Coastal Financial Corporation (NASDAQ:CCB) Receives Consensus Rating of “Buy” from Analysts

Coastal Financial Corporation (NASDAQ:CCB) has earned an average recommendation of “Buy” from the seven analysts that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $116.20.

A number of research analysts have recently issued reports on the company. Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. TD Cowen initiated coverage on Coastal Financial in a research report on Thursday, September 25th. They issued a “buy” rating and a $140.00 target price for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Coastal Financial in a report on Tuesday, November 11th. Finally, Hovde Group set a $126.00 price target on shares of Coastal Financial in a research note on Monday, August 18th.

Coastal Financial Trading Up 0.4%

Coastal Financial stock opened at $102.90 on Friday. Coastal Financial has a 12 month low of $71.89 and a 12 month high of $119.22. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of 32.56 and a beta of 1.06. The business’s fifty day simple moving average is $108.18 and its two-hundred day simple moving average is $100.72. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Wednesday, October 29th. The company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.01). The firm had revenue of $52.89 million during the quarter, compared to the consensus estimate of $133.44 million. Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%. As a group, equities analysts predict that Coastal Financial will post 4.59 earnings per share for the current fiscal year.

Insider Buying and Selling at Coastal Financial

In related news, Director Stephan Klee sold 4,350 shares of the company’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $109.14, for a total transaction of $474,759.00. Following the completion of the sale, the director owned 1,661 shares in the company, valued at approximately $181,281.54. This represents a 72.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Joel G. Edwards sold 9,425 shares of the stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $114.67, for a total value of $1,080,764.75. Following the completion of the transaction, the chief financial officer directly owned 12,762 shares in the company, valued at approximately $1,463,418.54. This represents a 42.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 64,958 shares of company stock worth $7,210,220. Insiders own 14.10% of the company’s stock.

Institutional Investors Weigh In On Coastal Financial

Several hedge funds and other institutional investors have recently made changes to their positions in CCB. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Coastal Financial by 1.3% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,339,269 shares of the company’s stock worth $121,084,000 after buying an additional 16,944 shares during the last quarter. Vanguard Group Inc. raised its position in Coastal Financial by 0.5% in the third quarter. Vanguard Group Inc. now owns 766,037 shares of the company’s stock worth $82,862,000 after acquiring an additional 3,801 shares during the period. Azora Capital LP boosted its stake in shares of Coastal Financial by 26.4% during the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company’s stock worth $72,759,000 after acquiring an additional 156,956 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Coastal Financial by 5.9% during the 3rd quarter. American Century Companies Inc. now owns 510,549 shares of the company’s stock worth $55,226,000 after acquiring an additional 28,616 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Coastal Financial by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 486,197 shares of the company’s stock valued at $52,592,000 after acquiring an additional 39,984 shares during the period. Hedge funds and other 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.