Coastal Financial (NASDAQ:CCB) Coverage Initiated at TD Cowen

Key Points

• TD Cowen has initiated coverage on Coastal Financial (NASDAQ: CCB), setting a buy rating and a price target of $140.00, indicating a potential upside of 21.91% from the previous close.
• Coastal Financial reported $0.71 earnings per share for the last quarter, missing the consensus estimate of $0.87, with revenues of $119.43 million below expectations.
• Insider selling activity includes significant transactions by CFO Joel G. Edwards and CEO Eric M. Sprink, decreasing their stock ownership by 42.48% and 4.82% respectively.

Equities research analysts at TD Cowen began coverage on shares of Coastal Financial (NASDAQ:CCB - Get Free Report) in a research note issued on Thursday. The firm set a "buy" rating and a $140.00 price target on the stock. TD Cowen's price objective would indicate a potential upside of 21.91% from the company's previous close.

Other equities analysts also recently issued research reports about the company. Keefe, Bruyette & Woods raised their target price on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, July 11th. Hovde Group set a $126.00 price objective on Coastal Financial in a research note on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $116.20.

Coastal Financial Stock Performance

NASDAQ CCB opened at $114.84 on Thursday. The business's 50 day moving average price is $106.48 and its 200-day moving average price is $94.30. Coastal Financial has a fifty-two week low of $51.45 and a fifty-two week high of $118.00. 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 company has a market cap of $1.74 billion, a P/E ratio of 35.34 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 for the quarter, missing the consensus estimate 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%. Sell-side analysts predict that Coastal Financial will post 4.59 earnings per share for the current year.

Insider Activity at Coastal Financial

In related news, CFO Joel G. Edwards sold 9,425 shares of the business's stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $114.67, for a total value of $1,080,764.75. Following the completion of the sale, the chief financial officer directly owned 12,762 shares of the company's stock, valued at $1,463,418.54. The trade was a 42.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Eric M. Sprink sold 10,683 shares of the business's stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $114.65, for a total value of $1,224,805.95. Following the transaction, the chief executive officer owned 211,011 shares of the company's stock, valued at approximately $24,192,411.15. This represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 64,958 shares of company stock worth $7,210,220. 14.10% of the stock is owned by insiders.

Institutional Trading of Coastal Financial

Several large investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. grew its holdings in shares of Coastal Financial by 229.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company's stock valued at $80,000 after acquiring an additional 576 shares in the last quarter. Tower Research Capital LLC TRC raised its position 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 worth $122,000 after purchasing an additional 1,059 shares in the last quarter. AlphaQuest LLC acquired a new stake in shares of Coastal Financial during the first quarter worth approximately $188,000. KLP Kapitalforvaltning AS grew its stake in shares of Coastal Financial by 28.6% during 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 during the last quarter. Finally, ProShare Advisors LLC bought a new position in Coastal Financial in the fourth quarter valued at approximately $272,000. 59.24% of the stock is owned by institutional investors and hedge funds.

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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