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

Shares of Coastal Financial Corporation (NASDAQ:CCB) have been given an average rating of “Buy” by the six analysts that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $116.20.

CCB has been the subject of several analyst reports. TD Cowen initiated coverage on shares of Coastal Financial in a research note on Thursday, September 25th. They issued a “buy” rating and a $140.00 price objective for the company. Keefe, Bruyette & Woods raised their price objective on shares of Coastal Financial from $110.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, July 11th. Zacks Research raised shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday. Finally, Hovde Group set a $126.00 price target on shares of Coastal Financial in a research note on Monday, August 18th.

Coastal Financial Stock Up 2.2%

Shares of NASDAQ CCB opened at $110.50 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. The company has a market cap of $1.67 billion, a P/E ratio of 34.00 and a beta of 0.99. Coastal Financial has a 1 year low of $51.49 and a 1 year high of $119.22. The firm has a 50-day simple moving average of $107.73 and a two-hundred day simple moving average of $95.37.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.16). The firm had revenue of $119.43 million during the quarter, compared to the consensus estimate of $158.05 million. Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. Research analysts anticipate that Coastal Financial will post 4.59 earnings per share for the current year.

Insider Activity

In other news, Director Stephan Klee sold 4,350 shares of Coastal Financial stock in a transaction that occurred on Monday, September 15th. The shares were 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 of the company’s stock, valued at approximately $181,281.54. The trade was a 72.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Joel G. Edwards sold 9,425 shares of Coastal Financial stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $114.67, for a total transaction of $1,080,764.75. Following the sale, the chief financial officer directly owned 12,762 shares of the company’s stock, valued at $1,463,418.54. This represents a 42.48% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 64,958 shares of company stock valued at $7,210,220. Corporate insiders own 14.10% of the company’s stock.

Institutional Trading of Coastal Financial

Institutional investors and hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. raised its stake in shares of Coastal Financial by 229.5% during the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock valued at $80,000 after acquiring an additional 576 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Coastal Financial by 521.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock worth $122,000 after buying an additional 1,059 shares in the last quarter. AlphaQuest LLC bought a new position in Coastal Financial in the first quarter worth approximately $188,000. CacheTech Inc. bought a new position in Coastal Financial in the second quarter worth approximately $214,000. Finally, KLP Kapitalforvaltning AS raised its stake in Coastal Financial by 28.6% in the second quarter. KLP Kapitalforvaltning AS now owns 2,700 shares of the company’s stock worth $262,000 after buying an additional 600 shares in the last quarter. Institutional investors 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.