Raymond James Reiterates Strong-Buy Rating for Coastal Financial (NASDAQ:CCB)

Raymond James reaffirmed their strong-buy rating on shares of Coastal Financial (NASDAQ:CCB) in a research report sent to investors on Wednesday,Benzinga reports. They currently have a $100.00 price target on the stock, up from their previous price target of $88.00.

A number of other brokerages have also recently issued reports on CCB. Hovde Group increased their target price on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Keefe, Bruyette & Woods boosted their target price on Coastal Financial from $92.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th.

Coastal Financial Stock Down 0.8 %

CCB opened at $89.18 on Wednesday. The business has a 50 day simple moving average of $82.12 and a 200-day simple moving average of $65.12. Coastal Financial has a 12 month low of $35.67 and a 12 month high of $91.39. The stock has a market capitalization of $1.21 billion, a P/E ratio of 27.44 and a beta of 1.22. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Tuesday, February 4th. The company reported $0.94 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.09). Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. On average, equities analysts anticipate that Coastal Financial will post 4.79 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Jonathan E. Sand sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $74.15, for a total value of $74,150.00. Following the sale, the executive vice president now owns 19,611 shares of the company’s stock, valued at approximately $1,454,155.65. This represents a 4.85 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Eric M. Sprink sold 3,482 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $71.14, for a total value of $247,709.48. Following the transaction, the chief executive officer now directly owns 244,906 shares of the company’s stock, valued at $17,422,612.84. The trade was a 1.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,482 shares of company stock worth $526,869 over the last ninety days. 16.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Coastal Financial

Several hedge funds have recently modified their holdings of CCB. Dimensional Fund Advisors LP raised its position in shares of Coastal Financial by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock valued at $16,603,000 after buying an additional 20,517 shares during the last quarter. State Street Corp raised its holdings in Coastal Financial by 2.4% in the 3rd quarter. State Street Corp now owns 314,274 shares of the company’s stock valued at $16,968,000 after acquiring an additional 7,386 shares during the last quarter. Jacobs Asset Management LLC lifted its stake in shares of Coastal Financial by 9.1% during the 3rd quarter. Jacobs Asset Management LLC now owns 187,500 shares of the company’s stock worth $10,123,000 after purchasing an additional 15,683 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Coastal Financial by 40.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 117,081 shares of the company’s stock worth $6,321,000 after purchasing an additional 33,964 shares during the period. Finally, Stieven Capital Advisors L.P. boosted its holdings in shares of Coastal Financial by 37.9% during the fourth quarter. Stieven Capital Advisors L.P. now owns 102,213 shares of the company’s stock worth $8,679,000 after purchasing an additional 28,100 shares during the last quarter. 59.24% of the stock is owned by institutional investors and hedge funds.

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.