Keefe, Bruyette & Woods Issues Positive Forecast for Coastal Financial (NASDAQ:CCB) Stock Price

Coastal Financial (NASDAQ:CCB - Get Free Report) had its target price increased by stock analysts at Keefe, Bruyette & Woods from $110.00 to $115.00 in a research note issued on Friday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' price target points to a potential upside of 12.30% from the company's current price.

Several other research firms also recently issued reports on CCB. Raymond James Financial dropped their price objective on Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating on the stock in a report on Wednesday, April 30th. Hovde Group cut their price target 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. Finally, Stephens reiterated an "overweight" rating and set a $100.00 price objective on shares of Coastal Financial in a research note on Tuesday, March 18th.

Coastal Financial Stock Up 0.8%

CCB traded up $0.84 during trading hours on Friday, reaching $102.40. 124,246 shares of the stock traded hands, compared to its average volume of 103,352. Coastal Financial has a fifty-two week low of $45.92 and a fifty-two week high of $106.38. The company has a market cap of $1.54 billion, a price-to-earnings ratio of 30.30 and a beta of 0.96. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.06 and a quick ratio of 1.04. The firm's fifty day simple moving average is $90.12 and its two-hundred day simple moving average is $87.56.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.30). Coastal Financial had a net margin of 6.94% and a return on equity of 12.53%. The business had revenue of $139.54 million for the quarter, compared to analyst estimates of $158.65 million. As a group, analysts forecast that Coastal Financial will post 4.59 earnings per share for the current fiscal year.

Insider Activity at Coastal Financial

In other news, CFO Joel G. Edwards sold 3,128 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $88.44, for a total value of $276,640.32. Following the completion of the sale, the chief financial officer directly owned 41,387 shares in the company, valued at approximately $3,660,266.28. The trade was a 7.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 14.10% of the company's stock.

Hedge Funds Weigh In On Coastal Financial

A number of hedge funds have recently added to or reduced their stakes in CCB. Goldman Sachs Group Inc. lifted its position in shares of Coastal Financial by 44.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company's stock worth $6,645,000 after buying an additional 22,725 shares during the last quarter. Militia Capital Partners LP raised its stake in Coastal Financial by 22.2% during the first quarter. Militia Capital Partners LP now owns 11,000 shares of the company's stock worth $995,000 after acquiring an additional 2,000 shares during the period. Rhumbline Advisers lifted its holdings in Coastal Financial by 8.2% in the first quarter. Rhumbline Advisers now owns 16,700 shares of the company's stock worth $1,510,000 after acquiring an additional 1,262 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Coastal Financial by 4.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company's stock valued at $2,393,000 after acquiring an additional 1,048 shares during the period. Finally, Empowered Funds LLC boosted its stake in Coastal Financial by 7.3% in the first quarter. Empowered Funds LLC now owns 12,439 shares of the company's stock valued at $1,125,000 after acquiring an additional 848 shares during the period. Institutional investors and hedge funds own 59.24% of the company's stock.

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.