Coastal Financial Corporation (NASDAQ:CCB) Receives Consensus Recommendation of "Buy" from Brokerages

Shares of Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) have earned a consensus recommendation of "Buy" from the seven research firms that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $116.20.

Several analysts have issued reports on CCB shares. Keefe, Bruyette & Woods upped their target price on Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a research note on Friday, July 11th. Hovde Group set a $126.00 target price on Coastal Financial in a research note on Monday, August 18th. Zacks Research raised Coastal Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, September 29th. TD Cowen started coverage on Coastal Financial in a research note on Thursday, September 25th. They issued a "buy" rating and a $140.00 target price for the company. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Coastal Financial in a research note on Tuesday, October 14th.

Insiders Place Their Bets

In other news, Director Stephan Klee sold 4,350 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $109.14, for a total transaction of $474,759.00. Following the completion of the sale, the director owned 1,661 shares of the company's stock, valued at approximately $181,281.54. This represents a 72.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Joel G. Edwards sold 9,425 shares of the stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $114.67, for a total value of $1,080,764.75. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 64,958 shares of company stock valued at $7,210,220 over the last quarter. 14.10% of the stock is owned by corporate insiders.

Institutional Trading of Coastal Financial

A number of institutional investors have recently made changes to their positions in CCB. JPMorgan Chase & Co. increased its holdings in shares of Coastal Financial by 2.3% during the second quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company's stock valued at $644,000 after acquiring an additional 149 shares in the last quarter. SummerHaven Investment Management LLC increased its holdings in shares of Coastal Financial by 1.0% during the second quarter. SummerHaven Investment Management LLC now owns 17,303 shares of the company's stock valued at $1,676,000 after acquiring an additional 165 shares in the last quarter. Emerald Advisers LLC increased its holdings in shares of Coastal Financial by 2.5% during the second quarter. Emerald Advisers LLC now owns 7,421 shares of the company's stock valued at $719,000 after acquiring an additional 179 shares in the last quarter. EJF Capital LLC increased its holdings in shares of Coastal Financial by 2.5% during the second quarter. EJF Capital LLC now owns 13,547 shares of the company's stock valued at $1,312,000 after acquiring an additional 329 shares in the last quarter. Finally, MetLife Investment Management LLC increased its holdings in shares of Coastal Financial by 6.2% during the first quarter. MetLife Investment Management LLC now owns 7,272 shares of the company's stock valued at $657,000 after acquiring an additional 427 shares in the last quarter. Hedge funds and other institutional investors own 59.24% of the company's stock.

Coastal Financial Price Performance

Shares of NASDAQ CCB opened at $102.00 on Monday. The stock has a market cap of $1.54 billion, a PE ratio of 31.38 and a beta of 0.99. Coastal Financial has a fifty-two week low of $58.41 and a fifty-two week high of $119.22. 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 stock has a fifty day moving average of $110.10 and a 200-day moving average of $97.16.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $0.71 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.87 by ($0.16). The firm had revenue of $119.43 million during the quarter, compared to analysts' expectations of $158.05 million. Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. Equities research analysts anticipate that Coastal Financial will post 4.59 earnings per share for the current year.

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.

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