Hovde Group Raises Coastal Financial (NASDAQ:CCB) Price Target to $67.00

Coastal Financial (NASDAQ:CCB) had its price target raised by Hovde Group from $55.00 to $67.00 in a report published on Tuesday, MarketBeat.com reports. The brokerage currently has an outperform rating on the stock.

Coastal Financial Price Performance

Shares of NASDAQ CCB opened at $49.22 on Tuesday. Coastal Financial has a twelve month low of $35.67 and a twelve month high of $53.54. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $660.53 million, a price-to-earnings ratio of 17.21 and a beta of 1.25. The firm has a 50-day moving average of $46.72 and a two-hundred day moving average of $42.21.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. Coastal Financial had a net margin of 6.07% and a return on equity of 13.60%. The company had revenue of $167.41 million during the quarter, compared to the consensus estimate of $168.30 million. As a group, analysts expect that Coastal Financial will post 3.52 earnings per share for the current fiscal year.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, CFO Joel G. Edwards sold 1,034 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $44.45, for a total transaction of $45,961.30. Following the completion of the sale, the chief financial officer now directly owns 56,369 shares of the company’s stock, valued at $2,505,602.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 16.82% of the company’s stock.

Institutional Trading of Coastal Financial

A number of hedge funds have recently bought and sold shares of CCB. Vanguard Group Inc. increased its holdings in Coastal Financial by 1.6% in the third quarter. Vanguard Group Inc. now owns 577,945 shares of the company’s stock worth $24,800,000 after buying an additional 9,244 shares during the last quarter. SG Americas Securities LLC increased its holdings in Coastal Financial by 59.8% in the fourth quarter. SG Americas Securities LLC now owns 3,978 shares of the company’s stock worth $177,000 after buying an additional 1,489 shares during the last quarter. Mendon Capital Advisors Corp acquired a new position in Coastal Financial in the fourth quarter worth approximately $5,329,000. Cox Capital Mgt LLC increased its holdings in Coastal Financial by 1.6% in the first quarter. Cox Capital Mgt LLC now owns 36,010 shares of the company’s stock worth $1,400,000 after buying an additional 556 shares during the last quarter. Finally, First Bank & Trust increased its holdings in Coastal Financial by 3.6% in the first quarter. First Bank & Trust now owns 21,767 shares of the company’s stock worth $846,000 after buying an additional 761 shares during the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

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.