Keefe, Bruyette & Woods Cuts Coastal Financial (NASDAQ:CCB) Price Target to $125.00

Coastal Financial (NASDAQ:CCB) had its price objective trimmed by Keefe, Bruyette & Woods from $135.00 to $125.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other research firms also recently weighed in on CCB. Weiss Ratings restated a “buy (b-)” rating on shares of Coastal Financial in a report on Monday, December 29th. TD Cowen reissued a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. UBS Group set a $155.00 price objective on Coastal Financial in a research note on Friday, December 5th. Finally, Hovde Group reduced their target price on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $128.00.

Coastal Financial Stock Performance

Shares of CCB stock opened at $88.80 on Monday. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of 29.21 and a beta of 0.87. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The business’s 50-day moving average price is $111.86 and its 200-day moving average price is $108.53. Coastal Financial has a 12 month low of $76.11 and a 12 month high of $120.05.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Thursday, January 29th. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.34). Coastal Financial had a net margin of 7.11% and a return on equity of 10.16%. The firm had revenue of $56.49 million during the quarter, compared to analyst estimates of $140.81 million. Equities research analysts forecast that Coastal Financial will post 4.59 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Joel G. Edwards sold 1,300 shares of Coastal Financial stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $111.34, for a total transaction of $144,742.00. Following the transaction, the chief financial officer owned 11,462 shares of the company’s stock, valued at $1,276,179.08. The trade was a 10.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Eric M. Sprink sold 4,000 shares of the firm’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $116.01, for a total value of $464,040.00. Following the transaction, the chief executive officer owned 159,126 shares in the company, valued at approximately $18,460,207.26. This trade represents a 2.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 63,296 shares of company stock valued at $7,287,745 in the last 90 days. 14.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CCB. Lisanti Capital Growth LLC bought a new position in Coastal Financial in the 3rd quarter worth about $3,533,000. D.A. Davidson & CO. bought a new position in shares of Coastal Financial in the third quarter worth approximately $13,580,000. Peregrine Capital Management LLC lifted its stake in shares of Coastal Financial by 25.0% in the second quarter. Peregrine Capital Management LLC now owns 140,693 shares of the company’s stock worth $13,629,000 after buying an additional 28,099 shares in the last quarter. Azora Capital LP grew its holdings in shares of Coastal Financial by 26.4% during the second quarter. Azora Capital LP now owns 751,098 shares of the company’s stock valued at $72,759,000 after buying an additional 156,956 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in shares of Coastal Financial by 69.1% during the second quarter. SG Americas Securities LLC now owns 10,741 shares of the company’s stock valued at $1,040,000 after acquiring an additional 4,391 shares in the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

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.