Coastal Financial (NASDAQ:CCB) Given New $155.00 Price Target at TD Cowen

Coastal Financial (NASDAQ:CCB) had its target price raised by analysts at TD Cowen from $140.00 to $155.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price target suggests a potential upside of 39.33% from the company’s current price.

CCB has been the topic of a number of other reports. Cowen reiterated a “buy” rating on shares of Coastal Financial in a report on Friday. UBS Group set a $155.00 price objective on Coastal Financial in a research report on Friday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday. Hovde Group set a $126.00 price target on Coastal Financial in a report on Monday, August 18th. Finally, Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Coastal Financial has an average rating of “Buy” and a consensus target price of $125.17.

Coastal Financial Price Performance

Shares of Coastal Financial stock traded up $0.47 during trading hours on Friday, hitting $111.25. The company’s stock had a trading volume of 27,977 shares, compared to its average volume of 121,237. The company has a market cap of $1.68 billion, a PE ratio of 35.20 and a beta of 0.89. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The business has a 50 day moving average price of $107.08 and a two-hundred day moving average price of $102.44. Coastal Financial has a 12-month low of $73.80 and a 12-month high of $119.22.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Wednesday, October 29th. The company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.01). Coastal Financial had a net margin of 7.14% and a return on equity of 10.45%. The business had revenue of $52.89 million for the quarter, compared to the consensus estimate of $133.44 million. Analysts expect that Coastal Financial will post 4.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Joel G. Edwards sold 9,425 shares of the firm’s 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 transaction, the chief financial officer directly owned 12,762 shares of the company’s stock, valued at approximately $1,463,418.54. This trade represents a 42.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stephan Klee sold 4,350 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $109.14, for a total value of $474,759.00. Following the transaction, the director owned 1,661 shares in the company, valued at $181,281.54. The trade was a 72.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 64,958 shares of company stock worth $7,210,220 in the last three months. Corporate insiders own 14.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Coldstream Capital Management Inc. acquired a new position in shares of Coastal Financial during the third quarter worth $256,000. Harvest Investment Services LLC purchased a new position in Coastal Financial during the 3rd quarter worth $1,530,000. Verition Fund Management LLC increased its position in Coastal Financial by 170.4% during the 3rd quarter. Verition Fund Management LLC now owns 7,144 shares of the company’s stock valued at $773,000 after buying an additional 4,502 shares in the last quarter. Nomura Holdings Inc. increased its position in Coastal Financial by 54.7% during the 3rd quarter. Nomura Holdings Inc. now owns 12,297 shares of the company’s stock valued at $1,330,000 after buying an additional 4,350 shares in the last quarter. Finally, Focus Partners Wealth purchased a new stake in Coastal Financial in the third quarter valued at about $2,763,000. 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.