Raymond James Initiates Coverage on Coastal Financial (NASDAQ:CCB)

Equities research analysts at Raymond James started coverage on shares of Coastal Financial (NASDAQ:CCB) in a report released on Thursday, Analyst Ratings Network reports. The brokerage set a “strong-buy” rating and a $69.00 price target on the stock. Raymond James’ price target points to a potential upside of 32.49% from the company’s previous close.

A number of other research analysts also recently issued reports on CCB. Zacks Investment Research downgraded shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a research report on Monday, January 3rd. Keefe, Bruyette & Woods upgraded shares of Coastal Financial from a “market perform” rating to an “outperform” rating and set a $70.00 price target on the stock in a research report on Monday, December 20th. One research analyst has rated the stock with a sell rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $58.33.

Shares of Coastal Financial stock opened at $52.08 on Thursday. The firm has a market capitalization of $625.48 million, a PE ratio of 26.44 and a beta of 1.25. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.33. The firm’s 50 day moving average is $47.25 and its 200 day moving average is $36.59. Coastal Financial has a 1 year low of $19.61 and a 1 year high of $54.41.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Tuesday, October 26th. The company reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.09. Coastal Financial had a net margin of 26.62% and a return on equity of 16.19%. The firm had revenue of $24.94 million for the quarter. As a group, research analysts anticipate that Coastal Financial will post 1.96 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mendon Capital Advisors Corp grew its position in Coastal Financial by 541.0% during the third quarter. Mendon Capital Advisors Corp now owns 105,650 shares of the company’s stock valued at $3,366,000 after buying an additional 89,169 shares during the period. Second Curve Capital LLC bought a new position in Coastal Financial during the third quarter valued at about $2,127,000. Vanguard Group Inc. grew its position in Coastal Financial by 12.0% during the second quarter. Vanguard Group Inc. now owns 428,463 shares of the company’s stock valued at $12,236,000 after buying an additional 45,931 shares during the period. BlackRock Inc. grew its position in Coastal Financial by 6.0% during the third quarter. BlackRock Inc. now owns 523,052 shares of the company’s stock valued at $16,665,000 after buying an additional 29,431 shares during the period. Finally, JCSD Capital LLC grew its position in Coastal Financial by 90.3% during the third quarter. JCSD Capital LLC now owns 37,127 shares of the company’s stock valued at $1,183,000 after buying an additional 17,615 shares during the period. Hedge funds and other institutional investors own 54.09% of the company’s stock.

Coastal Financial Company Profile

Coastal Financial Corp. operates as a bank holding company. The firm through Coastal Community Bank, provides banking products and services to small and medium-sized businesses, professionals, and individuals. It also offers deposit products. The company was founded by Lee Pintar on July 9, 2003 and is headquartered in Everett, WA.

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