. 41,082 shares of the company were exchanged, compared to its average volume of 112,921. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. Coastal Financial has a 1 year low of $35.67 and a 1 year high of $89.58. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 29.63 and a beta of 1.22. The firm's fifty day moving average price is $81.28 and its 200 day moving average price is $64.50.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its earnings results on Tuesday, February 4th. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.09). Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. On average, sell-side analysts expect that Coastal Financial will post 3.53 earnings per share for the current fiscal year.

Insider Activity

In other Coastal Financial news, CEO Eric M. Sprink sold 1,000 shares of Coastal Financial stock in a transaction on Monday, November 4th. The shares were sold at an average price of $63.11, for a total value of $63,110.00. Following the completion of the transaction, the chief executive officer now owns 250,388 shares of the company's stock, valued at $15,801,986.68. The trade was a 0.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. In the last 90 days, insiders have sold 7,482 shares of company stock worth $526,869. 16.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd acquired a new stake in shares of Coastal Financial in the third quarter valued at approximately $31,000. nVerses Capital LLC grew its holdings in Coastal Financial by 300.0% in the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company's stock worth $43,000 after buying an additional 600 shares in the last quarter. FMR LLC increased its position in Coastal Financial by 21.0% in the 3rd quarter. FMR LLC now owns 1,316 shares of the company's stock valued at $71,000 after acquiring an additional 228 shares during the period. Quantbot Technologies LP bought a new stake in Coastal Financial during the 3rd quarter valued at $119,000. Finally, USA Financial Formulas acquired a new position in Coastal Financial during the 4th quarter worth $122,000. 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.

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