Coastal Financial Corporation (NASDAQ:CCB) Receives $133.60 Average PT from Brokerages

Shares of Coastal Financial Corporation (NASDAQ:CCB) have been given a consensus rating of “Buy” by the six brokerages that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and two have issued a strong buy rating on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $133.60.

Several equities research analysts recently weighed in on the stock. Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, April 6th. TD Cowen upgraded shares of Coastal Financial to a “strong-buy” rating in a research report on Monday. Weiss Ratings cut shares of Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, March 2nd. Keefe, Bruyette & Woods cut their target price on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a research report on Monday, February 2nd. Finally, Hovde Group cut their target price on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a research report on Friday, January 30th.

Insider Activity at Coastal Financial

In other news, CEO Eric M. Sprink sold 8,402 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $114.27, for a total transaction of $960,096.54. Following the transaction, the chief executive officer owned 163,126 shares of the company’s stock, valued at approximately $18,640,408.02. The trade was a 4.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Joel G. Edwards sold 1,300 shares of the business’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $111.34, for a total value of $144,742.00. Following the transaction, the chief financial officer directly owned 11,462 shares in the company, valued at approximately $1,276,179.08. This represents a 10.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 16,702 shares of company stock worth $1,911,329. Corporate insiders own 14.10% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

Several large investors have recently modified their holdings of CCB. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Coastal Financial in the fourth quarter worth approximately $50,000. Mendon Capital Advisors Corp raised its holdings in shares of Coastal Financial by 1.0% in the fourth quarter. Mendon Capital Advisors Corp now owns 30,000 shares of the company’s stock worth $3,438,000 after buying an additional 300 shares during the period. XTX Topco Ltd purchased a new stake in shares of Coastal Financial in the fourth quarter worth approximately $451,000. Numerai GP LLC purchased a new stake in shares of Coastal Financial in the fourth quarter worth approximately $978,000. Finally, Balyasny Asset Management L.P. raised its holdings in shares of Coastal Financial by 16.2% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,567 shares of the company’s stock worth $294,000 after buying an additional 357 shares during the period. Institutional investors own 59.24% of the company’s stock.

Coastal Financial Stock Performance

Shares of NASDAQ CCB opened at $83.29 on Monday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.06. The company has a market cap of $1.27 billion, a P/E ratio of 27.40 and a beta of 0.87. The firm’s fifty day moving average is $79.59 and its two-hundred day moving average is $98.90. Coastal Financial has a 52-week low of $70.72 and a 52-week high of $120.05.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.34). Coastal Financial had a net margin of 7.11% and a return on equity of 10.01%. The company had revenue of $56.49 million during the quarter, compared to the consensus estimate of $140.81 million. As a group, analysts anticipate that Coastal Financial will post 4.59 EPS for the current fiscal year.

About Coastal Financial

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.