Analysts Set Coastal Financial Corporation (NASDAQ:CCB) Price Target at $91.33

Shares of Coastal Financial Corporation (NASDAQ:CCB) have been given a consensus rating of “Hold” by the seven research firms that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $91.3333.

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

Coastal Financial Trading Up 1.2%

Shares of CCB opened at $48.04 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.03 and a current ratio of 1.05. The firm has a market cap of $734.34 million, a P/E ratio of -171.57 and a beta of 0.78. Coastal Financial has a fifty-two week low of $36.61 and a fifty-two week high of $120.05. The business has a 50-day moving average of $57.25 and a 200 day moving average of $69.16.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On Coastal Financial

A number of large investors have recently added to or reduced their stakes in CCB. Mendon Capital Advisors Corp lifted its holdings in shares of Coastal Financial by 86.7% in the 1st quarter. Mendon Capital Advisors Corp now owns 56,000 shares of the company’s stock worth $4,262,000 after acquiring an additional 26,000 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Coastal Financial in the 1st quarter valued at $1,720,000. Dimensional Fund Advisors LP grew its holdings in shares of Coastal Financial by 7.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 359,571 shares of the company’s stock valued at $27,361,000 after purchasing an additional 25,424 shares during the last quarter. Quantinno Capital Management LP grew its holdings in shares of Coastal Financial by 1,026.9% during the 1st quarter. Quantinno Capital Management LP now owns 25,377 shares of the company’s stock valued at $1,931,000 after purchasing an additional 23,125 shares during the last quarter. Finally, Cooper Creek Partners Management LLC raised its position in Coastal Financial by 105.0% in the 1st quarter. Cooper Creek Partners Management LLC now owns 450,134 shares of the company’s stock worth $34,255,000 after purchasing an additional 230,537 shares during the period. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Coastal Financial Company Profile

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.