Coastal Financial Corporation (NASDAQ:CCB) Receives Average Recommendation of "Buy" from Analysts

Key Points

• Coastal Financial Corporation (NASDAQ:CCB) received an average recommendation of "Buy" from five research firms, with a 12-month price target averaging $116.20.
• The company's stock recently traded up 2.1% to $117.26, and it has experienced a 12-month price range between $51.45 and $118.00.
• Insider sales have been noted, with CFO Joel G. Edwards and CEO Eric M. Sprink both reducing their holdings, indicating a total of 64,958 shares sold in the last 90 days.

Shares of Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) have been assigned an average recommendation of "Buy" from the five research firms that are currently covering the stock, Marketbeat.com reports. Four equities research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $116.20.

A number of analysts have recently weighed in on the stock. Hovde Group set a $126.00 price target on shares of Coastal Financial in a report on Monday, August 18th. Keefe, Bruyette & Woods raised their price target on shares of Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a research report on Friday, July 11th. Finally, TD Cowen began coverage on shares of Coastal Financial in a report on Thursday. They set a "buy" rating and a $140.00 target price for the company.

Coastal Financial Stock Up 2.1%

Coastal Financial stock traded up $2.42 during midday trading on Thursday, hitting $117.26. 9,895 shares of the company's stock were exchanged, compared to its average volume of 122,950. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. Coastal Financial has a 12 month low of $51.45 and a 12 month high of $118.00. The firm has a 50-day moving average of $106.48 and a two-hundred day moving average of $94.30. The company has a market cap of $1.77 billion, a PE ratio of 36.12 and a beta of 1.05.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.16). Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%.The business had revenue of $119.43 million for the quarter, compared to the consensus estimate of $158.05 million. As a group, analysts expect that Coastal Financial will post 4.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Coastal Financial news, CFO Joel G. Edwards sold 9,425 shares of Coastal Financial stock in a transaction 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 sale, the chief financial officer owned 12,762 shares of the company's stock, valued at $1,463,418.54. The trade was a 42.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Eric M. Sprink sold 10,683 shares of the business's stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $114.65, for a total transaction of $1,224,805.95. Following the transaction, the chief executive officer directly owned 211,011 shares in the company, valued at approximately $24,192,411.15. The trade was a 4.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 64,958 shares of company stock valued at $7,210,220 in the last 90 days. 14.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. raised its holdings in Coastal Financial by 229.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company's stock valued at $80,000 after buying an additional 576 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Coastal Financial by 521.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company's stock valued at $122,000 after purchasing an additional 1,059 shares in the last quarter. AlphaQuest LLC acquired a new position in Coastal Financial in the first quarter valued at approximately $188,000. KLP Kapitalforvaltning AS boosted its holdings in Coastal Financial by 28.6% in the second quarter. KLP Kapitalforvaltning AS now owns 2,700 shares of the company's stock valued at $262,000 after purchasing an additional 600 shares in the last quarter. Finally, ProShare Advisors LLC acquired a new position in Coastal Financial in the fourth quarter valued at approximately $272,000. Institutional investors and hedge funds own 59.24% of the company's stock.

About Coastal Financial

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.