Raymond James Issues Pessimistic Forecast for Coastal Financial (NASDAQ:CCB) Stock Price

Coastal Financial (NASDAQ:CCB - Get Free Report) had its price objective decreased by analysts at Raymond James from $105.00 to $100.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "strong-buy" rating on the stock. Raymond James' price target points to a potential upside of 23.72% from the stock's current price.

Several other equities analysts have also weighed in on the stock. Hovde Group dropped their price objective on shares of Coastal Financial from $120.00 to $110.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Keefe, Bruyette & Woods increased their price target on Coastal Financial from $96.00 to $114.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Finally, Stephens restated an "overweight" rating and set a $100.00 price objective on shares of Coastal Financial in a report on Tuesday, March 18th.

Coastal Financial Trading Down 0.6 %

Shares of NASDAQ:CCB traded down $0.51 during midday trading on Wednesday, reaching $80.83. The company's stock had a trading volume of 43,667 shares, compared to its average volume of 91,966. Coastal Financial has a fifty-two week low of $41.20 and a fifty-two week high of $102.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a 50 day moving average price of $85.78 and a two-hundred day moving average price of $81.61. The firm has a market capitalization of $1.21 billion, a price-to-earnings ratio of 24.87 and a beta of 0.94.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.30). The business had revenue of $139.54 million during the quarter, compared to analyst estimates of $158.65 million. Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. As a group, analysts forecast that Coastal Financial will post 4.59 earnings per share for the current year.

Insiders Place Their Bets

In other Coastal Financial news, Director Gregory A. Tisdel sold 1,600 shares of Coastal Financial stock in a transaction on Monday, April 14th. The shares were sold at an average price of $79.07, for a total transaction of $126,512.00. Following the transaction, the director now directly owns 14,006 shares of the company's stock, valued at $1,107,454.42. The trade was a 10.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 16.82% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CCB. Barclays PLC lifted its holdings in Coastal Financial by 60.0% during the third quarter. Barclays PLC now owns 31,804 shares of the company's stock worth $1,719,000 after acquiring an additional 11,922 shares during the period. Principal Financial Group Inc. purchased a new stake in Coastal Financial during the third quarter worth about $377,000. JPMorgan Chase & Co. raised its position in Coastal Financial by 40.9% in the third quarter. JPMorgan Chase & Co. now owns 117,081 shares of the company's stock worth $6,321,000 after acquiring an additional 33,964 shares during the period. FNY Investment Advisers LLC purchased a new position in Coastal Financial in the fourth quarter valued at about $339,000. Finally, Cox Capital Mgt LLC grew its position in shares of Coastal Financial by 44.2% during the 4th quarter. Cox Capital Mgt LLC now owns 48,614 shares of the company's stock valued at $4,128,000 after acquiring an additional 14,905 shares during the period. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

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.