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

Coastal Financial (NASDAQ:CCB)‘s stock had its “strong-buy” rating reaffirmed by equities researchers at Raymond James in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $100.00 price objective on the stock, up from their prior price objective of $88.00. Raymond James’ price target would indicate a potential upside of 11.20% from the stock’s current price.

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

Coastal Financial Stock Up 0.1 %

Shares of NASDAQ CCB opened at $89.93 on Wednesday. The stock has a market capitalization of $1.22 billion, a P/E ratio of 30.28 and a beta of 1.22. Coastal Financial has a one year low of $35.67 and a one year high of $91.01. The firm’s 50 day simple moving average is $81.87 and its two-hundred day simple moving average is $64.85. 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 released 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 net margin of 5.98% and a return on equity of 13.86%. As a group, analysts expect that Coastal Financial will post 3.53 EPS for the current fiscal year.

Insider Buying and Selling at Coastal Financial

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

Hedge Funds Weigh In On Coastal Financial

Several hedge funds and other institutional investors have recently modified their holdings of CCB. Point72 DIFC Ltd purchased a new position in shares of Coastal Financial during the 3rd quarter valued at $31,000. nVerses Capital LLC lifted its position in shares of Coastal Financial by 300.0% in the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after acquiring an additional 600 shares in the last quarter. FMR LLC boosted its stake in shares of Coastal Financial by 21.0% in the third quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after acquiring an additional 228 shares during the period. New York State Teachers Retirement System purchased a new stake in shares of Coastal Financial during the fourth quarter worth about $87,000. Finally, Quantbot Technologies LP purchased a new position in Coastal Financial in the 3rd quarter worth approximately $119,000. 59.24% of the stock is owned by 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.