Hovde Group Lowers Coastal Financial (NASDAQ:CCB) Price Target to $110.00

Coastal Financial (NASDAQ:CCB - Free Report) had its price target lowered by Hovde Group from $120.00 to $110.00 in a research note issued to investors on Wednesday, Marketbeat.com reports. The brokerage currently has an outperform rating on the stock.

Several other analysts also recently commented on the stock. Raymond James restated a "strong-buy" rating on shares of Coastal Financial in a research report on Wednesday, April 2nd. Stephens restated an "overweight" rating and issued a $100.00 price target on shares of Coastal Financial in a research note on Tuesday, March 18th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Coastal Financial from $96.00 to $114.00 and gave the company an "outperform" rating in a research report on Tuesday, March 4th.

Coastal Financial Stock Performance

Shares of Coastal Financial stock traded down $0.21 on Wednesday, hitting $81.13. 39,013 shares of the company's stock were exchanged, compared to its average volume of 124,757. Coastal Financial has a 1 year low of $41.20 and a 1 year high of $102.25. The company has a 50-day simple moving average of $85.78 and a 200-day simple moving average of $81.61. 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 stock has a market capitalization of $1.22 billion, a PE ratio of 24.96 and a beta of 0.94.

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

Insider Buying and Selling

In other Coastal Financial news, Director Gregory A. Tisdel sold 1,600 shares of the business's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $79.07, for a total transaction of $126,512.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 16.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coastal Financial

Several large investors have recently modified their holdings of CCB. Tower Research Capital LLC TRC grew its stake in shares of Coastal Financial by 179.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock valued at $61,000 after buying an additional 461 shares during the last quarter. Meeder Asset Management Inc. bought a new position in shares of Coastal Financial in the fourth quarter worth about $64,000. New York State Teachers Retirement System purchased a new position in Coastal Financial in the 4th quarter worth about $87,000. USA Financial Formulas bought a new stake in Coastal Financial during the 4th quarter valued at about $122,000. Finally, Ameriflex Group Inc. purchased a new stake in Coastal Financial in the 4th quarter valued at about $172,000. Institutional investors 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.